Homecare Oxygen Concentrators Market Analysis & Size - 2030

Homecare Oxygen Concentrators Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis By Product (Portable Oxygen Concentrators and Stationary Oxygen Concentrators), Technology (Continuous Flow and Pulse Dose), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)

  • Report Code : TIPRE00038975
  • Category : Medical Device
  • Status : Upcoming
  • No. of Pages : 150
Buy Now

Homecare oxygen concentrators market size was valued at US$ 1,525.25 million in 2022 and is expected to reach US$ 2,580.23 million by 2030; it is estimated to register a CAGR of 6.8% from 2022 to 2030.

Market Insights and Analyst View:

An oxygen concentrator is a device that selectively separates nitrogen from air to deliver oxygen-enriched air. A home oxygen concentrator is prescribed for patients who need constant oxygen while at home or asleep. Key factors driving the growth of the homecare oxygen concentrators market include the growing preference for home-based oxygen therapy and the rising prevalence of respiratory diseases. However, the high cost of the homecare oxygen concentrators hinders market growth.

Growth Drivers and Restraints:

A huge population suffers from various types of respiratory diseases across the world. Infections, smoking, and genetic factors can cause serious respiratory complications. According to Cleveland Clinic, healthcare providers may prescribe an oxygen concentrator if the patient has asthma, bronchitis, pneumonia, respiratory trauma, chronic obstructive pulmonary disease (COPD), cystic fibrosis, emphysema, heart failure, lung cancer, and sleep apnea. Furthermore, chronic obstructive pulmonary disease (COPD), asthma, and pneumonia are a few medical conditions that exert a huge burden on the private and public healthcare systems in various countries worldwide. COPD (chronic obstructive pulmonary disease) is a prevalent lung condition that causes reduced airflow and breathing difficulties, which may increase the demand for home care oxygen concentrators.

According to the World Health Organization (WHO), COPD is the seventh leading cause of poor health worldwide, and Nearly 90% of COPD deaths under 70 years of age occur in low- and middle-income countries. Similarly, as per the Global Initiative for Asthma – GINA 2023 Strategy Report, Asthma is a common, chronic respiratory disease affecting 1–29% of the population in different countries worldwide. According to the latest Global Burden of Diseases study, 2019, asthma affected more than 260 million people, leading to 455,000 deaths. Thus, there is a high prevalence of respiratory diseases globally, increasing the demand is fueling the homecare oxygen concentrators market growth.

However, the high cost of homecare oxygen concentrators is hindering the market growth. The high cost of homecare oxygen concentrators places a substantial financial burden on the patients, impacting their ability to afford and access critical respiratory support equipment for home use. Additionally, limited insurance coverage or high out-of-pocket expenses can deter patients from procuring homecare oxygen concentrators, impeding access to essential respiration therapy.

Opportunities:

Emerging countries such as India, China, Argentina, Brazil, UAE, and South Africa are expected to offer significant growth opportunities for homecare oxygen concentrators market players due to rising disposable incomes, expanding patient population, increasing R&D activities, improving healthcare infrastructure, growing CVD awareness, and relatively lenient guidelines compared to developed countries. According to the World Economic Forum, as of 2022, Russia, Brazil, China, India, and South Africa collectively accounted for a third of global health spending. As per the World Bank, health spending in India and China increased by 3.01% and 5.35%, respectively, from 2018 to 2019. Also, there has been an upsurge in heart failure cases over the past decade in emerging markets, which has resulted in a large number of cardiovascular disease-related deaths. As per the India Brand Equity Foundation, hospitals contribute to ~70% of the revenue of the healthcare sector in India. In China, the number of private hospitals reached 36,000 in 2022.

