Homecare Oxygen Concentrators Market to grow at 12.0% CAGR from 2016 to 2023: Global Market Insights Inc. The global industry report "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" by Global Market Insights, Inc. says Homecare Oxygen Concentrators Market size will exceed USD 1.5 billion by 2023. Growing healthcare expenditure, disposable income trends and the favorable reforms will drive homecare oxygen concentrators market size. Improvement in healthcare infrastructure coupled with introduction of technologically advanced homecare devices should propel industry growth.
High prevalence of chronic pulmonary and respiratory disorders along with rapid adoption of home healthcare services for patient care should stimulate global homecare oxygen concentrators market size. Spurring geriatric population and increasing exposure to dust and pollution will also accelerate homecare oxygen concentrators demand, fueling the industry growth. Homecare oxygen concentrators market growth should be restrained by the strict government regulations and longer approval time for medical devices. Presence of environmental guidelines for use and disposal of oxygen concentrators by-products should also hamper industry expansion. Portable home oxygen concentrators led the industry growth with over USD 480 million for 2015. It is the most widely used homecare oxygen concentrator owing to its ease of use, light weight and ability to provide effective care to the patients suffering from COPD and other respiratory diseases. Liquid oxygen is the fastest growing business segment with industry size set to exceed USD 125 million by 2024. Some of the factors contributing to its high growth are its capacity to store more oxygen volume in lesser space, light weight and its affordability due to no electricity consumption. Some of the key companies operating in homecare oxygen concentrators market space include Covidien, Teijen, Precision Medical, Invacare, AirSep, Yuwell, BOC Healthcare, Nidek Medical, Drive DeVilbiss Healthcare, and Philips Healthcare. 1|Page