New York, USA, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global portable oxygen kit market. According to the report, the global market is projected to surpass $35,822.1 million and grow with a CAGR of 6.3% in the estimated period, 2022–2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the portable oxygen kit market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Factors Impacting the Market Growth
The key factor boosting the growth of the global portable oxygen kit market is a significant rise in the number of cases of respiratory diseases across the world such as emphysema, chronic obstructive pulmonary disease (COPD), and chronic bronchitis. In addition, the increasing use of portable oxygen kits by adventure sports participants and in the automotive and aerospace sectors is estimated to unlock lucrative opportunities for the market’s growth in the forecast period. However, the high price of portable oxygen kits is anticipated to deter the growth of the global market during the forecast period.
Impact of COVID-19 Pandemic on the Portable Oxygen Kit Market
The outbreak of the COVID-19 pandemic in 2020 has had a positive impact on the growth of the global portable oxygen kit market. During the pandemic, the number of COVID-19 patients surged massively and hospitals got completely occupied with patients. Therefore, patients were advised to take treatment at home under the guidance of medical professionals. People preferred using portable oxygen kits as they are handy, lightweight, and easy to use. As a result, the demand for portable oxygen kits increased significantly during the pandemic. These factors greatly boosted the market growth in the pandemic period.
The report segments the global portable oxygen kit market into end use and region.
Home Applications Sub-Segment to Grow Remarkably
The home applications sub-segment of the end use segment is expected to hold highest share of the market in the forecast period. This is primarily due to the growing geriatric population which requires easy, timely, and convenient oxygen therapy. Moreover, the growing demand for clean oxygen is expected to fuel the growth of the sub-segment.
North America Region to Perceive Maximum Growth
The report analyzes the global portable oxygen kit market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the North America market is projected to hit $12,179.52 million in the estimated period. This growth is mostly due to the growing cases of COPD diseases, rising elderly population, and presence of leading market players in the region.
Top Players of the Global Market
The report states some of the foremost players operating in the global portable oxygen kit market including
- Invacare Corporation
- O2 Concepts
- Inogen Inc.
- Chart Industries
- Inova Labs Inc.
- DeVilbiss Healthcare
- NIDEK Medical Products Inc.
- Koninklijke Philips N.V.
- Teijin Limited
- Worthington Industries
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in March 2022, GRS India, an Indian startup, launched a new smartphone-based portable oxygen kit that can deliver reliable oxygen supply in case of disasters and medical emergencies.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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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
- Portable Oxygen Kit: A Medical Device that Has an Ability to Offer Continued Respiratory Support
- Global Portable Oxygen Kit Market to Generate $35,822.1 Million by 2031, Owing to Increasing Prevalence of Respiratory Diseases Across the Globe
