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Homecare Oxygen Concentrators Market Size to Grow Rapidly in Future | Global Key Players - Precision Medical, Inc, Besco Medical Co, Air Water Inc., Yuwell, Longifian Scitech Co, BOC Healthcare, Chart Industries, Drive DeVilbiss Healthcare Inc., Inogen In
Homecare Oxygen Concentrators Market will exceed USD 1.7 billion by 2024; as per a new research report.
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Some of the notable players operating in home oxygen concentrators 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.
The homecare oxygen concentrators market will experience high CAGR of over 10% during forecast timeframe due to increasing burden of respiratory diseases such as chronic pulmonary disorders, bronchitis and asthma. In 2017, around 16 million Americans were diagnosed with COPD requiring critical care and continuous long-term home oxygen therapy hence, escalating the demand for homecare oxygen concentrators.
The homecare oxygen concentrators market is estimated to gain substantial revenues over the coming years, attributed to the escalating cases of respiratory diseases along with the growing geriatric population.
Chronic respiratory disorders like COPD and Asthma are serious health problems for people across the world. According to the Office of Disease Prevention and Health Promotion, over 25 million people in the United States are suffering from asthma. COPD affects nearly 14.8 million adults and is the 4th leading cause of death in the US. Moreover, lung cancer claimed the lives of nearly 155,500 individuals in 2014. Hence, the rise in chronic respiratory disease incidences would propel product demand, which will in turn boost the homecare oxygen concentrators market growth.
The world’s population is aging rapidly and the proportion of older individuals is increasing across the world. Elderly individuals are highly vulnerable to chronic respiratory diseases, thereby making them the biggest consumer of the homecare oxygen concentrators market.
In addition to the above-mentioned factor, growth of the industry is also be attributed to the growing geriatric population being more susceptible to chronic disorders. According to Japan Census Report, in 2017, Japan?s elderly population was around 26.7% of the total population that will increase the demand for homecare oxygen therapies as prevalence of respiratory disorders is high amongst this population. Moreover, medical insurance providers have also developed reimbursement policies for geriatric population resolving the affordability issues and propelling industry growth.
Rising government initiatives will also influence the homecare oxygen concentrators market positively. Initiatives such as organizing awareness programs to educate masses regarding respiratory disorders have led to increased patient awareness levels. For instance, the National Heart, Lung, and Blood Institute develops educational programs, and launched COPD Learn More Breathe Better (LMBB) campaign to raise awareness and educate the public about COPD that will boost the industry growth considerably.
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Portable home oxygen concentrators segment had a momentous of USD 646.4 million in 2017 owing to high preference for these concentrators by the geriatric population that requires continuous home oxygen therapy. Moreover, certain initiatives that improve the quality of oxygen concentrators being used for homecare by associations such as National Home Oxygen Patients Association have accelerated the business growth.
U.S. homecare oxygen concentrators market will grow at a CAGR of 9.6% during the forecast period due to increasing prevalence of respiratory diseases. Rising number of cigarette smokers and growing pollution rates are responsible for respiratory diseases amongst the individuals stimulating the overall market growth.
Germany market growth is attributed to high technology adoption rates and it held a market share of around USD 37 million in 2017. Major industry players involved in manufacturing of homecare oxygen concentrators have integrated advanced technology within these concentrators that enables the release of appropriate amounts of oxygen in the patient?s body; thereby, escalating the demand for home oxygen concentrators.
Numbers from the World Population Prospects revealed that the total number of individuals above the age of 80 across the globe are estimated to triple by the year 2050 to reach 425 million. The number is expected to further increase to 909 million by the year 2100.
Out of the people suffering from asthma and COPD in the US, many of them are older. Besides the two conditions, elderly individuals are also susceptible to several other respiratory conditions like idiopathic pulmonary fibrosis, sarcoidosis and respiratory distress syndromes. Therefore, the growing geriatric population will be a major driver stimulating the homecare oxygen concentrators market growth in the foreseeable years.
Homecare oxygen concentrators market is slightly oligopolistic in nature with a few companies dominating the market with high revenues. Initiative steps and strategic decisions undertaken by such companies have helped them to sustain the competition by maintaining the market share. For instance, in December 2015, Inogen, Inc. released Inogen G3 oxygen concentrator, an improved Inogen One G3 that include 25% additional oxygen production at the same size and weight, with reduced sound levels. Development of such new products will improvise the product offerings thereby generating high profits for the company.
More Details on this Report; https://www.marketstudyreport.com/reports/homecare-oxygen-concentrators-market-size-by-product-portable-oxygen-concentrators-compressed-gas-oxygen-cylinders-liquid-oxygen-industry-analysis-report-regional-outlook-u-s-canada-germany-uk-china-japan-brazil-south-africa-price-trends-competitive-market-share-forecast-2016-2023/?utm_source=openpr.com&utm_medium=Pc
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