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Germany Homecare Oxygen Concentrator Market to Rise at a CAGR of 9.1% by 2024 | Chart Industries, Inogen, Inova Labs
Homecare Oxygen Concentrators Market
Homecare Oxygen Concentrators Market size is set to exceed USD 1.7 billion by 2024.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.
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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.
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.
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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.
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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.
Partial Table of Contents (ToC) of the report:
Chapter 4. Home oxygen concentrators Market, By Product
4.1. Key segment trends
4.2. Home oxygen concentrators
4.2.1. Market size, by region, 2013-2024 (USD Million)
4.2.2. Portable home oxygen concentrators
4.2.2.1. Market size, by region, 2013-2024 (USD Million)
4.2.3. Compressed gas oxygen cylinders
4.2.3.1. Market size, by region, 2013-2024 (USD Million)
4.2.4. Liquid oxygen
4.2.4.1. Market size, by region, 2013-2024 (USD Million)
Browse Related Reports:
• Medical Oxygen Concentrators Market Size By Product (Portable, Fixed), By Application (Home Care, Non-Home Care), By Technology (Pulse Dose, Continuous Flow), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, China, South Africa, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023
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