Latest News- Homecare Oxygen Concentrators Market: Portable is expected to lead the Product segment during 2024-2028

The Homecare Oxygen Concentrators Market is being driven by Increasing prevalence of respiratory diseases

The Homecare Oxygen Concentrators Market is expected to grow at a CAGR of 18.52% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2309.7 million. In the homecare oxygen therapy market, companies are persistently innovating to address the rising prevalence of respiratory diseases. One such groundbreaking development is the single solution oxygen concentrator, a three-in-one device offering stationary, portable, and travel capabilities. This technology caters to individuals desiring independence in managing their medical condition. However, not all portable concentrators possess this versatility. The Inogen One System is the pioneering single solution portable oxygen concentrator, suitable for stationary, ambulatory, and travel applications. Additionally, there is a growing focus on producing lightweight stationary concentrators to enhance user convenience and mobility. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Portable
  • Stationary
• Technology
  • Continuous flow
  • Pulse flow
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Asia
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing prevalence of respiratory diseases
• Rise in geriatric population
• Rising healthcare expenditure

However, the market also witnesses some limitations, which are as follows:

• High cost of portable oxygen concentrators
• Complications and side effects
• Availability of alternatives

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Market Scope in Homecare Oxygen Concentrators Market Research Report

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Research Analysis Overview

The Homecare Oxygen Concentrators Market has seen significant growth in recent years, driven by the increasing number of travelers with respiratory conditions like sleep apnea and asthma. Portable oxygen concentrators from companies like Servotech Power Systems and Precision Medical have gained popularity due to their compact size and lightweight design, making them ideal for those on the go. According to Medicare claims data, the number of home oxygen therapy users has been on the rise, with a majority of them using continuous flow technology concentrators. Skin care is a crucial consideration for long-term oxygen therapy users, as masks can cause irritation and pressure sores. Companies are investing in research and development to create more comfortable masks and improve the overall user experience. Inogen and other market leaders are also focusing on securing investment funding to expand their product offerings and reach a larger customer base. Hospitals and homecare settings are major consumers of oxygen concentrators, with an increasing number of deaths due to respiratory conditions driving demand. The market is expected to grow at a CAGR of over 7% between 2021 and 2028. With advancements in technology, such as continuous flow technology and improved battery life, the future of homecare oxygen concentrators looks promising.

Market Research Overview

In accordance with Technavio's market classification, the homecare oxygen concentrators market is a segment of the expansive global healthcare equipment industry. This sector encompasses organizations involved in the research and development (R&D) of diverse product categories, such as capital equipment, instruments, implants, accessories, and consumables. These products are utilized for disease diagnosis, monitoring, and treatment. The size of the global healthcare equipment market is determined by the consolidated revenue generated by manufacturers of diagnostic equipment and devices spanning various therapy areas. The healthcare equipment sector is divided into several segments, including Devices: Encompassing advanced, differentiated, and clinically validated devices, including homecare oxygen concentrators.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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