LAS VEGAS, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Global Homecare Oxygen Concentrators Market is projected to be around $1.6 billion by 2025. Increasing aging population is one of the major factors responsible for the market growth. According to the UN, geriatric population is expected to reach more than 2 billion by 2050. Aging populations are at more of a risk of developing respiratory infections such as asthma, pulmonary hypertension, and COPD that will boost demand for oxygen concentrators leading to increase in market growth. Increasing spending of people, various government initiatives to spread awareness about disease and increasing geriatric population will stimulate industry growth. Rise in consumption of cigarettes and continuous exposure to dust and other pollutants will shoot up demand for oxygen concentrators as it increases prevalence of COPD. However, presence of strict approval guidelines by U.S. FDA and time consuming process for approval and strict government guidelines for use and disposing of such products will slow down the market growth.
Chronic respiratory diseases are infections of airways and other parts of the lungs. Respiratory disorders are becoming a severe social and health problem in the elderly population. Hence, the growing geriatric population base is propelling the need for homecare oxygen concentrators, as this age group of people is more prone towards developing respiratory disorders such as asthma and COPD. According to a study “Global Burden of Diseases Study (GBD) published in 2012” conducted by Global Asthma Network, around 334 million people worldwide were suffering from asthma. These chronic respiratory disorders are not completely curable, though they can be minimized by various available forms of treatments such as use of oxygen concentrators, liquid oxygen, and oxygen pumps. The homecare oxygen concentrators market is expected to witness high growth during the forecast period, due to number of factors such as increase in incidences of respiratory disorders especially COPD and asthma, continuous exposure to pollutants and dust, and changes in lifestyle.
Portable oxygen concentrators dominated the overall market in 2016. This can be attributed to number of benefits such as ease of handling and ability to offer effective care for COPD patients at home. Compressed gas oxygen segment is poised to witness high growth during the forecast period as they are available in different sizes. Moreover, pulse dose technology is preferred in most of the oxygen concentrators as they are more reliable and safe compared to other technologies. Therefore, this technology is leading the global market and is projected to continue its lead over the forecast period. Additionally, the use of these concentrators is growing rapidly for homecare settings as the population is aging at a global level.
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North America dominated the global market in 2016. This can be attributed to various factors such as increasing prevalence of respiratory disorders, rise in geriatric population, and favorable reimbursement scenario in this region. Increased demand for homecare oxygen concentrators and affordable medical devices will further enhance the growth of the market in North America. Asia-Pacific is expected to grow at high CAGR during the forecast period, due to the presence of huge elderly population, increasing disposable income of people, and rise in demand for homecare medical devices.
Some of the key players in market include Covidien, Teijin, Precision Medical, Invacare, AirSep, Yuwell, BOC Healthcare, Nidek Medical, Drive DeVilbiss Healthcare, Inogen Inc., and Philips Healthcare. Various players are focusing on new product development through technological innovations. For instance, in May 2016, Inogen launched Inogen One G4 portable oxygen concentrator, which is smallest and lightest oxygen concentrator. This helped the company to gain a competitive edge in the global market.
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Key Findings of the Research Study:
- Portable homecare oxygen concentrators accounted for three-fourth of global market in 2016, due to compact size and light weight.
- Pulse dose technology dominated the global market in 2016, owing to being more reliable and safe as compare to other technologies.
- U.S. homecare oxygen concentrators segment accounted for more than three fourth of regional revenue in 2016 due to increasing elderly population and increasing incidence of respiratory devices.
- Germany accounted for one-third share of the European market in 2016.
- Countries such as India and China are poised to experience high growth during the forecast period, owing to increase in demand for better healthcare solutions and increasing geriatric population.
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