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The homecare oxygen concentrators market size is forecast to increase by USD 2.31 billion at a CAGR of 18.52% between 2023 and 2028. The market is experiencing significant growth due to the increasing prevalence of respiratory diseases and an aging population. According to the American Lung Association, approximately 30 million Americans have chronic obstructive pulmonary disease (COPD), a leading cause of respiratory issues. Homecare oxygen concentrators offer a convenient and cost-effective solution for patients requiring continuous oxygen therapy. Moreover, continuous product innovation is driving the market, with companies introducing lightweight, portable, and user-friendly devices. For instance, some concentrators are now equipped with advanced features such as built-in pulse dose meters, pressure regulators, and humidifiers. However, the high cost of portable oxygen concentrators remains a significant challenge for the market, particularly for patients with limited financial resources. Despite this, the market is expected to continue expanding due to the increasing demand for home-based healthcare solutions and technological advancements in oxygen concentrator technology.
The Market is witnessing significant growth due to the increasing prevalence of chronic respiratory diseases such as Asthma and Sleep Apnea. These devices, which use Continuous flow technology, are becoming increasingly popular in Homecare settings and Hospitals for providing supplemental oxygen to patients. Portable Oxygen Concentrators are gaining popularity among Travelers for their convenience and ease of use. Key players in the market include Inogen, Precision Medical, Servotech Power Systems, and Inventor Concepts, among others. The market is expected to witness increased investment funding due to the growing demand for these devices. The use of Masks in oxygen therapy is a critical factor driving market growth. Medicare claims data indicates a rising trend in the number of Medicare beneficiaries using oxygen therapy, further boosting the market. Moreover, the increasing number of deaths due to respiratory diseases is another factor fueling the market. Companies are focusing on developing advanced technologies to improve the efficiency and effectiveness of oxygen concentrators. Skin care is also a significant consideration for manufacturers, as prolonged use of oxygen therapy can lead to skin irritation. Overall, the Market is expected to grow steadily in the coming years.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The portable segment is estimated to witness significant growth during the forecast period. The Market encompasses the production and sales of devices that concentrate oxygen from ambient air for home care and home health settings. Advanced technologies, such as continuous flow and pulse flow, have revolutionized oxygen therapy for patients with respiratory disorders, including asthma, sleep apnea, and chronic obstructive pulmonary disease.
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The portable segment was the largest segment and valued at USD 707.70 million in 2018. These portable concentrators have gained popularity due to their convenience, allowing patients to receive oxygen therapy at home, during travel, or even in ambulatory surgical centers. Key players in this market include Inogen, OMRON Healthcare, Servotech Power Systems, and Precision Medical. The glass blowing industry has also contributed to the market's growth by producing high-quality oxygen masks. The geriatric population, with its increased prevalence of respiratory diseases, has driven demand for homecare oxygen concentrators. Reimbursement policies and Medicare claims data have influenced the market's investment funding. Hence, such factors are fuelling the growth of this segment during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The Market is experiencing significant growth due to the increasing prevalence of respiratory diseases and disorders among the geriatric population and those with asthma and sleep apnea. Advanced technologies, such as continuous flow and pulse flow, are driving the popularity of portable oxygen concentrators in home care settings, home health care, and even in ambulatory surgical centers. Companies like Inogen, OMRON Healthcare, Servotech Power Systems, and Precision Medical are leading the market with innovative products.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing prevalence of respiratory diseases is notably driving market growth. The Market has witnessed significant growth due to the increasing prevalence of respiratory diseases, such as asthma, COPD, sleep apnea, and allergies, which can lead to dyspnea or shortness of breath. According to the National Heart, Lung, and Blood Institute, approximately 65 million people worldwide were diagnosed with COPD in 2021.
Moreover, this number is projected to increase due to unhealthy lifestyles, pollution, and smoking. Homecare settings have become increasingly popular for oxygen therapy, with portable oxygen concentrators gaining popularity due to their advanced technologies, such as continuous flow and pulse flow, enabling patients to receive oxygen while performing daily activities. Thus, such factors are driving the growth of the market during the forecast period.
