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Global Portable Oxygen Concentrators Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product, End-User & Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 5150
Pages: 175
Formats: report pdf report excel report power bi report ppt

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.

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 divides 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:

The recent pandemic COVID-19, 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.

In addition, the Infections and chronic conditions that impair people's lung wellbeing are to blame for the high demand for oxygen concentrators in the healthcare industry. Over the years, in developing countries such as China and India, medical oxygen concentrators' usage is widely used in the APAC region, especially in hospitals due to the rising geriatric population, especially to control respiration in critically ill patients. However, with the recent global outbreak of COVID-19, demand for medical oxygen concentrators has rapidly increased is expected to witness significant market growth for portable oxygen concentrators during the forecast period.

Furthermore, the transition from conventional cylinders to portable oxygen concentrators would fuel the demand for portable oxygen concentrators. Increasing concentration of players on 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 regional encourage the regional market development and create the 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 market growth. The global pandemic has created a supply chain disruption in the recent past, leading to 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 reflecting 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 their support. Inogen, one of the notable companies that manufacturers portable oxygen concentrators, introduced a new product called “Inogen One G5” during the COVID times.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Product, Technology, End-User, Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

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

 

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 analysis, the portable oxygen concentrator & cylinders segment holds the largest share in the market in terms of income, which accounts for 35.2% due to the Y-O-Y increase in respiratory diseases, asthma, pneumonia. The growing number of approvals for portable concentrators and the increasing number of air travelers is anticipated to propel this segment's growth over the forecast period.

The stationary oxygen concentrator & cylinders segment is expected to have a slow growth rate during the review period. There is an increase in the elder people population with growing adoption in countries.

The oxygen concentrator & cylinders segment is projected to witness crucial growth as the oxygen supplied with these cylinders has high purity compared with other concentrators.

Portable Oxygen Concentrators Market – By Technology:

  • Continuous Flow
  • Pulse Flow

Based on the technology, the continuous flow segment is expected to lead the market with the largest share in terms of revenue with 87% of the share in the portable oxygen concentrators during the forecasting framework because of advanced technologies within the short period, continuous utilization of respiratory equipment for oxygen therapies escalate the segment growth.

Pulse flow technology in oxygen concentrators is expected to witness the quickest growth in the review period because of advanced technologies.

Portable Oxygen Concentrators Market – By End-User:

  • Home Care
  • Non-Home Care
  • Others

Based on the end-user analysis, the home care segment dominates the portable oxygen concentrators market with a share of 56.4% in terms of revenue due to growing demand for home healthcare oxygen therapies, integrated with increasing demand for pure oxygen and advanced technologies.

The non-home care segment is predicted to have significant growth as there is a growing demand for supplemental oxygen therapy products like wall-mounted and home oxygen equipment.

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 had played a dominating role in the glboal 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 after 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 with 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, 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.

The Middle East & Africa Portable Oxygen Concentrators Market has considerable and least share in the global portable oxygen concentrators market developing healthcare system and medical infrastructure, particularly in Arab countries. This region has a deliberate growth rate due to growing funds and investments from the government for research and development activities.

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.

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