The Homecare Oxygen Concentrators Market set to exceed USD 1.7 billion by 2024; according to a new research report by Global Market Insights. The market will witness CAGR of over 10% during the forecast period owing to increasing geriatric population that is more to chronic respiratory diseases. In China alone, there were around 22.6 million people in the age group of 70-80 years and above. Elderly people have low immunity undergoing surgical procedures show high preference for home oxygen therapy augment demand for home oxygen concentrators.
Increasing nicotine addiction amongst the adult population is a major factor driving homecare oxygen concentrators market growth. According to CDC, around 37.8 million Americans smoke cigarettes out of which 16 million suffer from respiratory disorders resulting from continuous smoking. Secretion of tar and harmful compounds other than nicotine in the lungs have resulted in damaged respiratory tract enhancing the demand for home oxygen therapies thereby stimulate business growth.
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A considerable increase in the number of cigarette smokers and rising exposure to pollution and dust will increase the prevalence of COPD among people. Moreover, the geriatric population is more susceptible to respiratory diseases such as asthma, pulmonary hypertension, fibrosis and are likely to push the growth of homecare oxygen concentrators industry over the years. According to Global Market Insights, Inc., Homecare Oxygen Concentrators Market is projected to witness a CAGR of 12% over the period of 2016-2023 with a revenue target of USD 1.5 billion by 2023.
Product innovation in this Homecare Oxygen Concentrators Market is likely to gain considerable traction with the growing demand for flow technology. Portable oxygen concentrators, liquid oxygen, compressed gas oxygen cylinders are the three trending homecare oxygen concentrators product segments. Compressed gas oxygen cylinder is estimated to generate a revenue of over USD 57 million by 2023, owing to its availability in varied sizes based on the oxygen level requirements. However, the explosion risks associated with these devices coupled with their heavy weight may impede the device market expansion over the coming years.
Combating the disadvantages such as heavyweight and complex designs, portable homecare oxygen concentrators are witnessing an appreciable adoption rate. Portable homecare oxygen concentrators industry held a major share of over 75% of the global product landscape, and is projected to register a CAGR of 10% over the period of 2016-2023. The compact size of this device and light weight are the complementing factors attracting major revenue for this market.
U.S. almost covered 88% of North America’s Homecare Oxygen Concentrators Market share in 2015 and is slated to attain stupendous growth over the years ahead. Increasing incidence of pulmonary diseases, especially across the elderly population is driving the demand for home health care, which in turn is providing ample opportunities to the regional market. Additionally, favorable insurance policies which cover a large portion of device cost is further acting as a catalyst for the growth trajectory path of the homecare oxygen concentrators market.Huge geriatric base, upgraded living standards, and technologically advanced healthcare infrastructure are the key factors behind the rapid expansion of the APAC market. China, India, and Japan are expected to be the major revenue pockets of the regional market.
Japan homecare oxygen concentrators industry generated a revenue of USD 52 million in 2015 and is estimated to cross over USD 138 million by 2023. With strategic collaborations and continuous product upgradation, Asia Pacific market is poised to record maximum growth rate in the coming time frame.
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Key industry players undertake certain strategic initiatives to maintain their Homecare Oxygen Concentrators Market position. For instance, In June 2015, Precision Medical developed a new oxygen concentrator PM4130 EasyPulse POC3 that is integrated with advanced technology. New modifications have enabled release of appropriate amount if oxygen in the patient’s body. This initiative step has helped the company to generate revenue and sustain in market competition.