Homecare Oxygen Concentrators Market revenue will cross $1.7 billion by 2024: Global Market Insights, Inc.
July 12, 2018 --
Homecare Oxygen Concentrators Market Size By Product and Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Brazil, Mexico, South Africa), Application Development Potential, Competitive Market Share & Forecast, 2018 – 2024
Sellbyville, Delaware, July 12, 2018 (GLOBE NEWSWIRE) --
World Homecare Oxygen Concentrators Market is poised to surpass USD 1.7 billion by 2024; according to a new research report by Global Market Insights, Inc. The homecare oxygen concentrators market will witness CAGR of over 10% during the forecast period owing to increasing geriatric population that is more to chronic respiratory diseases. In China alone, there were around 22.6 million people in the age group of 70-80 years and above. Elderly people have low immunity undergoing surgical procedures show high preference for home oxygen therapy augment demand for home oxygen concentrators.
Increasing nicotine addiction amongst the adult population is a major factor driving homecare oxygen concentrators industry growth. According to CDC, around 37.8 million Americans smoke cigarettes out of which 16 million suffer from respiratory disorders resulting from continuous smoking. Secretion of tar and harmful compounds other than nicotine in the lungs have resulted in damaged respiratory tract enhancing the demand for home oxygen therapies thereby stimulate business growth.
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Increase in healthcare expenditures in developing countries such as China and India have propelled the industry growth in recent past. Rising disposable income will enhance the homecare expenditure capabilities of the population increasing the demand for homecare oxygen concentrators market.
However, stringent government regulations on the home oxygen concentrators for maintaining the quality and efficiency of these concentrators will act as a barrier for some small manufacturing companies. The set regulations may increase the cost acting as an entry barrier for other manufacturing companies that will reduce the availability of oxygen concentrator devices thereby restraining the industry growth.
Browse key industry insights spread across 110 pages with 36 market data tables & 07 figures & charts from the report, “Home Oxygen Concentrators Market” in detail along with the table of contents:
Portable oxygen concentrators business segment accounted for market value of over USD 646 million in 2017 due to growing number of baby boomers’ population, that is more susceptible to chronic conditions such as asthma, COPD and require continuous home oxygen. With increase in geriatric population with chronic conditions, the demand for various homecare oxygen concentrators will certainly increase over the projection years.
U.S. held the largest market share of USD 297 million in 2017 owing to high disposable income. The population with high income have high affordability for home healthcare services. Moreover, growing geriatric population being susceptible to chronic respiratory disorders will increase the demand for portable oxygen concentrators. Aforementioned factors along with extended use of home oxygen concentrators while travelling will stimulate industry growth.
Germany homecare oxygen concentrator market will grow at a CAGR of 9.1% during the projection period, owing to high advanced technology adoption rates that will aid modifications in the home oxygen concentrators. Also, technological advancements have improved the battery life of home oxygen concentrators will increase its demand.
Some of the major industry players operating in home infusion therapy market are Precision Medical, Inc, Besco Medical Co, Air Water Inc., Yuwell, Longifian Scitech Co, BOC Healthcare, Chart Industries, Drive DeVilbiss Healthcare Inc., Inogen Inc, Inova Labs, Invacare Corporation, NIDEK Medical Product, Inc, O2 Concepts, Philips Healthcare, Teijin Limited.
Key industry players undertake certain strategic initiatives to maintain their market position. For instance, In June 2015, Precision Medical developed a new oxygen concentrator PM4130 EasyPulse POC3 that is integrated with advanced technology. New modifications have enabled release of appropriate amount if oxygen in the patient’s body. This initiative step has helped the company to generate revenue and sustain in market competition.
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Medical Oxygen Concentrators Market share was valued at over USD 1.3 billion in 2017 and is expected to witness more than 8.9% CAGR from 2018 to 2024. Growing chronic obstructive pulmonary disease (COPD) prevalence coupled with escalating number of cigarette smokers drives medical oxygen concentrators market.
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Oxygen Cylinders and Concentrators Market share was over USD 2 billion in 2016, with growth forecast over 9.8% CAGR from 2017 to 2024. Rising number of smokers and growing exposure to dust particles will further fuel business growth.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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