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The portable oxygen concentrators market share is expected to increase by USD 1.51 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.52%.
This portable oxygen concentrators market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers portable oxygen concentrators market segmentation by product (pulse dose and continuous flow) and geography (North America, Europe, Asia, and Rest of World (ROW)). The portable oxygen concentrators market report also offers information on several market vendors, including Chart Industries Inc., Colfax Corp., Drive DeVilbiss Healthcare, Inogen Inc., Invacare Corp., Koninklijke Philips NV, Mediniq Healthcare Pvt. Ltd., NGK SPARK PLUG Co. Ltd., O2 Concepts LLC, Precision Medical Inc., ResMed Inc., Teijin Ltd., Zhengzhou Olive Electronic Technology Co. Ltd., and Nidek Medical India Pvt. Ltd. among others.
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The increasing prevalence of respiratory diseases is notably driving the portable oxygen concentrators market growth, although factors such as high cost of portable oxygen concentrators may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the portable oxygen concentrators industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Portable Oxygen Concentrators Market Driver
One of the key factors driving the global portable oxygen concentrators market growth is the increasing prevalence of respiratory diseases. For instance, according to the NIH, in 2021, in the US, around 16 million people were diagnosed with COPD. Although COPD is not curable, medical and physical treatments are available to relieve symptoms, improve the capacity to exercise, improve the quality of life, and reduce the risk of death. Long-term oxygen is given to patients with conditions of chronically low oxygen, such as severe COPD or cystic fibrosis. Oxygen concentrators are the most common oxygen therapy equipment that is user-friendly when compared with oxygen tanks. Portable oxygen concentrators such as the Invacare SOLO2 offer the delivery of oxygen in pulse and continuous flow modes, thereby making it possible to travel with ease, and are approved by the Federal Aviation Regulations (FAR) for use on passenger aircraft. Such factors will support the market growth in the coming years.
Key Portable Oxygen Concentrators Market Trend
The prevailing presence of assisted living facilities and home-care settings is one of the key portable oxygen concentrators market trends that is expected to impact the industry positively in the forecast period. For instance, the US has many assisted living facilities such as Aegis Living, Integral Senior Living, American House, and Americare Senior Living. Similarly, India also has Epoch Elder Care and Ashiana Housing. India has many other home-care settings such as HealthCare atHOME, which is a joint venture between the Burman family, the promoters of Dabur, and the founders of HCAH, UK. Furthermore, India has many start-ups such as Zoctr and Care24 that are transforming home healthcare. Companies such as Chart Industries develop an AirSep FreeStyle portable oxygen concentrator for home-care settings. Such factors will further support the market growth in the coming years.
Key Portable Oxygen Concentrators Market Challenge
One of the key challenges to the global portable oxygen concentrators market growth is the high cost of portable oxygen concentrators. The technological advances and new features of portable oxygen concentrators increase their cost. As a result, customers may opt for rented oxygen concentrators. Renting reduces the adoption of the recently launched portable oxygen concentrators. This can decrease the sales of advanced products, which could incur losses for the manufacturers. Technological advancements, such as long-lasting battery life, compact size, and the device's ability to purify oxygen and deliver it, increase the cost of the products. This may hinder the growth of the global portable oxygen concentrators market during the forecast period
This portable oxygen concentrators market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global portable oxygen concentrators market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the portable oxygen concentrators market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the portable oxygen concentrators market encompasses successful business strategies deployed by the key vendors. The portable oxygen concentrators market is fragmented and the vendors are deploying growth strategies such as M and A activities to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The portable oxygen concentrators market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the portable oxygen concentrators market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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39% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for portable oxygen concentrators market in North America. Market growth in this region will be faster than the growth of the market in Rest of World (ROW).
Advanced healthcare facilities, rising healthcare spending, and the presence of government bodies, such as Medicaid, that help with medical costs for individuals with limited income and resources will facilitate the portable oxygen concentrators market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The increasing incidence of COVID-19 in the countries of North America has driven the demand for medical oxygen concentrators among healthcare facilities, which has boosted the market growth in the region. The number of COVID-19 cases reported in various countries in North America was also increased significantly in 2020. Patients with COVID-19 experience respiratory distress or shortness of breath. Oxygen concentrators are used by healthcare professionals to provide the required oxygen therapy to these patients. If COVID-19 persists, the demand for portable oxygen concentrators is expected to increase, which, in turn, will drive the growth of the regional market during the forecast period.
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The portable oxygen concentrators market share growth by the pulse dose segment will be significant during the forecast period. Pulse dose portable oxygen concentrators are lightweight and easy to use. The lightweight makes them more compact than the continuous flow portable oxygen concentrators. This feature also makes it easier for it to be carried around compared with the continuous flow portable oxygen concentrators. Such factors will support the segment growth in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the portable oxygen concentrators market size and actionable market insights on post COVID-19 impact on each segment.
Portable Oxygen Concentrators Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.52% |
Market growth 2022-2026 |
$ 1.51 billion |
Market structure |
Fragmented |
YoY growth (%) |
8.8 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 39% |
Key consumer countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Chart Industries Inc., Colfax Corp., Drive DeVilbiss Healthcare, Inogen Inc., Invacare Corp., Koninklijke Philips NV, Mediniq Healthcare Pvt. Ltd., NGK SPARK PLUG Co. Ltd., O2 Concepts LLC, Precision Medical Inc., ResMed Inc., Teijin Ltd., Zhengzhou Olive Electronic Technology Co. Ltd., and Nidek Medical India Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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