Homecare Oxygen Concentrators Market Size Is Projected To Be Around $1.6 billion By 2025
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A research study titled, “Homecare Oxygen Concentrators Market by Product, Technology, and Application - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the homecare oxygen concentrators market is projected to be around $1.6billion by 2025.
Chronic respiratory diseases are infections of airways and other parts of lungs.Respiratory disorders are becoming a severe social and health problem in the elderly population. Hence, growing geriatric population base is propelling the need for homecare oxygen concentrators, as this age group of people is more prone towards developing respiratory disorders such as asthma and COPDs. According toa study“Global Burden of Diseases Study (GBD) published in 2012” conducted by Global Asthma Network, around 334 million people worldwide were suffering from Asthma.These chronic respiratory disorders are not completely curable, though they can be minimized by various available forms of treatments such as use of oxygen concentrators, liquid oxygen, and oxygen pumps. Homecare oxygen concentrators market is expected to witness high growth during the forecast period, due to number of factors such as increase in incidences of respiratory disorders especially COPDs and asthma, continuous exposure to pollutants and dust, and changes in lifestyle.
Portable oxygen concentrators dominated the overall market in 2016. This can be attributed to number of benefits such as ease of handling and ability to offer effective care for COPD patients at home. Compressed gas oxygen segment is poised to witness high growth during the forecast period as they are availablein different sizes.Moreover, pulse dose technology is preferred in most of the oxygen concentrators as they are more reliable and safe compared to other technologies. Therefore, this technology is leading the global market and is projected to continue its lead over the forecast period. Additionally, the use of these concentrators is growing rapidly for homecare settings as the population is aging at global level.
North America dominated the global market in 2016.This can be attributed to various factors such as increasing prevalence of respiratory disorders, rise in geriatric population, and favorable reimbursement scenario in this region. Increase demand for homecare oxygen concentrators and affordable medical devices will further enhance the growth of the market in North America. Asia-Pacific is expected to grow at highCAGR during the forecast period, due to presence of huge elderly population, increasing disposable income of people, and rise in demand for homecare medical devices.
Some of the key players in marketincludeCovidien, Teijin, Precision Medical, Invacare, AirSep,Yuwell,BOC Healthcare, Nidek Medical, Drive DeVilbiss Healthcare, Inogen Inc., and Philips Healthcare.Various players are focusing on new product development through technological innovations. For instance,in May 2016, Inogen launched Inogen One G4 portable oxygen concentrator,which is smallest and lightest oxygen concentrator. This helped the company to gain a competitive edge in the global market.
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Key Findings of the Research Study:
- Portable homecare oxygen concentrators accountedfor three-fourth of global market in 2016, due to compact size and light weight.
- Pulse dose technology dominated the global market in 2016, owing to being more reliable and safe as compare to other technologies.
- U.S. homecare oxygen concentrators segment accounted for more than three fourth of regional revenue in 2016 due to increasing elderly population and increasing incidence of respiratory devices.
- Germany accounted for one-third share of the European market in 2016.
- Countries such as India and China are poised to experience high growth during the forecast period, owing to increase in demand for better healthcare solutions and increasing geriatric population.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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