Portable Oxygen Concentrators Market to Register 7.8% CAGR Through 2026; Sales to Surge as Oxygen Therapy Becomes Crucial in Covid-19 Treatments – Future Market Insights
The portable oxygen concentrators market is projected to reflect a highly promising 7.8% CAGR between the years of forecast from 2016 to 2026. The coronavirus outbreak is characterized by major respiratory symptoms owing to potentially low levels of oxygen in the patient’s body. Oxygen therapy is a crucial aspect of Covid-19 treatments, which is expected to strongly support the demand for portable oxygen concentrators throughout the crisis period.
“Portable oxygen concentrators are easy to carry and a number of variants are also approved for applications in airplanes. Coupled with the growing geriatric population and incidences of respiratory disease, the demand for portable oxygen concentrators is likely to continue growing in years to come,” states the FMI analyst.
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Portable Oxygen Concentrators Market- Critical Takeaways
- Pulse flow technologies in portable oxygen concentrators are witnessing increasing demand owing to superior efficacy in treating COPD and other breathing problems.
- Home setting applications are contributing significantly to revenue, supported by owing to the trend of miniaturization and easy application of oxygen therapies.
- North America remains a leading market for portable oxygen concentrators owing to favorable government initiatives and a vast and widespread geriatric population.
Portable Oxygen Concentrators Market- Drivers
- Rising incidences of respiratory ailments such as COPD around the world supports market growth.
- Government spending on healthcare infrastructure and geriatric care provides lucrative opportunities.
Portable Oxygen Concentrators Market- Restraints
- Strict regulations associated with approval and use of portable oxygen concentrators hinder market growth.
- Prohibitory costs of portable oxygen concentrators, and lack of awareness in rural areas restrain adoption rates.
Coronavirus Impact on Portable Oxygen Concentrators Market
With the rapid spread of the coronavirus pandemic, the demand for essential medical equipment has shot up. The potentially severe respiratory symptoms, from poor oxygen levels in the patient’s bloodstream will bolster the demand for portable oxygen concentrators. Effective applications in home and hospital settings will contribute to adoption rates and revenue. Manufacturers will remain largely concerned with efforts to optimize supply and distribution channels to circumvent potential challenges from lockdown measures imposed in multiple countries.
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GCE Group, Koninklijke Philips N.V., O2 Concepts LLC, Inogen Inc., Foshan Keyhub Electronic Industries Co. Ltd., Chart Industries Inc., Oxus America Inc., Resmed Inc., Besco Medical Co., Invacare Corp., Precision Medical Inc., and Drive DeVilbiss Healthcare are some of the leading players in the portable oxygen concentrators market.
Manufacturers in the portable oxygen concentrators market are largely displaying interest in the development and launch of new products to boost functionality and widen their portfolios.
For instance, CAIRE Inc. has unveiled a next generation Freestyle Comfort portable oxygen concentrator with proprietary, self-adjusting functionality. OxygenToGo LLC has entered into a deal to provide Virgin Atlantic with portable oxygen concentrators for use in aircrafts. Similarly, ResMed has unveiled Mobi, a portable oxygen concentrator for COPD patients in the United States.
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About the Study
The study offers readers a comprehensive assessment of the Portable oxygen concentrators market. Global, regional and national-level analysis of the latest trends influencing the portable oxygen concentrators market is covered in this FMI report. The study provides insights according to product (continuous flow portable oxygen concentrator, and pulse flow portable oxygen concentrator), and end user (hospitals, home care, ambulatory surgical center, and travel agents) in seven regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and MEA).
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