Press release
Portable Oxygen Concentrators Market: Breathing Easy Towards a US$ 5.0 Billion Milestone, Set to Surpass Expectations by 2032
Portable Oxygen Concentrators Market
One of the key factors contributing to the market's expansion is the rising awareness about respiratory health and the benefits of using portable oxygen concentrators over traditional oxygen tanks. Unlike conventional oxygen cylinders, portable oxygen concentrators are lightweight, compact, and can be easily carried by patients, enabling them to move freely without the constraints of heavy equipment. This portability has proven to be a game-changer for patients, as it allows them to engage in daily activities, travel, and maintain a better quality of life.
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Another driving force behind the market's growth is the advancements in technology that have led to the development of more efficient and user-friendly portable oxygen concentrators. Manufacturers are incorporating features such as longer battery life, intuitive controls, and noise reduction to enhance patient comfort and convenience. Additionally, the integration of wireless connectivity and remote monitoring capabilities allows healthcare providers to track patients' oxygen usage and adjust treatment plans as needed.
Furthermore, the COVID-19 pandemic has heightened the demand for portable oxygen concentrators as a vital tool for managing respiratory distress in infected patients. These devices have played a crucial role in providing oxygen therapy to COVID-19 patients, both in hospitals and during home care, easing the burden on healthcare facilities and ensuring patients receive timely treatment.
The global portable oxygen concentrators market is expected to reach US$ 1.9 billion by the end of 2022, growing at a 10.1% CAGR between 2022 and 2032. Market sales are expected to exceed US$ 5.0 billion by 2032. A major factor driving market demand is the increasing use of portable oxygen concentrators in end-user sectors such as hospitals, homecare settings, and ambulatory surgical centres.
Portable oxygen concentrators supply oxygen to those patients who are suffering from respiratory diseases such as chronic obstructive pulmonary disease. In this process, nitrogen and oxygen are separated from the air in the environment with the help of the concentrator which then discards the nitrogen and supplies 95% pure oxygen to patients through a mask. As compared to homecare oxygen concentrators, portable oxygen concentrators allow patients to easily carry the devices. Apart from patients, POCs are also used by mountaineers and travelers in places where oxygen is inadequate. The crucial factors leading to the surge of portable oxygen concentrators over the projection period comprise an upgraded lifestyle and an increase in the rate of smoking
There is a significant surge in the geriatric population, which is rising the requirement for home care settings, especially in developed countries. The increasing number of patients with chronic obstructive pulmonary disease (COPD) and respiratory diseases is expected to drive demand for portable oxygen concentrators during the projected period.
Key Takeaways
•The surge in the adoption of portable oxygen concentrators is significant in developing nations, owing to the due to increasing incomes and technological advancements that will create positive opportunities for the portable oxygen concentrators market. Globally there is an overall surge in COPD patients, especially in countries like India and China. Therefore, this factor will increase the demand for portable oxygen concentrators globally.
•In addition to that, with the surge in the investment by several companies for the production of continuous flow of oxygen, the portable oxygen concentrators market is expected to fuel up. Major players in the market are focusing on enhancing the durability of oxygen concentrators and also increasing production efficiency which will address the demand for portable oxygen concentrators. The above-mentioned factors are expected to propel growth in the global portable oxygen concentrators market.
•An unhealthy lifestyle is on the rise, and the young population is increasingly consuming marijuana, cigars, and pipes which is fueling the growth of the portable oxygen concentrators market globally. In addition to that, the shift from regular conventional concentrators to portable oxygen concentrators is encouraging market growth for portable oxygen concentrators.
•Moreover, the use of advanced technologies in the production of oxygen concentrators by manufacturers is also driving the growth of the market. Key market players are focusing on designing products with efficacy and affordability in order to address increasing the demand for portable oxygen concentrators.
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
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More Insights into the Portable Oxygen Concentrators Market
The U.S. 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.
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
By Region:
•North America
•Latin America
•Europe
•South Asia
•East Asia
•Oceania
•Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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