According to a revised research study released by Future Market Insights, the global portable oxygen concentrator market is poised for substantial growth, with its value expected to achieve USD 2.2 billion by 2024. Projections further estimate that the market will expand to an impressive USD 4.3 billion by 2034, highlighting a robust Compound Annual Growth Rate (CAGR) of 6.7% over the forecast period.
This promising growth trajectory is driven by increasing demand for portable oxygen concentrators, fueled by rising incidences of respiratory disorders, growing geriatric population, and the enhanced convenience and mobility offered by portable devices. As healthcare technology advances, portable oxygen concentrators are becoming increasingly efficient, compact, and user-friendly, further bolstering their adoption worldwide.
Portable oxygen concentrators (POCs) are crucial for providing respiratory support to those with breathing difficulties, enabling them to lead independent and active lives. These lightweight, portable devices are ideal for providing oxygen therapy in a range of settings, including homes, hospitals, and outdoor areas.
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Pulse Flow Technology Dominates
Within the portable oxygen concentrator market, the pulse flow segment currently reigns supreme, holding a dominant share of approximately 67.7% (2021). These concentrators deliver bursts of oxygen synchronized with the patient’s inhalation cycle.
Patients can more easily handle portable oxygen concentrators because they are smaller than homecare oxygen concentrators. In addition to patients, mountaineers and tourists utilize POCs when they are in areas with low oxygen levels. The demand for portable oxygen concentrators is predicted to increase due to the growing number of people with respiratory conditions including chronic obstructive pulmonary disease (COPD) around the world.
The World Health Organization (WHO) reports that chronic obstructive pulmonary disease (COPD) is still the third most common cause of death globally, accounting for over 3.23 million fatalities. The disease’s patients frequently need oxygen therapy to raise blood oxygen levels and enhance the oxygen delivered to their organs, therefore portable oxygen concentrator sales are expected to grow at a healthy rate.
Portable oxygen concentrators are also used in the glassblowing industry, skin care products, and non-pressurized airplanes. Over the next ten years, this will increase demand for portable oxygen concentrators.
Similar to this, it is anticipated that the global market for oxygen concentrators would grow as a result of ongoing new product releases and approvals by top manufacturers. Top companies in the portable oxygen concentrators market are launching innovative and effective solutions to capitalize on new prospects.
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Competitive Landscape:
In the portable oxygen concentrators market, manufacturers are adopting different strategies such as new product launches, mergers, acquisitions, partnerships, and strengthening of distribution channels to raise their sales and gain a competitive edge in the global market.
Instances of key developmental strategies by the industry players in the portable oxygen concentrators market are given below:
- In April 2019, Inogen One G5, a light, easy portable oxygen concentrator created to provide oxygen requirements to patients, was launched by Inogen, Inc.
- In October 2019, Precision Medical announced the launch of its new product, the Live Active Five portable oxygen concentrator. The product was created to help patients with chronic obstructive pulmonary disease and other respiratory diseases.
Key Companies Profiled:
- Koninklijke Philips N.V.
- Inogen, Inc
- Chart Industries, Inc.
- Resmed, Inc.
- Invacare Corporation
- Drive DeVilbiss Healthcare LLC
- Precision Medical, Inc.
- Besco Medical Co. Ltd.
- Oxus America, Inc.
- Foshan KeyhubElectronic Industries Co. Ltd.
- O2 Concepts LLC
- GCE Group
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Key Market Segments Covered in Portable Oxygen Concentrators Industry Research:
By Product:
- Continuous Flow Portable Oxygen Concentrator
- Pulse Flow Portable Oxygen Concentrator
By End User:
- Hospitals
- Homecare
- Ambulatory Surgical Centres
- Travel Agents
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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