Technavio forecast the global homecare oxygen concentrators market to grow by USD 1.07 billion during 2020-2024. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 15%.
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Technavio has announced its latest market research report titled Global Homecare Oxygen Concentrators Market 2020-2024 (Graphic: Business Wire)
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The homecare oxygen concentrators market is driven by the increasing prevalence of respiratory diseases. In addition, the rise in the geriatric population is anticipated to boost the growth of the homecare oxygen concentrators market.
Globally, the prevalence of respiratory diseases has significantly increased with the rise in risk factors such as allergy, pollution, and smoking. For instance, in 2019, around 16 million people in the US were diagnosed with COPD. Lung damage is irreversible in such diseases. Also, individuals with COPD experience shortness of breath while performing activities such as walking up a flight of stairs, playing golf, or walking uphill. This has increased the demand for oxygen therapy among patients with conditions of chronically low oxygen, such as severe COPD or cystic fibrosis. Oxygen concentrators are the most commonly used oxygen therapy equipment as they are user-friendly when compared with oxygen tanks. These can also be used at home, thereby providing convenience to patients. Therefore, the rising prevalence of respiratory diseases will fuel the growth of the global homecare oxygen concentrators market during the forecast period.
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Major Five Homecare Oxygen Concentrators Companies:
Chart Industries Inc.
Chart Industries Inc. operates its business through segments such as D&S East, D&S West, E&C Cryogenics, and E&C FinFans. The company offers portable oxygen concentrator under the brand, FreeStyle.
Drive DeVilbiss Healthcare Ltd.
Drive DeVilbiss Healthcare Ltd. operates its business through the Unified segment. The company offers a wide range of products such as wheelchairs and accessories, powerchairs, walking aids, daily living aids, bathroom safety, pediatric range, moving and handling, pressure area care, and respiratory among others.
GCE Holding AB
GCE Holding AB operates its business through the Unified segment. The company offers portable oxygen concentrators such as iGo2 Portable Oxygen Concentrator for home use.
Inogen Inc. operates its business through the Unified segment. Inogen One G3 is the key product offered by the company.
Invacare Corp. operates its business through segments such as Europe, North America, and All other. The company offers Invacare Platinum 10 Oxygen Concentrator, which features Invacare SensO2 Oxygen Purity Sensor to warn consumers if purity drops.
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Homecare Oxygen Concentrators Market Product Outlook (Revenue, USD Billion, 2019-2024)
Portable - size and forecast 2019-2024
Stationary - size and forecast 2019-2024
Homecare Oxygen Concentrators Market Geography Outlook (Revenue, USD Billion, 2019-2024)
North America - size and forecast 2019-2024
Europe - size and forecast 2019-2024
APAC - size and forecast 2019-2024
ROW - size and forecast 2019-2024
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