New York, USA, July 04, 2022 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global portable oxygen kit market is anticipated to grow at a stunning CAGR of 8.4%, thereby garnering a revenue of $2,616.8 million by 2026. This comprehensive report provides a brief outlook of the current framework of the portable oxygen kit market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2019-2026. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market:
Drivers: Rising demand from the healthcare sector for portable oxygen kits due to growing number of chronic obstructive pulmonary disease (COPD) patients is expected to become the primary growth driver of the portable oxygen kit market in the forecast timeframe. Additionally, there is an increase in demand for portable oxygen kits for home applications, which is predicted to push the market forward.
Opportunities: The aerospace and automotive sectors have been one of the biggest users of portable oxygen kits, especially in disaster prone sites and battlefields. This growth in demand is expected to offer numerous growth opportunities to the market in the analysis timeframe. Increased usage from the healthcare sector is also anticipated to augment the number of growth and investment opportunities to the market.
Restraints: Price volatility associated with oxygen kits, however, is expected to become a restraint in the growth of the portable oxygen kit market.
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Segments of the Market:
The report has divided the market into certain segments based on end-use and region.
End-Use: Home Applications Sub-segment to Witness Significant Growth
By end-use, the home applications sub-segment of the portable oxygen kit market is expected to witness substantial growth and garner a revenue of $1,058.8 million by 2026. Increasing demand for portable oxygen kits, growing patient recovery, and increasing demand from consumers due to the kit’s portability are expected to become some of the leading factors behind the growth of this sub-segment.
Region: Market in Asia-Pacific Region to be the Highly Lucrative
By regional analysis, the portable oxygen kit market in the Asia-Pacific region is anticipated to be highly lucrative by growing at a fascinating CAGR of 9.3% during the 2019-2026 timeframe. The growth in demand for portable oxygen kits for usage in healthcare sector and home applications is predicted to boost the market. Additionally, rise in the number of smokers, along with increasing air pollution in Asia-Pacific region is anticipated to push the market in this region even further.
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Prominent Market Players:
Some of the key players in the portable oxygen kit market are
- Invacare Corporation
- Inova Labs Inc.
- NIDEK Medical Products Inc.
- O2 Concepts
- Worthington Industries
- Teijin Limited
- DeVilbiss Healthcare
- Inogen Inc.
- Koninklijke Philips N.V.
- Chart Industries
These key players are devising new technologies and smart innovations to gain a prominent position in the global market.
For instance, in March 2022, GRS India, a New Delhi based start-up, launched a smartphone-based portable oxygen kit. This smartphone-based portable oxygen kit is designed to provide cost-effective and consistent oxygen supply to the patients. Such portable oxygen kits were heavily in demand in the last two years due to the Covid-19 pandemic. This new portable oxygen kit is expected to help the start-up to gain a substantial foothold in the market.
Finally, the report also summarizes many crucial aspects of the portable oxygen kit market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Portable Oxygen Kit Market:
The Most Reliable Portable Oxygen Kits for 2020
Top 4 Most-Used Portable Oxygen Kits to Watch During the COVID-19 Crisis
