Homecare Oxygen Concentrators Market by Product, Technology, and Geography - Forecast and Analysis 2023-2027

Homecare Oxygen Concentrators Market Forecast 2023-2027

The global homecare oxygen concentrators market size is estimated to grow by USD 1.48 billion between 2022 and 2027, accelerating at a CAGR of 14.55%.  Respiratory diseases caused by allergies, pollution, and smoking often result in dyspnea or shortness of breath, which can progressively worsen and become a major symptom of lung disease. COPD, a type of lung disease, cannot be cured, but medical and physical treatments can alleviate symptoms and improve the quality of life. Oxygen therapy is one such treatment that provides supplemental oxygen to patients with chronically low oxygen levels. They are user-friendly and convenient for home use, and portable options such as the Invacare SOLO2 allow for travel with ease. As respiratory diseases continue to increase, the demand for oxygen therapy equipment technology is expected to grow, driving the market's growth.

Homecare Oxygen Concentrators Market Overview:

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Market Segmentation

This market report extensively covers market segmentation by Product (portable and stationary), Technology (continuous flow and pulse flow), and Geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. 

Product  Analysis

The market share growth of the portable segment will be significant during the forecast period. The market for portable type is leading the market. This market witnessed significant growth due to several advantages that lead to patient independence. One of the advantages is the ease of travel. Portable type is compact and is nearly half the size of stationary concentrators. Thus, users find it easy to navigate through packed areas such as narrow doorways, crowded hallways, and busy shopping aisles. The ease of carrying them is increasing their demand and will benefit the market during the forecast period.

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Technology Analysis

Pulse flow technology-enabled oxygen concentrators puff oxygen into the nasal passage of the user through a cannula. The puffs are released with every breath taken by the user. Therefore, the oxygen provided is on pulse (on-demand) delivery. Pulse flow portable type is lightweight and easy to use. They come with a shoulder strap or can be easily fitted into a backpack. The ease and convenience of using the pulse flow portable type is increasing its market share. Many vendors in the market have been offering pulse flow type in the market. For instance, Inogen Inc. also offers many models of pulse flow portable types, such as One G4 portable oxygen concentrator, One G3 portable oxygen concentrator, and One G2 portable oxygen concentrator in the market. Such factors are driving market growth.

Geographical Analysis

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North America is estimated to contribute 37% 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 demand in North America is expected to grow during the forecast period due to the availability of advanced healthcare facilities and rising healthcare spending, which is aided by government bodies such as Medicaid. The market in North America is expected to grow due to high healthcare investments by countries such as the US and Canada.

According to the Centers for Medicare and Medicaid Services (CMS), in the US, healthcare spending will reach nearly USD6.0 trillion by 2027. Thus, the rise in healthcare spending leads to improved healthcare facilities, therefore, enabling the availability of advanced products.

Market Dynamics and Customer Landscape

The market is witnessing robust growth driven by a convergence of factors. Technological advancements, such as continuous flow technology and portable devices, are revolutionizing oxygen therapy, providing patients with greater mobility and flexibility in managing conditions like asthma, COPD, and sleep apnea. Additionally, the aging population's preference for home-based healthcare solutions, coupled with favorable reimbursement policies and increased awareness initiatives by organizations like the American Lung Association, further propel market expansion. Investments in research and development by industry players like Inogen and Servotech Power Systems ensure continuous innovation, enhancing the accessibility and efficacy of homecare oxygen concentrators.

As the demand continues to rise, the market landscape is characterized by a shift towards homecare settings and an increasing emphasis on safety and regulatory compliance. With ongoing advancements in technology and a growing focus on patient-centric care, the market is poised for sustained growth, offering patients with respiratory disorders greater autonomy and improved quality of life in managing their conditions from the comfort of their own homes.

Our researchers analyzed the data with 2022 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.

Key Market Driver

The market is primarily driven by the global aging population, particularly in countries with large elderly demographics like Japan, the UK, the US, and Germany. As older adults are more susceptible to respiratory diseases such as Asthma and Chronic Obstructive Pulmonary Disease (COPD), the demand for oxygen therapy solutions increases. Traditional oxygen tanks pose inconvenience and require frequent refilling, while advanced portable types offer continuous flow technology, ensuring a steady oxygen supply. This enables seniors to receive care in homecare settings, leading to early hospital discharge and cost savings. The availability of user-friendly devices like the INOGEN ONE G3 enhances mobility and independence for seniors, contributing to the market's growth. Moreover, investment funding and advancements in technologies from companies like Precision Medical and Servotech Power Systems further drive market expansion to cater to the rising prevalence of respiratory disorders among the aging population.

Significant Market Trends

Companies globally are constantly innovating oxygen therapy devices due to the increasing number of respiratory diseases. One example of product innovation is single solution oxygen concentrators, which have a three-in-one feature for stationary, portable, and travel use. The Inogen Inc. One System is the first single solution portable oxygen concentrator, suitable for all three uses. Stationary oxygen concentrators, such as the Respirionics SimplyFlo by Koninklijke Philips NV, are also being developed to be lightweight and suitable for patients who need oxygen therapy for a few hours during the day or night. These product innovations are expected to boost demand, driving the market growth during the forecast period. Companies in the market are investing in R&D and new product development, with OMRON Healthcare introducing a medical oxygen concentrator that uses molecular sieve technology to deliver high-quality oxygen for patients with COPD and respiratory issues.

