Yahoo Finance Portable Oxygen Concentrators Market to Reach US$ 5.0 Bn by the year 2032 Owing to the Rise in Patients Suffering from Respiratory Diseases Globally | FMI
Increasing prevalence of chronic obstructive pulmonary disease and other respiratory diseases, technological advancements, and collaborations and partnerships to increase product reach are the key trends shaping the portable oxygen concentrators industry
NEWARK, Del, Oct. 05, 2022 (GLOBE NEWSWIRE) -- The global portable oxygen concentrators market is anticipated to witness lucrative growth opportunities over the forecast period from 2022 and 2032, with a phenomenal CAGR of 10.1%. The market is expected to enjoy a valuation of US$ 1.9 Bn by the end of the year 2022 and surpass a projection of US$ 5.0 Bn by the year 2032. According to the Future Market Insights historical analysis, the pulse flows portable oxygen concentrators were leading the market with a share of about 67.7% in the year 2021, within the global market. In the year 2021, the market value for portable oxygen concentrators was around 54.8% of the overall US$ 3.5 Bn of the global oxygen concentrators market.
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
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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.
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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 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.
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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
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Development/Innovation Trends
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