Market Size Forecasters adds a new report Homecare Oxygen Concentrators Market Research Report for the period of 2016-2023 that shows the growth of the market is rising at a Steady CAGR to 2023.
Homecare Oxygen Concentrators Market size will exceed USD 1.5 billion by 2023; as per a new research study.
Growing healthcare expenditure, disposable income trends and the favorable reforms will drive homecare oxygen concentrators market size. Improvement in healthcare infrastructure coupled with introduction of technologically advanced homecare devices should propel industry growth.
High prevalence of chronic pulmonary and respiratory disorders along with rapid adoption of home healthcare services for patient care should stimulate global homecare oxygen concentrators market size.
Spurring geriatric population and increasing exposure to dust and pollution will also accelerate homecare oxygen concentrators demand, fueling the industry growth.
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Homecare oxygen concentrators market growth should be restrained by the strict government regulations and longer approval time for medical devices. Presence of environmental guidelines for use and disposal of oxygen concentrators by-products should also hamper industry expansion.
Portable home oxygen concentrators led the industry growth with over USD 480 million for 2015. It is the most widely used homecare oxygen concentrator owing to its ease of use, light weight and ability to provide effective care to the patients suffering from COPD and other respiratory diseases.
Liquid oxygen is the fastest growing business segment with industry size set to exceed USD 125 million by 2024. Some of the factors contributing to its high growth are its capacity to store more oxygen volume in lesser space, light weight and its affordability due to no electricity consumption.
Some of the key companies operating in homecare oxygen concentrators market space include Covidien, Teijen, Precision Medical, Invacare, AirSep, Yuwell, BOC Healthcare, Nidek Medical, Drive DeVilbiss Healthcare, and Philips Healthcare.
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U.S. homecare oxygen concentrators market share was over 88% of regional revenue in 2015. High prevalence of respiratory diseases, rising demand for home healthcare for geriatric population and growing adoption of innovative products will drive business growth.
Presence of favorable regulatory and reimbursement policies should also boost industry growth.
Germany homecare oxygen concentrators market share accounted for over 31% of regional revenue in 2015. Large unmet needs for home healthcare services and increased prevalence of COPD will fuel Industry growth.
Presence of large number of industry players will also stimulate business expansion.
UK homecare oxygen concentrators market should witness lucrative growth over forecast years to reach USD 118 million by 2023. Increasing geriatric population, improved healthcare services and rapid growth related to new product development should drive industry growth.
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Japan should propel regional homecare oxygen concentrators market growth on account of its rising disposable income and favorable government initiatives to control healthcare costs. Japan homecare oxygen concentrators market size was over USD 52 million in 2015 and anticipated to exceed USD 138 million by 2023.
New product development and market expansion through strategic collaborations are the most commonly adopted strategies in the competitive market space.
Homecare oxygen concentrators market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2012 to 2023, for the following segments:
Global Homecare Oxygen Concentrators Market By Product Portable home Oxygen Concentrators, Compressed gas oxygen cylinders
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