Wilmington, Delaware, United States, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The global portable oxygen concentrators market is projected to flourish at a CAGR of 10.6% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 4.0 billion is anticipated for the market in 2031.
The rising incidence of respiratory conditions, such as chronic obstructive pulmonary disease (COPD), asthma, and other respiratory illnesses, has increased the demand for oxygen therapy. Portable oxygen concentrators offer a convenient and effective solution for patients to receive oxygen therapy while maintaining mobility and independence.
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Advances in portable oxygen concentrator technology have led to more compact and lightweight devices with improved battery life and oxygen delivery capabilities. These advancements have enhanced user comfort and convenience, driving the market's growth.
Increased awareness among patients and healthcare providers about the benefits of portable oxygen concentrators has influenced their adoption and contributed to market growth.
Technological advancements in oxygen concentrators, the availability of small, lightweight, and portable oxygen concentrators, and increased awareness about advanced treatment methods drive the market demand.
Key Takeaways from the Market Report
- As of 2021, the portable oxygen concentrators market was valued at US$ 1.7 billion
- By end-use, the homecare segment is rising significantly due to the increasing demand
- Based on indication, chronic obstructive pulmonary disease(COPD) segment is expected to account for a significant market share
- By product, the pulse flow segment is expected to generate high revenue during the forecast period.
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Portable Oxygen Concentrators Market: Prominent Drivers and Trends
- The increasing usage of portable oxygen concentrators among COPD patients and increased awareness is expected to drive the market demand.
- The growing geriatric population and increased prevalence of chronic respiratory disorders, drives the market for portable oxygen concentrator during the forecast period.
- Growing preference for non-invasive treatment options, and portable oxygen concentrators provide a comfortable alternative to traditional oxygen tanks or large stationary concentrators.
Portable Oxygen Concentrators Market - Regional Profile
- The North American region, including the United States and Canada, held a substantial share of the global portable oxygen concentrators market. Factors contributing to the market's growth in this region include a high prevalence of respiratory diseases, an aging population, and a well-established healthcare system with favorable reimbursement policies for portable oxygen concentrators. The region's focus on home healthcare and patient mobility also plays a role in the adoption of portable oxygen concentrators.
- The portable oxygen concentrators market in Asia Pacific is expected to grow at significant growth rate. Rising healthcare expenditure, a growing geriatric population, and increasing awareness of respiratory disorders and treatment options are driving the demand for portable oxygen concentrators in the region. Improvements in healthcare infrastructure and a shift towards home-based care have also contributed to the market's expansion.
Competitive Landscape
The market players operating in the portable oxygen concentrators market are enhancing their product portfolio and expanding the market footprint to strengthen the market position. Transparency Market Research has profiled the following players in its global portable oxygen concentrators market report:
- Koninklijke Philips N.V.
- Inogen Inc.
- Chart Industries, Inc.
- Resmed Inc.
- Invacare Corporation
- Drive DeVilbiss Healthcare
- Precision Medical Inc.
- Besco Medical Co. Ltd.
- Oxus America, Inc. (Oxus)
- Foshan Keyhub Electronic Industries Co. Ltd.
- O2 Concepts LLC
- GCE Group
Key Developments in the Portable Oxygen Concentrators Landscape:
- In July 2023 – ResMed announced the acquisition of privately held Somnoware, a United States leader in sleep and respiratory care diagnostics software. Somnoware software streamlines the processes of physicians as well as sleep and pulmonary function testing labs for diagnosing and evaluating a patient’s sleep and respiratory care test results, ordering PAP treatment equipment, setting up appointments, tracking PAP compliance, and electronically providing this information directly into a patient’s electronic health record.
- Drive DeVilbiss Healthcare offers a diverse range of portable oxygen concentrators to cater to different patient needs and oxygen delivery requirements. The company has focused on developing lightweight and portable oxygen concentrators that enable patients to maintain an active lifestyle while receiving necessary oxygen therapy.
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Portable Oxygen Concentrators Market- Segmentation
Product
- Pulse Flow
- Continuous Flow
Indication
- Chronic Obstructive Pulmonary Disease (COPD)
- Asthma
- Sleep Apnea
- Others
End-Use
- Homecare
- Travel
- Hospital
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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