One of the main factors fueling the market's expansion is the rising frequency of respiratory illnesses, including sleep apnea and asthma. Additionally, the aging population, which is more prone to certain illnesses, and the increased need for convenient portable devices drive the market. Following this, the demand for POCs in healthcare facilities has significantly increased as the coronavirus illness (COVID-19) pandemic spreads across the globe. These devices are necessary to maintain a sufficient oxygen concentration in patients with pre-existing asthma, chronic obstructive pulmonary disease (COPD), and other lung conditions. Additionally, several product improvements, including creating models with longer-lasting batteries and membrane technologies that are smaller in size, are fostering market expansion. The market is expected to be further fueled by additional factors, such as advancements in healthcare infrastructure and intense research and development (R&D) efforts.
The COVID-19 outbreak has helped the Indian market for portable oxygen concentrators. During the pandemic, these oxygen concentrators were used more frequently to supplement the oxygen given to patients getting at-home care or struggling with COVID-19-related respiratory symptoms. As a result, the market for portable oxygen concentrators in India has increased, and the trend is expected to persist throughout the projected period. 2,000 oxygen concentrators, for instance, were donated by the Indian government in Delhi in June 2020 to treat patients who have COVID-19.
Global Market for Portable Oxygen Concentrators is Being Augmented by COPD Incidence Rise
Emphysema, chronic bronchitis, refractory asthma, and other progressive lung diseases are referred to as chronic obstructive pulmonary disease (COPD). An ongoing oxygen supply is necessary for patients with severe COPD. However, these could be the first indications of COPD. Symptoms like increased breathlessness and coughing are frequently disregarded as a normal part of aging. Chronic obstructive pulmonary disease (COPD), the third-leading cause of death globally in 2019, affected more than 65 million people, according to the World Health Organization (WHO). In addition, 3 million people died from it in 2019. In low- and middle-income nations, more than 80% of these fatalities happened. Asthma is the most widespread chronic pediatric condition, affecting 14% of all children worldwide yearly and over 262 million individuals. One estimate places the number of adults with COPD at 100 million. To participate in daily activities like shopping, working, and domestic duties, patients with COPD typically carry a portable oxygen cylinder. The increase in the prevalence of these diseases, the quick development and accessibility of many portable oxygen concentrators, and the availability of simple-to-use oxygen concentrators for treatment are driving demand for these devices.
Reimbursement requirements and strict government regulations to restrict market expansion
The greatest barrier to the widespread usage of portable gas extractors is their high price. POC acceptability is limited in emerging economies as a result of a lack of available cash and a greater product price than in developed countries. Furthermore, the president's stringent limitations and reimbursement policies impede the market expansion for portable gas extractors. The FDA has altered the procedure for approving medical devices in several countries, preventing the sector from growing. A lack of qualified specialists and a limited increase in understanding could negatively impact the industry's growth.
Based on the product, the portable oxygen concentrators market is segmented into pulse flow and continuous flow. The continuous flow category dominated the market in 2022 because of recent advances in technology; the market for respiratory equipment for oxygen therapy is expanding at an increased rate. Additionally, the increase in the elderly population and lifestyle factors like smoking and alcohol usage are blamed for the growth, which is anticipated to fuel the market.
Based on indication, the portable oxygen concentrators market is segmented into chronic obstructive pulmonary disease (COPD), asthma, sleep apnea and others. The chronic obstructive pulmonary disease (COPD) category dominated the market in 2022 due to the rising elderly population in developing countries and the high rate of adult and teenage smoking. In addition, the U.K.'s National Health Service claimed in 2019 that smoking is the primary cause of COPD and that approximately 9 out of every 10 smokers will eventually get the disease.
Based on end-use, the portable oxygen concentrators market is segmented into homecare, travel, hospital and others. The homecare category dominated the market in 2022. This is related to an increase in the number of COPD patients and the demand for home care services. Additionally, doctors advise portable oxygen concentrator therapy for wheezing because COPD is generally diagnosed in elderly and middle-aged populations. The simple availability of a wide range of effective portable oxygen concentrators for home healthcare drives the market.
North America is projected to hold the largest share of the portable oxygen concentrators market over the forecast period due to the region's advanced healthcare system, growing knowledge of cutting-edge treatment choices, and increased prevalence of lung disorders, COPD, and other conditions that make individuals rely on portable gas condensers as their primary supply of oxygen. Patients can now travel without experiencing any inconvenience because of the development of small, portable air condensers that are also economical. On the other hand, the Asia Pacific portable oxygen concentrators market is anticipated to grow significantly, driven by the nation's expanding disposable income, rising cigarette smoke and tobacco usage, rising COPD patient features, improving health care infrastructure, rising awareness of and acknowledgment of sophisticated portable gas extractors, and rising cigarette and tobacco use.
LIST OF KEY COMPANIES PROFILED:
- 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
- June 2022: The LifeStyle portable oxygen concentrator from Carire has significantly raised the standard of living for oxygen users worldwide.
- April 2022: The ARYA Portable Oxygen Concentrator was introduced in the U.S. by ARYA BioMed Corp. The ARYA portable oxygen concentrator is exceptionally compact, has a powerful battery system, and charges quickly.
|Market Size in 2022||USD 2.2 Billion|
|Market Forecast in 2030||USD 4.5 Billion|
|Compound Annual Growth Rate||10.50%|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Product, By Indication, By End-Use and By Geography|