Moreover, the private hospitals account for ~57% of total number of hospitals in the country. The number of surgical centers and hospitals in developing markets is estimated to grow due to rising healthcare spending and a surge in the target patient population. Therefore, developing healthcare facilities in developing economies and a surge in hospitals would propel the awareness and adoption of respiratory devices, including oxygen concentrators, in emerging economies. Further, vast competition in developed or matured markets encourages homecare oxygen concentrator manufacturers to focus on developing markets, which will likely offer growth opportunities for providers to attain a significant position in the homecare oxygen concentrators market.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Homecare Oxygen Concentrators Market: Strategic Insights

Homecare Oxygen Concentrators Market

  • CAGR (2023 - 2031)
    6.80%
  • Market Size 2023
    US$ 1.63 Billion
  • Market Size 2031
    US$ 2.76 Billion

Market Dynamics

GROWTH DRIVERS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
FUTURE TRENDS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
OPPORTUNITIES
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX

Key Players

  • Omron Corporation
  • CAIRE Inc.
  • Precision Medical Inc.
  • Besco Medical
  • Inogen Inc
  • Koninklijke Philips N.V.
  • Drive DeVilbiss International
  • Celesticare LLC
  • Nidek Medical Products Inc.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Product
  • Portable Oxygen Concentrators and Stationary Oxygen Concentrators
Technology
  • Continuous Flow and Pulse Dose
Geography
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South & Central America
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Report Segmentation and Scope:

The global homecare oxygen concentrators market is segmented based on product, technology, and geography. Based on the product, the market is differentiated into portable oxygen concentrators and stationary oxygen concentrators. Based on technology, the market is bifurcated into pulse dose and continuous flow. The homecare oxygen concentrators market, based on geography, is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Segmental Analysis:

The homecare oxygen concentrators market, by product, is segmented into portable oxygen concentrators and stationary oxygen concentrators. The portable oxygen concentrators segment held the largest homecare oxygen concentrators market share in 2022, and the same segment is anticipated to register the highest CAGR in the market during 2022-2030. The portable oxygen concentrators are generally small and lightweight and can be helpful to patients who need supplemental oxygen away from home. However, the functioning of portable oxygen concentrators is similar to that of stationary oxygen concentrators.

The homecare oxygen concentrators market is segmented based on the technology into continuous flow and pulse dose. The continuous flow segment held the largest market in 2022; the same segment is expected to register the highest CAGR from 2022 to 2030. The continuous flow segment will grow owing to the demand among patients with COPD or other severe respiratory disorders requiring more continuous flow of oxygen, which oxygen concentrators allow to be supplied continuously at the same rate.

Regional Analysis:

Based on geography, the global homecare oxygen concentrators market is segmented into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. Asia Pacific is estimated to register the highest CAGR during 2022–2030, owing to an increasing aging population, rising prevalence of respiratory diseases, and increasing healthcare expenditure. India, China, Japan, and South Korea are among the important markets for homecare oxygen concentrators in the Asia-Pacific region. A significant increase in asthma cases in these countries drives the need for homecare oxygen concentrators. Furthermore, the governments of these countries are investing heavily in healthcare infrastructure, which is expediting the growth of the market. Furthermore, regulatory rules in the Asia Pacific are more adaptable and less stringent. This, combined with increased competition in established markets (Europe, Japan, and Australia), will fuel the growth of the Asia Pacific homecare oxygen concentrators market.

In 2022, North America held the largest share of the global homecare oxygen concentrators market size. The US has a high prevalence of respiratory diseases, which propels North America's market growth. According to the Asthma and Allergy Foundation of America, around 26 million people in the US had asthma in 2022, one of the world's most common respiratory diseases. Respiratory infections cause more severe disease, hospitalizations, and death in older persons than in younger ones due to age-related features such as frailty and immunosenescence. Asthma is one of the most common respiratory diseases for seniors. According to the 2020 Census, the older population reached 55.8 million (16.8%) of the US population in 2020. The population of 65 and above is predicted to increase between 2012 and 2050. This growth needs a greater understanding of respiratory diseases' impact on older adults, as patients with respiratory disorders usually experience trouble breathing and oxygen shortage. Thus, the country has a high demand which fuels the US homecare oxygen concentrators market growth.

