Portable Oxygen Concentrators Market
Number of pages: 100 | Report Format: PDF | Published date: May 01, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.84 billion |
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Revenue Forecast in 2031 |
US$ 4.7 billion |
|
CAGR |
9.84% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Technology, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global portable oxygen concentrators market was valued at US$ 1.84 billion in 2022 and is expected to register a revenue CAGR of 9.84% to reach US$ 4.7 billion by 2031.
Portable Oxygen Concentrators Market Fundamentals
Portable oxygen concentrators (POCs) are medical devices used to deliver oxygen to patients with respiratory disorders, such as chronic obstructive pulmonary disease (COPD), cystic fibrosis, and asthma. These devices work by filtering air, compressing it, and removing nitrogen to produce oxygen delivered to the patient through a nasal cannula or mask. POCs are designed to be lightweight, compact, and easy to carry around, allowing patients to maintain their mobility and independence while receiving oxygen therapy. They are typically battery-operated, which enables patients to use them at home or while traveling. POCs have several advantages over traditional oxygen therapy devices, such as oxygen tanks or cylinders, which can be bulky and heavy. POCs also provide a more reliable source of oxygen as they do not require frequent refills or replacements. Additionally, POCs can be more cost-effective in the long run, as they do not require replacing oxygen tanks.
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Portable Oxygen Concentrators Market Dynamics
The rising incidence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and cystic fibrosis is one of the major factors driving the demand for portable oxygen concentrators market. These devices provide a reliable source of oxygen for patients with respiratory disorders, allowing them to maintain their quality of life. For instance, according to the WHO’s factsheet of March 2023, COPD is the world's third greatest cause of mortality, accounting for 3.23 million fatalities in 2019. As the global population ages, the need for medical devices such as portable oxygen concentrators is expected to increase. Older people are more likely to suffer from respiratory disorders and require supplemental oxygen, and this is boosting the demand for portable oxygen concentrators.
Moreover, advances in technology have resulted in the development of lightweight, compact, and portable oxygen concentrators that are easy to use and carry around, which is also fueling the growth of the global portable oxygen concentrators market. These devices are also more energy-efficient and have a longer battery life, making them more convenient for patients. Furthermore, the growing awareness about the benefits of oxygen therapy in managing respiratory disorders is also driving the demand for portable oxygen concentrators. Patients are becoming more aware of the advantages of using these devices, such as increased mobility and improved quality of life.
However, portable oxygen concentrators can be expensive, which may limit their accessibility to patients who cannot afford them. This can be particularly challenging for patients who require oxygen therapy on a long-term basis. While portable oxygen concentrators are becoming increasingly popular, alternative oxygen therapy devices are available in the market, such as oxygen cylinders and liquid oxygen systems. These devices may be more cost-effective or suitable for certain patients, impacting the demand for portable oxygen concentrators. Moreover, portable oxygen concentrators can experience technical issues such as power supply and battery life, which can affect their reliability and safety. Technical issues can also result in the need for frequent maintenance, which can be a burden for patients. Additionally, limited reimbursement policies and high costs impede the growth of portable oxygen concentrators.
Portable Oxygen Concentrators Market Ecosystem
The global portable oxygen concentrators market is analyzed from four perspectives: technology, application, end user, and region.
Portable Oxygen Concentrators Market by Technology
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Based on the technologies, the global portable oxygen concentrators market is segmented into continuous flow and pulse flow.
The pulse flow portable oxygen concentrators dominated the market with the principal revenue share in 2022. The portable pulse oxygen concentrators deliver oxygen in pulses or bursts based on the patient's breathing rate and pattern. These devices are also known as intermittent or demand-flow portable oxygen concentrators. They are typically smaller and more lightweight than continuous flow devices, making them more portable and convenient for patients who are active or travel frequently. These devices detect the patient's inhalation and deliver oxygen in sync with their breathing, reducing oxygen waste and increasing battery life. Patients who require a lower oxygen flow rate, such as those with mild to moderate COPD or asthma, typically use pulmonary flow portable oxygen concentrators. They may not be suitable for patients who require a continuous and reliable oxygen delivery source, such as those with severe lung disease or sleep apnea. These aspects contribute to the growth of the pulse flow portable oxygen concentrators segment.
