Latest Update 2020: Why Portable Oxygen Kit Market May Skyrocket: Study Revealed Which Players May Turn Game?
Pune, New York, USA, November 20 2020 (Wiredrelease) Research Dive –:The portable oxygen kit is smallest environmentally friendly and refillable equipment. Portable oxygen kit is lightweight, handy and easy to use, that is being used for patients who need additional oxygen. The kit contains portable oxygen cylinder, refilling adopter and regulator.
According to a new report published by Research Dive, the global portable oxygen kits market was accounted for $1,372.6 million in 2018, is projected to reach $2,616.8 million by 2026, and at 8.4% CAGR.
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Growing awareness among the people about prevalence of chronic obstructive pulmonary disease (COPD) and importance of portable oxygen kits while mountain climbing and participating in adventure activities are key drivers for the portable oxygen kit market growth. As per publication of American Academy of Allergy Asthma and Immunology, around 0.255 million people are suffering with respiratory problems in the world, and is anticipated to increase day by day, due to this, the demand for portable oxygen kit is increasing to diagnose the patients. Furthermore, rising demand of portable oxygen kits from aerospace & automotive industry for drivers and pilots to deliver constant oxygen source in the disaster sites and high speed vehicles is expected to drive the market growth over the projected period. Furthermore, rising the usage of portable oxygen kits in the hypoxic zones (where the oxygen levels are very low) is anticipated to increase the demand of portable oxygen kits. Shortage of portable oxygen kits and cost of the oxygen kits are major restraint factors for the market growth.
Based on end use, the home applications segment will witness a noteworthy growth, that is anticipated to account for $1,058.8 million, and increasing with a rate of 8.9% in the projected period. This growth is majorly due to increasing usage of portable oxygen kits in the homes. This portable kits can provide oxygen when the consumer needs addition oxygen supply and regular usage of these kits can minimize the risk of death from low levels of oxygen, due to this, the consumers are utilizing oxygen kits in homes instead of running to the hospitals. Healthcare segment dominated the overall market, and registered a revenue of $590.2 million in 2018, and is estimated to account for $1,125.5 million, at 8.4% CAGR over projected time.
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Asia Pacific region market is expected to experience significant growth during the projected time, owing to advancements in healthcare sector. Furthermore, increasing the portable oxygen kits in home application and defense sectors is projected to boost the Asia-Pacific region market growth over projected period. The Asia-Pacific market is anticipated to generate revenue of $782.8 million, and growing with highest CAGR of 9.3% during projected timeframe.
North America region held highest portable oxygen kit market share of 45% in 2018 and is anticipated to continue its dominance over forecast timeframe. The dominance is owing to well established healthcare infrastructure in the region. Moreover, the existence of key manufacturers and increasing the awareness about advanced treatment for COPD related diseases are further anticipated to boost the market growth in North America region, owing to the market is estimated to account for $1,1776.6, at a CAGR of 8.4% in the projected time.
Teijin Limited, O2 Concepts, Chart Industries, Invacare Corporation, Inova Labs Inc., Inogen Inc., Worthington Industries, NIDEK Medical Products Inc., Koninklijke Philips N.V., and DeVilbiss Healthcare, are some of the major portable oxygen kit market players in the world. The manufacturers are implementing key approaches such as joint ventures, product inventions, new product developments, partnerships and collaborations to rise their position in the global market.
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