Portable Oxygen Concentrators Market is likely to rise at 10.1% CAGR through 2032
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 Billion by the end of the year 2022 and surpass a projection of US$ 5.0 Billion 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 Billion 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.
- The spike in the popularity of portable oxygen concentrators in emerging countries is substantial, owing to rising incomes and technological improvements, which will generate good possibilities for the portable oxygen concentrators market. Globally, there is an increase of COPD patients, particularly in nations such as India and China. As a result, the global demand for portable oxygen concentrators will rise.
- Furthermore, the portable oxygen concentrators market is predicted to grow due to an increase in investment by various firms in the manufacture of continuous flow of oxygen. Major market participants are working on improving the durability of oxygen concentrators as well as increasing manufacturing efficiency to meet the demand for portable oxygen concentrators. The reasons discussed above are projected to drive growth in the worldwide portable oxygen concentrators market.
- The young population is increasingly consuming marijuana, cigars, and pipes, which is supporting the global expansion of the portable oxygen concentrators market. Furthermore, the change from traditional concentrators to portable concentrators is boosting market growth for portable oxygen concentrators.
- Furthermore, manufacturers’ employment of innovative technologies in the production of oxygen concentrators is boosting market expansion. In order to meet the growing demand for portable oxygen concentrators, key market participants are focused on producing solutions that are both effective and affordable.
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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.
- 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 US 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
- Continuous Flow Portable Oxygen Concentrator
- Pulse Flow Portable Oxygen Concentrator
By End User:
- Ambulatory Surgical Centres
- Travel Agents
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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