Portable homecare oxygen concentrators market to witness phenomenal gains over the years ahead, APAC slated to record the fastest growth
Homecare oxygen concentrators market is witnessing a significant upsurge, driven by the rising number of chronic obstructive pulmonary disease (COPD) patients across the globe. A considerable increase in the number of cigarette smokers and rising exposure to pollution and dust will increase the prevalence of COPD among people. Moreover, the geriatric population is more susceptible to respiratory diseases such as asthma, pulmonary hypertension, fibrosis and are likely to push the growth of homecare oxygen concentrators industry over the years. According to Global Market Insights, Inc., Homecare Oxygen Concentrators Market is projected to witness a CAGR of 12% over the period of 2016-2023 with a revenue target of USD 1.5 billion by 2023.
Product innovation in this market is likely to gain considerable traction with the growing demand for flow technology. Portable oxygen concentrators, liquid oxygen, compressed gas oxygen cylinders are the three trending homecare oxygen concentrators product segments. Compressed gas oxygen cylinder is estimated to generate a revenue of over USD 57 million by 2023, owing to its availability in varied sizes based on the oxygen level requirements. However, the explosion risks associated with these devices coupled with their heavy weight may impede the device market expansion over the coming years.
Germany Homecare Oxygen Concentrators Market size, by product, 2012-2023 (USD Million)
Combating the disadvantages such as heavyweight and complex designs, portable homecare oxygen concentrators are witnessing an appreciable adoption rate. Portable homecare oxygen concentrators industry held a major share of over 75% of the global product landscape, and is projected to register a CAGR of 10% over the period of 2016-2023. The compact size of this device and light weight are the complementing factors attracting major revenue for this market.
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U.S. almost covered 88% of North America’s homecare oxygen concentrators industry share in 2015 and is slated to attain stupendous growth over the years ahead. Increasing incidence of pulmonary diseases, especially across the elderly population is driving the demand for home health care, which in turn is providing ample opportunities to the regional market. Additionally, favorable insurance policies which cover a large portion of device cost is further acting as a catalyst for the growth trajectory path of the homecare oxygen concentrators market.Huge geriatric base, upgraded living standards, and technologically advanced healthcare infrastructure are the key factors behind the rapid expansion of the APAC homecare oxygen concentrators market. China, India, and Japan are expected to be the major revenue pockets of the regional market.
Japan homecare oxygen concentrators industry generated a revenue of USD 52 million in 2015 and is estimated to cross over USD 138 million by 2023. With strategic collaborations and continuous product upgradation, Asia Pacific market is poised to record maximum growth rate in the coming time frame.
Germany dominated the Europe homecare oxygen concentrators market in 2015, accounting for almost 31% of the regional revenue with a market value of USD 54 million. In the coming time frame too, this country is estimated to experience a striking growth curve at a CAGR of 10% over 2016-2023. Sheer consumer demand for upgraded health care services along with a good number of market players’ availability is stimulating the business expansion in this region.
Continuous efforts on improving the product portfolio and mergers & acquisitions are the major strategies adopted by the industry players to sustain their market position. Some of the prominent players of homecare oxygen concentrators market include Teijen, Covidien, Invacare, Precision Medical, and AirSep.
Author Name :Ojaswita Kutepatil