Major Market Challenge

The use of homecare type can lead to several side effects and complications, such as malfunctioning sieve beds and contaminated sieve materials. These issues can compromise the overall intake of air and lead to the delivery of atmospheric air instead of pure oxygen. In addition, power failure and proximity to ignition sources can pose a risk. Due to these complications, some companies have recalled their products. The use may also cause adverse effects in patients, such as tiredness and morning headaches. These limitations may reduce the uptake of oxygen concentrators and limit the growth of the market.

Who are the Major Homecare Oxygen Concentrators Market Companies?

Market players 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 company manufactures and exports durable medical equipment like Wheelchairs, Hospital Beds, Walking Aids and Oxygen Concentrators, and PPE (protective coveralls, KN95 masks, face shields, goggles).

The report also includes detailed analyses of the competitive landscape of the market and information about prominent and key market players, including:

• BPL Medical Technologies Pvt. Ltd.
• Colfax Corp.
• Contec Medical Systems Co. Ltd.
• Drive DeVilbiss Healthcare
• Inogen Inc.
• Invacare Corp.
• Kare Medical and Analytical Devices Ltd. Co.
• Koninklijke Philips NV
• Longfian Scitech Co. Ltd.
• NGK SPARK PLUG 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.
• Zhengzhou Olive Electronic Technology Co. Ltd.
• Chart Industries Inc.

Technavio’s report consists of a holistic analysis of the key development analysis,  development stage, key market players, their marketing strategies, and powerful innovations to help any client gain a competitive edge.  

Market Analyst Overview

The market is witnessing rapid growth due to advancements in portable oxygen concentrators and the increasing prevalence of respiratory disorders like Asthma and Chronic Obstructive Pulmonary Disease (COPD). As ambulatory surgical centers and home health care gain prominence, the demand for portable medical oxygen concentrators rises, especially among patients seeking home care solutions. Investment funding and reimbursement policies further drive market expansion, while advancements in continuous flow technology cater to diverse healthcare needs. With projected market value soaring, the shift towards pulse flow portable oxygen concentrators segment is evident, meeting the needs of travelers, mountaineers, and individuals with respiratory conditions in non-home care settings.

Also, the market is experiencing significant growth, driven by the increasing prevalence of respiratory disorders like sleep apnea and Chronic Obstructive Pulmonary Disease (COPD). Advanced technologies have led to the development of portable oxygen concentrators, catering to the needs of patients in homecare settings and non-pressurized aircraft. With the endorsement of organizations like the American Lung Association and regulatory approval from the FDA, these devices ensure safety and efficacy. The shift from regular conventional concentrators to portable ones is evident, fueled by the convenience they offer to individuals with unhealthy lifestyles or exposure to harmful substances. As sales surge and product popularity rises, the market continues to expand globally, meeting the growing demand for home-based healthcare solutions.

The prevalence of chronic obstructive pulmonary disease (COPD) continues to pose a significant challenge within the healthcare industry, particularly for the geriatric population. COPD often necessitates the use of fixed medical oxygen concentrators to provide essential respiratory support. However, recent advancements in technology have led to the development of portable oxygen concentrators, catering to the needs of patients requiring mobility and flexibility in their treatment. Amidst the evolving landscape, the global oxygen concentrators market has witnessed remarkable growth, driven by the rising demand for both fixed and portable solutions. Hospitals, as key stakeholders in the healthcare industry, play a crucial role in the distribution and utilization of these devices, supported by Medicare claims data that highlight the increasing reliance on oxygen therapy. Beyond medical applications, oxygen concentrators also find utility in industries such as glass blowing, where nitrogen is used to prevent oxidation during the manufacturing process. This diverse market landscape underscores the versatility and importance of oxygen concentrators across various sectors.

In parallel, the global portable oxygen concentrators market is experiencing rapid expansion, fueled by the growing need for on-the-go respiratory support. This trend is particularly relevant in regions with a high prevalence of COPD and an aging population. As the healthcare industry continues to prioritize patient-centric care, innovations in oxygen concentrator technology hold promise for improving quality of life and reducing the burden of respiratory diseases. With ongoing advancements and increasing awareness of COPD, the demand for oxygen concentrators, both fixed and portable, is expected to continue its upward trajectory.

Homecare Oxygen Concentrators Market Scope
Report Coverage	Details
Page number	120
Base year	2022
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 14.55%
Market growth 2023-2027	USD 1.48 billion
Market structure	Fragmented
YoY growth (%)	13.56
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 37%
Key consumer countries	US, UK, Germany, China, and India
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Besco Medical Ltd., BPL Medical Technologies Pvt. Ltd., Colfax Corp., Contec Medical Systems Co. Ltd., Drive DeVilbiss Healthcare, Inogen Inc., Invacare Corp., Kare Medical and Analytical Devices Ltd. Co., Koninklijke Philips NV, Longfian Scitech Co. Ltd., NGK SPARK PLUG 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., Zhengzhou Olive Electronic Technology Co. Ltd., and Chart Industries Inc.
Market dynamics	Parent market analysis, Market forecasting, 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	If our market research report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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