Continuous product innovation is the key trend in the market. The Market is witnessing significant growth due to the increasing prevalence of respiratory diseases, including asthma, sleep apnea, and chronic obstructive pulmonary disease (COPD), among others. Advanced technologies, such as precision medical innovations, are driving the demand for homecare oxygen concentrators. These devices offer convenience and independence to patients, enabling them to receive oxygen therapy in home care settings and even during travel.
One of the latest trends in the market is the development of single solution oxygen concentrators, which combine stationary, portable, and travel capabilities. The Inogen One System, for instance, is a pioneering example of this technology. These concentrators are suitable for various applications, making them a popular choice among patients and healthcare providers. Moreover, the geriatric population's growing need for oxygen therapy, as well as the increasing popularity of home health care, is boosting the market's projected value. Thus, such trends will shape the growth of the market during the forecast period.
High cost of portable oxygen concentrators is the major challenge that affects the growth of the market. The Market is witnessing significant growth due to the increasing prevalence of respiratory diseases and disorders, such as asthma, sleep apnea, and chronic obstructive pulmonary disease (COPD), among the geriatric population and other patients. Advanced technologies, including continuous flow and pulse flow, are being integrated into portable oxygen concentrators, making them more effective and convenient for use in home care settings, hospitals, and ambulatory surgical centers.
Moreover, the glass blowing industry and non-home care settings, such as hospitals and non-pressurized aircraft, also utilize oxygen concentrators for various applications. Companies such as Inogen, OMRON Healthcare, Precision Medical, Servotech Power Systems, and OMRON Healthcare are major players in the market, offering a range of products to cater to different customer needs. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Besco Medical Ltd: The company offers homecare oxygen concentrators such as BES OC07 portable oxygen concentrator and 5L dual flow oxygen concentrator.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Market is witnessing significant growth due to the increasing number of patients suffering from respiratory diseases and disorders such as asthma, sleep apnea, and chronic obstructive pulmonary disease (COPD). Advanced technologies like continuous flow and pulse flow in portable oxygen concentrators are driving the market's popularity. The geriatric population's growing need for oxygen therapy at home is also boosting sales. Ambulatory surgical centers, hospitals, and home health care settings are major end-users of homecare oxygen concentrators. Companies like Inogen, OMRON Healthcare, Precision Medical, Servotech Power Systems, and Invensa are key players in the market. The glass blowing industry is also using oxygen in its production process, leading to increased demand. Reimbursement policies and Medicare claims data play a crucial role in the market's growth. The travelers and mountaineers' need for oxygen during travel and high altitudes is another factor driving the market. Non-home care settings like non-pressurized aircraft are also adopting portable oxygen concentrators. The market is projected to reach a substantial Projected Market Value by 2027. The use of oxygen in skin care and the growing investment funding in the industry are other trends influencing the market. The use of masks in oxygen therapy and the impact of unhealthy lifestyles on respiratory health are also factors to consider. Nitrogen and oxygen therapy equipment manufacturers need to stay updated on the latest market trends and regulations to remain competitive.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.52% |
Market growth 2024-2028 |
USD 2.31 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
15.18 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 40% |
Key countries |
US, UK, China, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Besco Medical Ltd., BPL MEDICAL TECHNOLOGIES Pvt. Ltd., Chart Industries Inc., Enovis Corp., Contec Medical Systems Co. Ltd., Medical Depot Inc., Inogen Inc., Invacare Corp., Kare Medical and Analytical Devices Ltd. Co., Koninklijke Philips N.V., Longfian Scitech Co. Ltd., Niterra Co. Ltd., Nidek Medical Products Inc., O2 Concepts LLC, Precision Medical Inc., ResMed Inc., SCALEO Medical, Teijin Ltd., Yuwell Jiangsu Yuyue medical equipment and supply Co. Ltd., and Zhengzhou Olive Electronic Technology Co. Ltd. |
Market dynamics |
Parent market analysis, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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