Pune, India., April 20, 2021 (GLOBE NEWSWIRE) -- Portable Oxygen Concentrators Market: Key Insights
According to our new research study on “Portable Oxygen Concentrators Market to 2027 – Global Analysis and Forecast – by Product, Application, and End User,” the Portable Oxygen Concentrators Market Size was valued at US$ 1547.33 million in 2019 and is projected to reach US$ 2934.90 million by 2027; it is expected to grow at a CAGR of 8.4% during 2020–2027. The high cost of portable oxygen concentrators hinders the growth of the market.
Portable Oxygen Concentrators Market: Competition Landscape and Key Developments
Koninklijke Philips N.V, Caire Inc. (Chart Industries), Inogen Inc., Invacare Corporation, O2 Concepts, Nidek Medical Products, Inc., Drive DeVilbiss International, GCE Group, Besco Medical, and Inova labs Inc. (ResMed) are among the key companies operating in the portable oxygen concentrators market. Leading players are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In January 2020, CAIRE Inc. announced the acquisition of Spirosure, Inc., a Californian-based developer and manufacturer of an innovative technology for measuring Fractional Exhaled Nitric Oxide (FeNO). Through this acquisition, Caire Inc. is likely to expand its oxygen solution portfolio.
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In February 2020, CE Healthcare launched the Clarity platform for the European market, which was earlier limited to customers in the US. With Clarity, home care oxygen providers can remotely monitor the performance of Zen-O portable oxygen concentrators provided by the company, from any internet-enabled device, to offer better care to their patients.
In 2019, North America dominated the global portable oxygen concentrators market. The market growth in the region is attributed to technological advancements related to portable oxygen concentrators by top market players, coupled with robust commercial performances exhibited by various new players in the US. For instance, portable oxygen concentrators by Inogen, Inc. are among the best-selling concentrators in the global market; the company is known to offer innovative, powerful, and efficient concentrators. Further, the increasing prevalence of respiratory diseases contributes to the portable oxygen concentrator’s market growth in North America. In Canada, chronic respiratory diseases are highly prevalent, and the prevalence is associated with a few major adverse public health outcomes. According to the Canadian Lung Association (CLA), 28,600 Canadians were diagnosed with lung cancer in 2017, which represented 14% of all new cancer cases in that year.
Based on product, the portable oxygen concentrators market was segmented into continuous flow and pulse flow. The continuous flow segment held ~52.52% of the market share in 2019. On the basis of application, the portable oxygen concentrators market is segmented into COPD, asthma, respiratory distress syndrome, and others; The COPD segment held the largest market share in 2019, and it is further anticipated to register a significant CAGR during 2020–2027.
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The portable oxygen concentrators are used in the treatment of chronic obstructive respiratory diseases and in COVID-19 cases as a replacement of respiratory device ventilator. The novel coronavirus can cause a significant respiratory distress and majority of the patients who do die are a result of extreme respiratory failure. The oxygen concentrators prove to be very helpful in providing supplemental oxygen or relieve breathing difficulty thereby expediting body’s healing process. The governments around the world are arranging oxygen concentrators to COVID-19 patients under home isolation to manage with sudden drop in oxygen among these patients. For instance, On June 22nd, 2020, the Chief Minister of Delhi, India made arrangements to send oxygen concentrators to patients suffering with COVID-19. With a predicted shortfall of hospital ventilators needed to treat people diagnosed with COVID-19 disease with breathing problems, the US FDA has authorized the use of oxygen concentrators and similar devices to help cover the forecasted shortage. Also stated that hospitals and other healthcare providers could repurpose (breathing) machines including oxygen concentrators as ventilators.
In a WHO report data, U.S. hospitals have only an estimated 162,000 ventilators, and there might be an additional 15,000 available from the federal Strategic National Stockpile, and perhaps another 2,000 at the defense department. Since the estimates are that some 900,000 may be needed at a time of peak demand by COVID-19 patients unable to breathe for themselves, the outlook for hospitals and individual healthcare providers appears challenging. Thus, for the alternative uses of ventilator devices to address shortages, the devices are used oxygen concentrators, bilevel positive airway pressure and others. Moreover, portable oxygen concentrators are currently the most widespread and effective therapy for respiratory disorders. According to the summary of the Health Statistics National Health Interview Survey, in 2018, nine million people were diagnosed with chronic bronchitis in the United States. Thus, increasing prevalence of COVID-19 cases, scarcity of ventilators for COVID-19 patients, and respiratory disorders are driving the portable oxygen concentrator’s devices market.
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Portable Oxygen Concentrators Market: Segmental Overview
In terms of application, the COPD segment is anticipated to register the highest CAGR in the portable oxygen concentrators market during the forecast period. Chronic obstructive pulmonary disorder (COPD) is a group of progressive lung disorders that commonly include bronchitis and emphysema. People having COPD usually suffer from both these diseases. Smoking tobacco is known to be the most significant cause of COPD. In addition, long-term exposure by individuals to chemical irritants may also lead to COPD. The disease usually takes a long time to develop and establish, and there is no substantial cure for it; however, it can be treated with various therapies to ease the disease indications and lower the chances of complications. These treatments include supplemental oxygen therapy, medications, surgery, and so on. According to the World Health Organization (WHO), ~250 million people suffer with COPD worldwide. Moreover, COPD is the third leading cause of death in the US and more than 11 million people were suffering from it in 2018. In terms of product, the continuous flow segment accounted for more than 50% share of the portable oxygen concentrators market in 2019. In terms of end user, the market for the home care settings segment is anticipated to grow at the highest CAGR during the forecast period.
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