Industry Developments and Future Opportunities:

Various initiatives taken by key players operating in the global homecare oxygen concentrators market are listed below:

  1. In July 2023, Emerson launched the ASCO Series 588 Stationary Oxygen Concentrator Manifold. The ASCO Series 588 Stationary Oxygen Concentrator Manifold is the healthcare industry's first turnkey manifold solution designed to optimize respiratory therapy equipment designs and accelerate product speed to market. Oxygen concentrators must reach patients who rely on them rapidly. Thus, the devices must be easily available and reliable. The Series 588 manifold is specifically developed to improve energy efficiency, longevity, and reliability by simplifying device design and assembly.
  2. In February 2023, Ventec Life Systems, Inc. (a subsidiary of React Health Holdings) acquired the respiratory business of the Invacare Respiratory Product line following Invacare’s exit in November of 2022. This acquisition includes products such as P5NXG, Platinum 10L Concentrator, Platinum POC (Portable Oxygen Concentrator), HomeFill Equipment/Cylinders, Pediatric Oxygen Flow Meter, Oxygen Analyzer, and Service Parts & Accessories.
  3. In July 2022, OMRON Healthcare announced its latest advancement in the Oxygen therapy category by launching a portable Oxygen concentrator. It is a medical molecular sieve-based oxygen concentrator that provides a continuous supply of high-purity oxygen (5L per minute) with a high concentration output of more than 90%. The product is intended to assist homecare providers in addressing nearly all COPD and respiratory patients' therapeutic and lifestyle requirements.
  4. In April 2022, CAIRE Inc. announced the expansion of its portfolio of solutions in Latin America. The Companion 5 and NewLife Intensity 10 stationary oxygen concentrators were announced to be launched in July, following an anticipated approval by the Brazilian Health Regularity Agency (Anvisa).
  5. In June 2021, OxyGo LLC acquired LIFE Corporation, a medical device manufacturer specializing in portable Emergency Oxygen and CPR administration equipment. LIFE Corporation, founded in 1985, specializes in AED companions that supply supplemental oxygen to a breathing victim before the starting of fibrillation, oxygen-enriched CPR to a non-breathing victim, or continued supplemental oxygen following successful defibrillation. LIFE also offers a full line of medical oxygen regulators and cylinders for LIFE products and EMTs, hospitals, and the home care market separately.

Competitive Landscape and Key Companies:

Omron Corporation, CAIRE Inc., Precision Medical Inc., Besco Medical, Inogen Inc, Koninklijke Philips N.V., Drive DeVilbiss International, Celesticare LLC, Nidek Medical Products Inc., and Longfian Scitech Co. Ltd are among the prominent players operating in the homecare oxygen concentrators market. These companies focus on new technologies, advancements in existing products, and geographic expansions to meet the growing consumer demand worldwide and increase their product range in specialty portfolios.

Homecare Oxygen Concentrators Market Report Scope

Report Attribute Details
Market size in 2023 US$ 1.63 Billion
Market Size by 2031 US$ 2.76 Billion
Global CAGR (2023 - 2031) 6.80%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Product
  • Portable Oxygen Concentrators and Stationary Oxygen Concentrators
By Technology
  • Continuous Flow and Pulse Dose
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Omron Corporation
  • CAIRE Inc.
  • Precision Medical Inc.
  • Besco Medical
  • Inogen Inc
  • Koninklijke Philips N.V.
  • Drive DeVilbiss International
  • Celesticare LLC
  • Nidek Medical Products Inc.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Product, Technology, and Geography

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    • Omron Corporation
    • CAIRE Inc.
    • Precision Medical Inc.
    • Besco Medical
    • Inogen Inc
    • Koninklijke Philips N.V.
    • Drive DeVilbiss International
    • Celesticare LLC
    • Nidek Medical Products Inc.
    • Longfian Scitech Co. Ltd

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

    Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

    Trends and growth analysis reports related to Homecare Oxygen Concentrators Market