Portable Oxygen Concentrators Market

Portable Oxygen Concentrators Market Size (2022 to 2027)

The global portable oxygen concentrators market size is forecasted to be worth USD 2.32 billion by 2027 from USD 1.58 billion in 2022, registering a CAGR of 8% between 2022 to 2027.

Portable Oxygen Concentrators Market Share Insights:

• Based on the product, the portable oxygen concentrator & cylinders segment captured the major share of the global market in 2021.

• Based on technology, the continuous flow segment occupied the largest share of the global portable oxygen concentrators market in 2021.

• Based on end-user, the home care segment captured the dominating share of the global portable oxygen concentrators market in 2021.

• The North America Portable oxygen concentrators market size is expected to reach USD 0.77 Billion by 2027

• The Asia Pacific Portable oxygen concentrators market is projected to have the highest CAGR of 9.96% during the forecast period.

A portable oxygen concentrator is a medical device used to supply oxygen to patients suffering from respiratory-related problems. Concentrators are used for differentiated or divide the nitrogen and oxygen present in the air and dispose of away the nitrogen. Then 95% of the pure oxygen is taken and supplied to the patients through the oxygen mask. These devices are smaller and are easy to carry, and lightweight during traveling. Patients can easily do their regular activities, which makes them lead a free lifestyle.

MARKET DRIVERS:

 Y-O-Y growth in the prevalence of COPD, increasing incidence of respiratory distress syndrome and asthma prevalence, and other respiratory diseases worldwide are expected to promote the growth rate of the global portable oxygen concentrators market growth.

The global portable oxygen concentrators market is further majorly supported by factors such as the Y-O-Y rise in COPD and asthma from all over the world. An estimated 300 million people have asthma worldwide, which is further predicted to reach 4.5 million by 2030. The growing aging population around the world is estimated to add fuel to the market's growth rate.

The transition from conventional cylinders to portable oxygen concentrators would fuel the demand for portable oxygen concentrators. The increasing concentration of players in emerging markets, on the other hand, is expected to boost demand for POC during the forecast period. The primary growth drivers for the market in North America are well-established health infrastructure, the involvement of key players, and rising knowledge of advanced care methods. Favorable reimbursement programs and increasing investment funding by government and private individuals are encouraged to market growth. Mergers and acquisitions between the regions encourage regional market development and create a platform for new market players, influencing the market growth. 

MARKET RESTRAINTS:

The risk of respiratory diseases due to unclean and contaminated equipment and adverse effects such as skin irritation may help restrain the global portable oxygen concentrators market.

Also, reimbursement policies and government regulations on portable oxygen concentrators in some countries are likely to impede the market growth. The global pandemic has created a supply chain disruption in the recent past, leading to a market growth decline. One of the main reasons impeding development is the high costs associated with it. The market growth is limited to some degree by the low number of permits for non-portable and single-use equipment. The lack of public knowledge about portable oxygen concentrators and a scarcity of qualified practitioners can curtail global market development.

COVID-19 impact on the global portable oxygen concentrators market:

Many lives across the world have been suffering due to Coronavirus, especially those who need time-to-time healthcare. The market for portable oxygen concentrators is expected to see significant growth because of the health damage that happened to people worldwide because of COVID-19. These products are light in weight and easy to carry, increasing the demand for these products in these COVID times. The supply of oxygen cylinders and concentrators has enormously increased in recent days, and the same is reflected in the growth of the portable oxygen cylinders market. During the pandemic, the manufacturers of oxygen cylinders have received support and encouragement from the governments to produce these products, and even the U.S. FDA has extended its support. Inogen, one of the notable companies that manufacture portable oxygen concentrators, introduced a new product called “Inogen One G5” during the COVID times.

REPORT COVERAGE:

This market research report on the global portable oxygen concentrators market has been segmented and sub-segmented based on the product, technology, end-user, and region.

Portable Oxygen Concentrators Market – By Product:

• Portable Oxygen Concentrator & Cylinders
• Stationary Oxygen Concentrator & Cylinders
• Oxygen Concentrator & Cylinders

Based on the product, the portable oxygen concentrator & cylinders segment captured the major share of the global market in 2021 and is expected to grow promisingly during the forecast period. Factors include the growing patient population suffering from asthma and pneumonia and the increasing number of approvals for portable concentrators. In addition, the rising number of air travelers and growing number of R&D activities around portable oxygen concentrators are fuelling the segment's growth rate. The benefits associated with portable oxygen concentrators and cylinders such as portability, ease of use, convenience, small and lightweight are further boosting the adoption of these products and resulting in segmental growth.

