Homecare oxygen concentrators are a key technological advancement in oxygen therapy in homecare settings. They are used for meeting the needs of patients in wide spectrum of respiratory or pulmonary diseases. Chronic obstructive pulmonary disease (COPD), fibrosis, pulmonary hypertension, and chronic respiratory diseases (CRDs).
The homecare oxygen concentrators market is expected to witness rapid strides on the back of growing affordability of these. In addition, manufacturers have come out with new design parameters with key focus on ergonomics, portability, and functionality. Devices have become more compact and more user-friendly, fueling new demand potential among caregivers.
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Prevalence of Chronic Respiratory Diseases Expand Market Potential
Rise in prevalence of chronic respiratory diseases (CRDs) over the past three decades, precisely during 1990 – 2017 , fueled the morbidity of these worldwide. In particular, CRDs are a leading cause of health burden. Notably, age-standardized prevalence rate (ASPR) of interstitial lung disease has climbed to alarming levels from 1990 to 2017. All this paints a very promising growth prospects for homecare oxygen concentrators for reducing the morbidity of CRDs. These study findings have been disclosed in a recent article published in BMC under the Global Burden of Diseases, Injuries, and Risk Factors Study (GBD) 2017.
Two major factors are fueling the aforementioned trends. Rise in World Bank income levels and rapidly aging populations in some developing and developed nations are key accelerants for the demand for better oxygen therapies, thereby boosting the growth prospects in the homecare oxygen concentrators market. Further, growing awareness about affordable homecare oxygen therapies has favoured the growth dynamics in developing regions. Asia Pacific has emerged as a potentially lucrative regional market on the global front. Growing number of product launches in North America and Europe has made these high-growth regions.
Some of the industry players seeking to consolidate their shares in the homecare oxygen concentrators market are ResMed Inc., Teijin Ltd., Nidek Medical Products Inc., Precision Medical Inc., Inogen Inc., and Invacare Corp.
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