New York, The global homecare oxygen concentrators market was valued at USD 1.3 Billion in 2021 and it is anticipated to grow up to USD 2.5 Billion by 2031, at a CAGR of 6.8% during the forecast period.
Homecare oxygen concentrators are medical devices designed for delivering supplementary oxygen to patients with breathing complications outside the healthcare facilities. Homecare oxygen concentrators filters surrounding air and compress it to the required density to deliver purified oxygen for medical purpose. These are used in the treatment of numerous respiratory diseases including emphysema, asthma, bronchitis, intense pneumonia, COPD and lung malignancy among others requiring oxygen therapy.
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Market Trends and Drivers
Homecare oxygen concentrators market growth is driven by the increasing prevalence of chronic respiratory diseases, especially, in developed countries. Increasing prevalence rate is owing to several risk factors such as sedentary lifestyle, smoking habits and environmental exposure among others. The chronic obstructive pulmonary disease (COPD) and asthma are among the leading respiratory diseases across the world. For instance, as per the World Health Organization, nearly 3.23 million deaths were caused due to the COPD, globally, in 2019. Thus, increasing need for additional oxygen supply in COPD treatment will augment the market statistics. Furthermore, booming elderly population base highly prone to numerous chronic respiratory diseases across the developed regions will positively impact the demand for homecare oxygen concentrators in the future. All these factors are expected to positively impact the homecare oxygen concentrators demand during the forecast timeframe.
Market Restraints and Challenges
The key restraints and challenges in the homecare oxygen concentrators market is the lack of trained personnel to operate and maintain the equipment. There is a lack of awareness among patients and caregivers about the use and maintenance of homecare oxygen concentrators, which is a challenge for the market growth. Moreover, the high cost of homecare oxygen concentrators is another factor restraining the market growth.
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Global Homecare Oxygen Concentrators Market Segmentation
• Portable oxygen concentrators
• Fixed oxygen concentrators
Major Players in the Global Homecare Oxygen Concentrators Market
The key players in the homecare oxygen concentrators market are Precision Medical Inc., Besco Medical Co., Air Water Inc., Yuwell, Longfian Scitech Co., BOC Healthcare, Chart Industries, Drive DeVibiss Healthcare Inc., Inogen Inc., and Inova Labs Inc., among others.
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