The stationary oxygen concentrator & cylinders segment is predicted to grow at a steady CAGR during the forecast period. The segment's growth is driven by the increasing aging population worldwide and the rising adoption of these devices in several countries. The rising adoption of home healthcare is accelerating the segment's growth rate as the consumption of these products is growing from the patient group taking treatment from home. The growing patient population who requires long-term oxygen therapy for their disease management is promoting the segment’s growth rate.

The oxygen concentrator & cylinders segment is projected to witness notable CAGR during the forecast period as the oxygen supplied with these cylinders has high purity compared with other concentrators. The rising awareness among healthcare providers regarding the benefits of portable oxygen concentrators is further fuelling the segment’s growth rate

Portable Oxygen Concentrators Market – By Technology:

• Continuous Flow
• Pulse Flow

Based on technology, the continuous flow segment occupied the largest share of the global portable oxygen concentrators market in 2021 and the segment’s domination is anticipated to continue during the forecast period. The segmental growth is driven by the growing patient population suffering from respiratory diseases, the increasing aging population, and the rapid adoption of technological developments. Patients suffering from sleep apnea require a continuous oxygen supply and increasing patient count suffering from sleep apnea disease is boosting the growth of continuous portable oxygen concentrators. The benefits of continuous portable oxygen concentrators such as being user-friendly and easier to transport are contributing to the segmental growth.

The pulse flow segment is estimated to witness a steady CAGR during the forecast period. Factors such as increasing usage of pulse flow oxygen concentrators by travelers, increased portability and energy efficiency are driving the segmental growth.

Portable Oxygen Concentrators Market – By End-User:

• Home Care
• Non-Home Care
• Others

Based on end-user, the home care segment captured the dominating share of the global portable oxygen concentrators market in 2021 and the domination of the segment is likely to continue during the forecast period. The growing adoption of home healthcare in various countries is majorly driving segmental growth. In addition, the growing aging population, increasing awareness among patients and healthcare providers regarding the benefits of portable oxygen concentrators and rising adoption of technological developments to develop advanced and effective portable oxygen concentrators are favoring the growth rate of the segment.

The non-home care segment is predicted to grow at a healthy CAGR during the forecast period. Factors such as the growing demand for supplemental oxygen therapy products such as wall-mounted and home oxygen equipment is driving the segmental growth. The growing demand for portable oxygen concentrators by healthcare facilities is another notable factor boosting the segment’s growth rate.

Portable Oxygen Concentrators Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, the North America Portable Oxygen Concentrators Market played a dominating role in the global market in 2020 and accounted for a market share of 32.4%, as there is an increase in the elder people population. As the reports stated by the UN, the estimated population who are above 60 years of age are nearly 70 million in 2014. The population is more prone to respiratory diseases as they have a significantly less immune system and have external stimulation of oxygen capacity. The U.S is leading the market growth of this region.

The European Portable Oxygen Concentrators Market stands as the second-largest region, followed by North America, which accounts for the highest revenue share and is projected to showcase promising growth in the forthcoming years. It is due to the growing stress of lung cancer throughout the region, an expected increase of respiratory diseases with a rising number of elder people population. Germany is leading the European region.

The Asia-Pacific Portable Oxygen Concentrators Market has been considered to grow at the highest rate during the period. India, China, and Japan are the essential countries contributing to market growth. Increasing discretionary expenses for the diagnosis and the treatment associated with it and initiatives taken by the government and funds in this region fuel the growth.

The Latin America Portable Oxygen Concentrators Market is expected to show average growth in the portable oxygen concentrators market during the forecast period. High frequent increase in respiratory diseases, and rising healthcare awareness boost growth. Brazil is dominating the portable oxygen concentrators market in the LATAM region as of changes made in the diet plan and lifestyle outcomes in the diseases' advancements.

KEY MARKET PLAYERS:

Some of the notable dominating the global portable oxygen concentrators market profiled in the report are Koninklijke Philips N.V., Inogen Inc., Chart Industries Inc., Resmed Inc., Invacare Corporation, Drive DeVilbiss Healthcare, Precision Medical Inc., Foshan Keyhub Electronic Industries Co. Ltd, O2 Concepts LLC, and GCE Group.

MAJOR HAPPENINGS IN THIS MARKET IN THE RECENT PAST:

• On April 03, 2019, Inogen, Inc. announced its new release of Inogen One G5, a lightweight and easy-to-carry oxygen concentrator. This new portable is designed to meet the requirements of oxygen therapy patients.
• On January 08, 2018, ResMed made a public statement about its Mobi, the first branded portable oxygen concentrator. Mobi provides the company with oxygen delivery, weight, and battery life. Many patients with COPD and other respiratory-related problems can have the right treatment at home using this ResMed oxygen therapy.
• On October 15, 2019, Precision Medical launched its new portable oxygen concentrator, The Live Active Five, available in the market and designed to assist people suffering from respiratory diseases like COPD. This Live Active Five is easy to function, which is available with the li-ion battery.