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According to the report, the global portable oxygen concentrator market was valued at approximately USD 453 million in 2018 and is expected to reach a value of around USD 1,167 million by 2027, at a CAGR of around 11.1 % between 2019 and 2027.Portable oxygen concentrators are the medical equipment that helps people having a reduced proportion of oxygen in their blood. The equipment is powered by plugging them into an electrical outlet or through the usage of the battery. Moreover, the portable oxygen concentrator receives air and purifies it. Later, it distributes the purified air which consists of 5 to 10 percent of nitrogen and 90 to 95 percent of oxygen.
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Rise in lung diseases to steer the market trends
Growing occurrence of chronic respiratory ailments like asthma, pulmonary hypertension, chronic obstructive pulmonary disease, and occupational lung diseases is expected to culminate in the massive demand for portable oxygen concentrators over the forecast timeline. Reportedly, it has been gauged that nearly 235 million population across the globe are affected due to asthma and over 200 million persons suffer from the chronic obstructive pulmonary ailment. For the record, over 50 million persons are affected due to occupational lung diseases. All these aspects are likely to steer the growth of the market over the forecast timeline. Moreover, an increase in the number of cigarette smokers who are more susceptible to lung ailments will further proliferate the market expansion. Nevertheless, the high costs of the device will inhibit the surge of the market over the forecast timeline.
Top Market Players:
Key players in the portable oxygen concentrator industry include O2 CONCEPTS, LLC, Precision Medical, Inc., Besco Medical Co. LTD., Invacare Corporation, Koninklijke Philips N.V., GCE Group, Longfian Scitech Co., Ltd., Nidek Medical India, Inogen, CAIRE, Inc. (Chart Industries), ResMed, and Oxus America.
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Continuous flow segment to contribute lucratively towards the market value
The growth of the continuous flow segment is due to rapid technological breakthroughs and product development. Apart from this, the segmental growth is credited to a rise in the occurrence of chronic breathing disorders along with the use of respiratory devices in oxygen treatments.
Homecare settings to lead the end-user segment over the forecast timeline
Development of new portable oxygen concentrators for personal usage for improving the quality of patient life will boost segmental growth during the forecast timeline. Apart from this, an aging patient population suffering from respiratory problems finds it tough to perform routine activities and this, in turn, will drive the portable oxygen concentrator demand. This, in turn, will impel the segment growth over the forecast timeline.
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North America to lead the overall regional market growth in terms of revenue
The growth of the regional market is due to the presence of robust home healthcare services along with the growing occurrence of respiratory ailments in the region. In addition to this, the rise in the occurrence of respiratory ailments and favorable medical compensation policies will boost the regional market growth over the forecast period. Furthermore, factors like the massive occurrence of chronic obstructive pulmonary disease, changing lifestyles, rise in the geriatric populace, and rise in the levels of air pollution in the countries like the U.S. will magnify the expansion of the market in North America.
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This report segments the portable oxygen concentrator market as follows:
Global Portable Oxygen Concentrator Market: By Flow Type Segment Analysis
Continuous Flow
Pulse Flow
Global Portable Oxygen Concentrator Market: By Delivery Method Segment Analysis
Fixed Minute Volume
Fixed Bolus Volume
Global Portable Oxygen Concentrator Market: By End-User Segment Analysis
Homecare Settings
Hospitals & Ambulatory Clinics
Ambulance
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