The continuous flow portable oxygen concentrators also accounted for a significant market share. The Continuous flow portable oxygen concentrators provide a continuous flow of oxygen to the patient, regardless of their breathing rate or pattern. These devices deliver a steady oxygen flow at a specified rate, typically measured in liters per minute (LPM). They are often used by patients who require a higher oxygen flow rate, such as those with severe COPD or pulmonary fibrosis. They are also commonly used during sleep or physical activity when the patient's oxygen demand may increase. One of the main advantages of continuous-flow portable oxygen concentrators is their ability to deliver a consistent and reliable source of oxygen. These advantages are attributed to the growth of the continuous flow portable oxygen concentrators segment.
Portable Oxygen Concentrators Market by Application
Based on the applications, the global portable oxygen concentrators market is segmented into chronic obstructive pulmonary disease (COPD), asthma, respiratory distress syndrome, and others.
The chronic obstructive pulmonary disease segment accounted for a prominent share of the market, owing to the rising prevalence of COPD. COPD is a progressive respiratory disease that causes airflow obstruction, making it difficult for patients to breathe. Patients with COPD often require supplemental oxygen therapy to help them breathe more easily and improve their quality of life. Portable oxygen concentrators are an important option for COPD patients, as they allow for increased mobility and independence while still providing a reliable source of oxygen. Additionally, manufacturers are developing and improving devices specifically designed to meet the needs of COPD patients, emphasizing portability, reliability, and ease of use. These factors contribute to the growth of the COPD segment.
The asthma segment also accounted for a prominent share of the market. Asthma is a chronic respiratory condition that causes inflammation and narrowing of the airways, leading to difficulty breathing, wheezing, and coughing. While most patients with asthma do not require supplemental oxygen therapy regularly, some may experience acute exacerbations or severe attacks that require oxygen support. Portable oxygen concentrators can provide a reliable source of oxygen for asthma patients during these episodes, allowing them to breathe more easily and recover more quickly.
Portable Oxygen Concentrators Market by End User
Based on the end users, the global portable oxygen concentrators market is segmented into hospitals, homecare settings, and others.
The hospital segment is a key player in the portable oxygen concentrators market, with the largest revenue share in 2022, attributed to the factors such as an aging population, an increase in chronic respiratory diseases, and the rising prevalence of COVID-19. Hospitals often have a high demand for oxygen therapy devices, and portable oxygen concentrators are a convenient option for patients requiring supplemental oxygen while maintaining mobility and independence. Hospitals often have a high demand for oxygen therapy devices, and portable oxygen concentrators are a convenient option for patients requiring supplemental oxygen while maintaining mobility and independence. These overall factors contribute to the growth of the hospital segment.
Portable Oxygen Concentrators Market by Region
Geographically, the global portable oxygen concentrators market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global portable oxygen concentrators market with the largest revenue share in 2022, attributed to the presence of key market players, rising awareness of advanced treatment, and rising prevalence of respiratory disorders. Additionally, companies throughout the region consistently seek regulatory approvals for their products to enhance their product portfolio and expand their offerings, which are also expected to improve the portable oxygen concentrators market outlook. For instance, in January 2023, Inogen, Inc., a medical technology business that develops novel respiratory solutions for homecare usage, stated that it met regulatory milestones in the EU and the US for its portable oxygen concentrator products. Inogen received European Medical Device Regulation (EU MDR) certification in December 2022 from its Notified Body, the British Standards Institution (BSI), allowing it to sell and commercialize Inogen One G4 and the updated version of its Inogen One G5 portable oxygen concentrators in the EU.
Portable Oxygen Concentrators Market Competitive Landscape
The prominent players operating in the global portable oxygen concentrators market are:
Portable Oxygen Concentrators Market Strategic Developments
Portable oxygen concentrators (POCs) are medical devices used to deliver oxygen to patients with respiratory disorders, such as chronic obstructive pulmonary disease (COPD), cystic fibrosis, and asthma.
The global portable oxygen concentrators market was valued at US$ 1.84 billion in 2022.
The estimated market size of the global portable oxygen concentrators market in 2031 is US$ 4.7 billion.
The revenue CAGR of the portable oxygen concentrators market during the forecast period will be 9.84% from 2023 to 2031.
Some prominent players operating in the global portable oxygen concentrators market are Drive DeVilbiss Healthcare, Besco Medical Co Ltd., GCE Group, Foshan Keyhub Electronic Industries Co. Ltd., OXUS Co., Ltd., and Nidek Medical.
*Insights on financial performance are subject to the availability of information in the public domain