LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global homecare oxygen concentrators market to grow at a CAGR of 8% during 2018-2022. The growing demand for oxygen therapy due to increased prevalence of respiratory diseases is a key trend, which is expected to impact the growth of the market.
Allergy, pollution, and smoking can lead to the development of respiratory diseases resulting in shortness of breath, which gradually progresses towards lung disease. Oxygen therapy contributes to the above-mentioned factors by providing supplemental oxygen as a medical treatment.
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In this report, Technavio researchers identify continuous product innovation as one of the key factors contributing to the global homecare oxygen concentrators market:
Continuous product innovation
Globally, companies are constantly trying to innovate oxygen therapy devices due to the growing respiratory diseases. One such example of product innovation is the single solution oxygen concentrator. can be used for stationary, portable and travel purposes. These innovative devices facilitate life for those individuals who seek independence despite their medical condition.
“Innovation is also targeted towards providing stationary oxygen concentrators which are light weight. Such product innovations will boost market growth during the forecast period,” says a senior analyst at Technavio for health and wellness research.”
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Global homecare oxygen concentrators mark- segmentation and analysis
This market research report segments the global homecare oxygen concentrators market by product (portable and stationary) and key regions (Americas, APAC, and EMEA).
The portable oxygen concentrators segment led the market in 2017 owing to the convenience offered by this product segment. The market share of this segment is expected to increase further over the forecast period.
In 2017, the Americas dominated the global homecare oxygen concentrators market with a share of more than 45%, followed by EMEA and APAC. The market share of APAC is expected to witness a significant increase over the forecast period while the other two regions will see a decline in their market shares.
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