The global Portable Oxygen Concentrators Market demand is expected to see excellent growth prospects between 2022 and 2032, at a fantastic CAGR of 10.1%. The market is predicted to be valued at US$ 1.9 billion by the end of 2022 and to exceed an estimate of US$ 5.0 billion by 2032. According to Future Market Insights historical data, pulse flows Portable Oxygen Concentrators will lead the global market with a market share of approximately 67.7% in 2021. In 2021, the market value for Portable Oxygen Concentrators was approximately 54.8% of the overall US$ 3.5 Billion market for oxygen concentrators.
Portable Oxygen Concentrators provide oxygen to patients with respiratory disorders such as chronic obstructive pulmonary disease. In this method, nitrogen and oxygen are separated from the ambient air using a concentrator, which subsequently discards the nitrogen and gives 95% pure oxygen to patients via a mask. Portable Oxygen Concentrators, as opposed to homecare oxygen concentrators, allow patients to easily transport the equipment. In addition to patients, POCs are utilised by mountaineers and travellers in areas where oxygen is scarce. The key variables driving the boom in Portable Oxygen Concentrators over the forecast period include an improved lifestyle and an increase in smoking rates.
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The geriatric population is growing rapidly, increasing the demand for home care settings, particularly in wealthy countries. During the forecast period, the growing number of patients with chronic obstructive pulmonary disease (COPD) and respiratory disorders is predicted to increase demand for Portable Oxygen Concentrators.
Key Takeaways
- The spike in the popularity of Portable Oxygen Concentrators in emerging countries is substantial, owing to rising incomes and technological improvements, which will generate good possibilities for the Portable Oxygen Concentrators market. Globally, there is an increase of COPD patients, particularly in nations such as India and China. As a result, the global demand for Portable Oxygen Concentrators will rise.
- Furthermore, the Portable Oxygen Concentrators market is predicted to grow due to an increase in investment by various firms in the manufacture of continuous flow of oxygen. Major market participants are working on improving the durability of oxygen concentrators as well as increasing manufacturing efficiency to meet the demand for Portable Oxygen Concentrators. The reasons discussed above are projected to drive growth in the worldwide Portable Oxygen Concentrators market.
- The young population is increasingly consuming marijuana, cigars, and pipes, which is supporting the global expansion of the Portable Oxygen Concentrators market. Furthermore, the change from traditional concentrators to portable concentrators is boosting market growth for Portable Oxygen Concentrators.
- Furthermore, manufacturers’ employment of innovative technologies in the production of oxygen concentrators is boosting market expansion. In order to meet the growing demand for Portable Oxygen Concentrators, key market participants are focused on producing solutions that are both effective and affordable.
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Competitive Landscape
In the Portable Oxygen Concentrators market, dominant manufacturers are widely adopting different activities which will help them raise sales and gain revenue. In order to meet the demand of consumers and expand these firms, several activities are being implemented including advanced products launched among others.
Key Players:
- Koninklijke Philips N.V.
- Inogen, Inc
- Chart Industries, Inc.
- Resmed, Inc.
- Invacare Corporation
- Drive DeVilbiss Healthcare LLC
- Precision Medical, Inc.
- Besco Medical Co. Ltd.
- Oxus America, Inc.
- Foshan KeyhubElectronic Industries Co. Ltd.
- O2 Concepts LLC
- GCE Group
More Insights into the Portable Oxygen Concentrators Market
The US is expected to dominate the global Portable Oxygen Concentrators market as it accounted for around 86.6% of the total market share in 2021. The North American region is expected to maintain its dominance over the assessment period. Due to the growth in the incidence of COPD and the rising number of patients in the United States, the market for Portable Oxygen Concentrators maintains a sizable market share.
In 2021, India accounted for a market share of around 2.7% in the global Portable Oxygen Concentrators market across the forecast period. In 2020, the Covid-19 pandemic surged the sales of Portable Oxygen Concentrators market in India to a massive scale.
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Key Market Segments Covered in Portable Oxygen Concentrators Industry Research
By Product:
- Continuous Flow Portable Oxygen Concentrator
- Pulse Flow Portable Oxygen Concentrator
By End User:
- Hospitals
- Homecare
- Ambulatory Surgical Centres
- Travel Agents
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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