Sellbyville, DE -- (SBWIRE) -- 10/16/2018 -- The Homecare Oxygen Concentrators Market to exceed USD 1.7 billion by 2024; according to a new research report by Global Market Insights.

In addition to the above-mentioned factor, growth of the industry is also be attributed to the growing geriatric population being more susceptible to chronic disorders. According to Japan Census Report, in 2017, Japan?s elderly population was around 26.7% of the total population that will increase the demand for homecare oxygen therapies as prevalence of respiratory disorders is high amongst this population. Moreover, medical insurance providers have also developed reimbursement policies for geriatric population resolving the affordability issues and propelling industry growth.

Rising government initiatives will also influence the homecare oxygen concentrators market positively. Initiatives such as organizing awareness programs to educate masses regarding respiratory disorders have led to increased patient awareness levels. For instance, the National Heart, Lung, and Blood Institute develops educational programs, and launched COPD Learn More Breathe Better (LMBB) campaign to raise awareness and educate the public about COPD that will boost the industry growth considerably.

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Portable home oxygen concentrators segment had a momentous of USD 646.4 million in 2017 owing to high preference for these concentrators by the geriatric population that requires continuous home oxygen therapy. Moreover, certain initiatives that improve the quality of oxygen concentrators being used for homecare by associations such as National Home Oxygen Patients Association have accelerated the business growth.

U.S. held the largest market share of USD 297 million in 2017 owing to high disposable income. The population with high income have high affordability for home healthcare services. Moreover, growing geriatric population being susceptible to chronic respiratory disorders will increase the demand for portable oxygen concentrators. Aforementioned factors along with extended use of home oxygen concentrators while travelling will stimulate industry growth.

Germany homecare oxygen concentrator market will grow at a CAGR of 9.1% during the projection period, owing to high advanced technology adoption rates that will aid modifications in the home oxygen concentrators. Also, technological advancements have improved the battery life of home oxygen concentrators will increase its demand.

Some of the major industry players operating in home infusion therapy market are Precision Medical, Inc, Besco Medical Co, Air Water Inc., Yuwell, Longifian Scitech Co, BOC Healthcare, Chart Industries, Drive DeVilbiss Healthcare Inc., Inogen Inc, Inova Labs, Invacare Corporation, NIDEK Medical Product, Inc, O2 Concepts, Philips Healthcare, Teijin Limited.

Key industry players undertake certain strategic initiatives to maintain their market position. For instance, In June 2015, Precision Medical developed a new oxygen concentrator PM4130 EasyPulse POC3 that is integrated with advanced technology. New modifications have enabled release of appropriate amount if oxygen in the patient's body. This initiative step has helped the company to generate revenue and sustain in market competition.

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Homecare oxygen concentrators market is slightly oligopolistic in nature with a few companies dominating the market with high revenues. Initiative steps and strategic decisions undertaken by such companies have helped them to sustain the competition by maintaining the market share. For instance, in December 2015, Inogen, Inc. released Inogen G3 oxygen concentrator, an improved Inogen One G3 that include 25% additional oxygen production at the same size and weight, with reduced sound levels. Development of such new products will improvise the product offerings thereby generating high profits for the company.