Portable Oxygen Concentrators Market: Covid-19 Impact On Global Market Demand, Opportunities, And Analysis & Forecast to 2026
Global Portable Oxygen Concentrators Market - Snapshot
The global portable oxygen concentrators market is expected to reach a value of about US$ 2,482.0 Mn by the end of 2026, expanding at a high single digit CAGR during the forecast period. Rise in geriatric population, increase in incidence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD), adoption and awareness of portable oxygen concentrator (POC) products, improvement in healthcare infrastructure, and strong reimbursement policies are expected to boost the global portable oxygen concentrators market during the forecast period. Surge in the development of portable oxygen concentrators utilized for certain indications, such as improvement of sleep during severe asthma, pulmonary hypertension, cystic fibrosis, and during heart failure, is expected to propel the global portable oxygen concentrators market during the forecast period. The future of portable oxygen concentrator is bright, owing to the demand for lighter technology by customers, new competitors launching their portable oxygen concentrators in the market, and the POC support to provide mobility freedom to the geriatric patient population. However, the high cost of portable oxygen concentrators and poor reimbursement in some developing countries are expected to hamper the portable oxygen concentrators market.
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The global portable oxygen concentrators market has been segmented based on product, indication, and end-user. In terms of product, the global market has been classified into pulse flow and continuous flow. The pulse flow segment dominates the global portable oxygen concentrators market, in terms of value, owing to the system being more energy-efficient and longer life of the battery. Moreover, the adoption of pulse flow portable oxygen concentrators among patients is high owing to the leaner size of these units, which enables patients to enjoy freedom of mobility. This segment is expected to expand at a significant CAGR, as it is easy to operate and cost-effective. Based on indication, the global portable oxygen concentrators market has been divided into chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, and others. The COPD segment held a major share of the market in 2017. It is expected to maintain its leading position, in terms of market share, during the forecast period, owing to its growing prevalence worldwide and efficacy of portable oxygen concentrators in providing supplemental oxygen therapy in such condition. Portable oxygen concentrators are excellent for ambulatory use in case of poor respiratory conditions.
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In terms of end-user, the global market has been segregated into homecare, travel, hospital, and others. The homecare segment held a major share of the market, followed by the travel segment, in 2017 owing to the development of advanced portable oxygen concentrators for personal use, which improves the quality of the patients’ life. Geriatric patients with poor respiratory condition experience difficulty in carrying out their daily activities, which drives the demand for portable oxygen concentrators as they improve their quality of life. The travel segment is projected to expand at a considerable CAGR during the forecast period, as portable oxygen concentrators make travel easy for patients. Several portable oxygen concentrators have been approved by the FAA in order to enable patients to travel comfortably without hassle.
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In terms of region, the global portable oxygen concentrators market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global portable oxygen concentrators market, owing to an increase in the prevalence of chronic obstructive pulmonary disease (COPD), asthma, and other respiratory conditions that lead to dependence on portable oxygen concentrators as a primary source of oxygen. Technological advancements that have led to the development of the small, lightweight, portable oxygen concentrators which enables patients to travel hassle free. Moreover growing baby boomers, rising geriatric population, and increasing COPD patient population led the U.S. to dominate the portable oxygen concentrators market in North America. It is anticipated to maintain its leading position in the market in the region during the forecast period. According to estimates by the World Health Organization (WHO), the prevalence of COPD is expect to rise at a rapid pace by the year 2030, owing to the higher prevalence of smoking and increase in the geriatric population. In 2016, the Global Burden of Disease Study reported around 251 million cases of COPD worldwide. The market in Asia Pacific is projected to expand at a significantly high CAGR during the forecast period, owing to a rise in COPD patient population, increase in consumption of tobacco and smoking impacting the poor lung condition, improvement in health care infrastructure, rise in awareness and acceptance of advanced portable oxygen concentrators, and increase in disposable income in the region. Furthermore, a rise in the geriatric population in the region is anticipated to further boost the market in Asia Pacific in the near future.
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Major players operating in the global portable oxygen concentrators market include ResMed, Invacare Corporation, Medical Depot, Inc. dba DeVilbiss Healthcare, Precision Medical, Inc., O2 Concepts, LLC. , GCE Group, CAIRE Inc. (Chart Industries), Inogen, Besco Medical Co., LTD, and Koninklijke Philips N.V. Key players are focused on acquisitions and collaborations to enhance their footprint in the global portable oxygen concentrators market. Furthermore, companies have introduced innovative portable oxygen concentrators as a supplemental oxygen therapy for the rising incidence of COPD, and other respiratory conditions.
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