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(Medical-NewsWire.com, August 10, 2018 ) Homecare Oxygen Concentrators Market to exceed USD 1.5 billion by 2023 as per a new research report.
Government initiatives to reduce global respiratory disease burden and encouragement for increasing usage of oxygen concentrators will drive industry growth over the forecast timeframe. Increased healthcare expenditure should fuel global homecare oxygen concentrators market growth.
Increasing adoption of unhealthy habits such as cigarette smoking and rising pollution lead to several respiratory ailments. Thus, stimulating market growth. However, stringent regulations along with time consuming approval process will hinder industry growth over the forecast period.
Soaring number of geriatric population, who are more prone to suffer from respiratory diseases such as COPD will fuel market growth over the forecast period. Favorable reimbursement policies such as Medicare should propel market growth .
Portable home oxygen concentrators market held largest revenue share in 2015 due to availability of easy operative and portable home oxygen cylinders. Being cost effective home oxygen concentrators offer complete independence from hospital environment. Growing demand for home healthcare medical devices should propel growth of market over the coming years.
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Liquid oxygen market will grow significantly during the forecast period owing to low cost associated with liquid oxygen systems and reduced consumption of electricity. Furthermore, high oxygen carrying capacity of this system and lighter weight should propel market growth . Increasing adoption of liquid oxygen system in homecare setting will stimulate market growth over the forecast timeline.
U.S. homecare oxygen concentrators market dominated the industry in 2015 due to increasing geriatric base in the country along with growth of home healthcare sector. Adoption of cutting-edge technologies, increasing prevalence of respiratory disease coupled with favorable reimbursement policies will boost the market.
Presence of organizations such as The British Thoracic Society (BTS) and rapid new product developments will drive UK homecare oxygen concentrators market. Advancements in healthcare infrastructure and increasing number of people suffering from respiratory ailments will foster market growth.
China homecare oxygen concentrators market should grow at robust CAGR due to increasing incidences of COPD and high unmet medical needs prevailing in the country. Use of biomass fuels and unhealthy habits such as tobacco smoking are leading to growth of respiratory disease burden. Increasing geriatric population base in China, developing healthcare infrastructure and increasing healthcare spending should propel market.
Some industry players are Besco Medical, Yuwell, BOC Healthcare, Drive DeVilbiss Healthcare, Inova Labs, NIDEK Medical Products, Philips Healthcare, Precision Medical, Air Water, Longfian Scitech, Chart Industries, Inogen, Invacare Corporation, O2 Concepts and Teijin.
Key industry players are consolidating their market position by increasing their focus on research activities to develop new innovative and advanced oxygen concentrators. Initiation of U.S. FDA Safety & Innovation Act has stimulated entry of new entrants with advanced products. Thus, up surging industry rivalry.
Global Market Insights, Inc.
Arun Hegde
1-888-689-0688
sales@gminsights.com
Source: EmailWire.Com 
Source: EmailWire.com
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