Homecare Oxygen Concentrators Market to hit USD 2.1 billion by 2028, Says Global Market Insights Inc.
Homecare Oxygen Concentrators Industry is anticipated to register around 7.3% CAGR between 2022 and 2028 due to rapid surge in healthcare spending across the developing nations.
SELBYVILLE, Del. , April 21, 2022 /PRNewswire/ -- The homecare oxygen concentrators market value is projected to reach USD 2.1 billion by 2028, according to a new research report by Global Market Insights Inc. Growing patient preference towards portable oxygen concentrators offering ease of use and convenience in home oxygen therapy will drive the industry expansion.
The developments offering higher mobility, improved technologies, enhanced comfort, and increased efficiency is expected to stimulate the product demand. The homecare oxygen concentrators manufacturing companies are offering innovative technologies that aims to increase the quality of care across the home settings. The system monitors patient and communicates data on oxygen purity, device location, and battery life to the clinician and the patient's family on a regular basis. Such developments in portable concentrators technology will lead to customer attraction.
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Growing government initiatives to control and manage existing burden of respiratory diseases in several countries will propel homecare oxygen concentrators market progression. For instance, the European Respiratory Society is involved in creating awareness related to airway diseases, respiratory infections, and pediatric respiratory disease. Such initiatives will contribute to the improved knowledge regarding treatment options. In addition, healthcare professionals and patients have shifted their preference towards portable oxygen concentrators to reduce lengthy stay at facilities. Additionally, convenience in disease treatment for patients requiring long-term oxygen support and reduced need for frequent hospitalizations will impel the business expansion.
Some major findings of the homecare oxygen concentrators market report include:
- High incidence rate of chronic obstructive pulmonary disease (COPD) across the developing economies will positively influence the industry landscape.
- Growing government initiatives to broaden accessibility for oxygen therapy in emerging countries will boost the business outlook.
- Rising adoption of unhealthy lifestyle contributing to the disease burden will augment the industry statistics.
- Considerable increase in the number of COVID-19 cases has positively impacted the demand for oxygen concentrators during the pandemic. With increasing product demand, several small providers also witnessed surge in revenues along with leading operational market players.
Browse key Industry insights spread across 100 pages with 99 market data tables & 11 figures & charts from the report, "Homecare Oxygen Concentrators Market Analysis By Product (Portable Oxygen Concentrators, Fixed Oxygen Concentrators), Technology (Continuous Flow, Pulse Flow), Industry Analysis Report, Regional Outlook, Growth Potential, Price trends, Competitive Market Share & Forecast, 2022-2028" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/homecare-oxygen-concentrators-market
Homecare oxygen concentrators market from portable oxygen concentrators segment is anticipated to proceed at 7.9% CAGR during the forecast timeframe. Increasing product launches, broader availability of portable oxygen concentrators and rising usage of these devices in home care will influence the industry statistics. Further, increase in number of elderly individuals that are highly prone to chronic respiratory diseases and growing preference for home therapy solutions among these patients will spur the adoption of portable homecare oxygen concentrators.
Continuous flow segment held over 50% business share in 2021 and estimated to witness considerable CAGR during the projection period. This is attributable to increasing demand for steady oxygen supply among COPD patients with higher disease prevalence rate across the developed nation. Further, bedridden patients and elderly population widely uses continuous flow oxygen concentrators for effective oxygen supply. Thus, the aforementioned factors are anticipated to propel the segment revenue.
Asia Pacific homecare oxygen concentrators market is projected to grow at 8.5% CAGR during the analysis timeframe. This is attributable to high investment in product R&D by public and private organizations and rising prevalence of chronic respiratory disorders significantly contributing to the adoption of homecare oxygen concentrators in the region. Moreover, expanding presence of international industry players and emergence of several domestic businesses offering innovative products will augment the regional market growth. Additionally, increasing inclination of patients towards portable devices with growing accessibility in the APAC region will positively influence the regional industry progression.
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Key market players involved in homecare oxygen concentrators industry include Precision Medical, Inc, Besco Medical Co, Air Water Inc, Yuwell (iangsu Yuyue Medical Equipment and Supply Co., Ltd.), Longfian Scitech Co, BOC Healthcare (The Linde Group), Chart Industries, Drive DeVibiss Healthcare Inc, Innogen Inc, Inova Labs Inc. (ResMed), NIDEK Medical Products, Inc., O2 Concepts, and Koninklijke Philips N.V.
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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Global Market Insights Inc.
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SOURCE Global Market Insights Inc.
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