Precision Medical Unveiled Their Brand-New Portable Oxygen Concentrator
In October 2019, Precision Medical introduced The Live Active Five, a new portable oxygen concentrator on the market and created to help people with respiratory conditions like COPD. The Live Active Five has a li-ion battery, which makes it simple to use.
Global Population Aging to Increase Demand for Portable Oxygen Concentrators
According to the United Nations, the senior population is anticipated to grow from 962 million in 2017 to 2.1 billion by 2050 and 3.1 billion by 2100. Globally, the elderly population is growing more quickly than the young. Roughly 13% (962 million) of the world's population in 2017 was elderly, and their number has been rising at a rate of about 3% annually. In addition, it is predicted that the number of people 80 years or older will treble by 2050, going from 137 million in 2017 to 425 million. At the moment, Europe has a sizeable elderly population. Family help from older relatives is diminishing, and official long-term caregiving services are expensive. The need for portable devices, such as portable oxygen concentrators, is projected to increase due to these structural changes in society.
High Costs Could Limit Market Growth
The main issue preventing market expansion is the high cost of portable oxygen concentrators. Due to price increases brought on by technological advancements and new features, the market for portable oxygen concentrators is now stagnant. Due to high cost, these oxygen concentrators may not be accessible to many patients. This may lead them to choose to use oxygen concentrators that are rented. Renting prevents people from purchasing freshly launched portable oxygen concentrators. Sales of advanced products may suffer as a result, which could lead to losses for the manufacturers. Technology advancements like longer battery life, smaller size, and the ability to purify and deliver oxygen impact the products' price.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the portable oxygen concentrators market plan acquisitions to improve their brand recognition globally. For instance, in 2019, the manufacturer of non-intrusive portable ventilation systems, New Aera, Inc., was established by Inogen. The business has chosen to use TAV technology in its oxygen concentrators to preserve its market position with a cutting-edge product line.
- In 2021, the introduction of medical-grade oxygen concentrators was announced by Servotech Power Systems. Additionally, Servotech has grown its network of strategic partnerships by working with IIT Jammu and IISER Bhopal to impart knowledge for producing oxygen concentrators in India, enabling them to create a fully indigenous product. Hospitals, foundations, medical facilities, commercial establishments, and other significant stakeholders that require the product will receive concentrators from Servotech.
- 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
- The market in North America is expected to gain a huge portion of the global portable oxygen concentrators market share in the coming years Living and health standards have significantly increased in the region's more developed economies.
- Throughout the projection period, regional market expansion is predicted to be supported by factors like rising healthcare expenditures, longer life expectancies, and public awareness of new technology.
- In the Asia Pacific, the growth in this region is primarily driven by the rapidly expanding elderly population and a surge in lung diseases.
|Market Size in 2022
|USD 2.2 Billion
|Market Forecast in 2030
|USD 4.5 Billion
|Compound Annual Growth Rate
|Revenue (USD Million) and Volume (Kilo Tons)
|By Product, By Indication, By End-Use and By Geography