Homecare Oxygen Concentrators Market to exceed $1.7bn by 2026

Homecare Oxygen Concentrators Market size is set to exceed USD 1.7 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Government initiatives to reduce growing burden of COPD will accelerate demand for homecare oxygen concentrators in the upcoming period. Increase in cigarette smoking is the major driving factor leading to various respiratory disorders. Moreover, rising healthcare spending coupled with increasing awareness about COPD will accelerate market expansion over the forecast period.

 

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Rising incidence of COPD in the U.S. and Asia Pacific will offer lucrative growth opportunities to oxygen concentrators market

Increasing prevalence of COPD among elderly population in the U.S. and Asia Pacific will provide significant growth opportunities for homecare oxygen concentrators. According to the Centers for Disease Control and Prevention, people aged 65 years or above are susceptible to COPD.
 

Also, as per the Administration of Community Living, population aged 65 or above in the U.S. has increased from 37.2 million in 2006 to 49.2 million in 2016 and is projected to reach 98 million by 2060. Increasing ageing population at faster rate will thus lead to rise in number of COPD cases over period, thereby impelling the market growth.
 

However, homecare oxygen concentrators market is governed by various regulatory authorities such as the U.S. FDA and the Federal Aviation Administration. Thus, stringent regulatory policies by regulatory authorities might affect development and commercialization of homecare oxygen concentrators, thereby impacting the market growth in foreseeable future.
 

Browse key industry insights spread across 109 pages with 76 market data tables & 9 figures & charts from the report, Homecare Oxygen Concentrators Market Size By Product (Portable Home Oxygen Concentrators {Stationary Oxygen Concentrators, Portable Oxygen Concentrators}, Compressed Gas Oxygen Cylinders, Liquid Oxygen), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/homecare-oxygen-concentrators-market
 

Launch of advanced products will favor portable oxygen concentrators market expansion

Portable home oxygen concentrators market is further classified into stationary oxygen concentrators and portable oxygen concentrators. Portable home oxygen concentrators industry dominated the market in 2019 with over 76.0% revenue share and will proceed rapidly in the upcoming years. High reliability of portable oxygen concentrators compared to gas cylinders will positively impact portable oxygen concentrators market growth. Due to the advantages such as light weight and ease in mobility, the segment will foresee momentous growth. Moreover, increasing preference of these concentrators owing to its convenience during travelling will assist in market expansion.
 

Liquid oxygen market is expected to witness lucrative growth rate during projected timeline. As liquid oxygen concentrators systems minimize consumption of electricity, it minimizes treatment cost thereby increases affordability. Thus, advantages of liquid oxygen including cost effectivity could boost liquid oxygen market growth over period.
 

North America homecare oxygen concentrators market is poised to progress rapidly owing to increasing incidence of respiratory diseases

North America market held around 40% revenue share in 2019 and will foresee robust growth over the analysis period. Expanding elderly population that is vulnerable to COPD will accelerate the regional demand for homecare oxygen concentrators.
 

Various organizations focusing on development and commercialization of oxygen concentrators. Moreover, availability of portable oxygen concentrators during travelling will further continue to boost its adoption rate in the foreseeable future.
 

Emphasis of market players on strategic alliances will increase industry’s growth potential

Some of the notable players operating in the market include Koninklijke Philips N.V., Chart Industries, Inogen Inc., Invacare Corporation, and Inova Labs Inc. (ResMed), among others.
 

These business leaders primarily focus on strategic alliances such as novel product launch and acquisitions & mergers to broaden their product portfolio and capitalize on market opportunities. For instance, in October 2018, NGK Spark Plug Co., Ltd., acquired oxygen concentrators business of Chart Biomedical Limited. This acquisition will lead to the business expansion of the firm thereby broadening its footprint in global oxygen concentrators market.
 

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