Portable Oxygen Concentrators Market Trends and Competitive Analysis by 2031

Portable Oxygen Concentrators Market Outlook 2031

The global portable oxygen concentrators market was valued at US$ 1.7 Bn in 2021

The global market is projected to grow at a CAGR of 10.6% from 2022 to 2031

The global portable oxygen concentrators market is anticipated to reach more than US$ 4.0 Bn by the end of 2031

Get Sample Copy of the Report@ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1689

Portable Oxygen Concentrators Market Introduction

Portable oxygen concentrator (POC) is a medical device used to supply oxygen to patients suffering from respiratory diseases. The concentrator separates nitrogen and oxygen from air in the environment, and then discards nitrogen and supplies 95% pure oxygen to patients through a mask. POCs are smaller than stationary oxygen concentrators, allowing patients to easily carry the device. Apart from patients, POCs are used by mountaineers and travelers in places where oxygen is inadequate.

Rise in Incidence of COPD Augmenting Global Portable Oxygen Concentrators Market

Chronic obstructive pulmonary disease (COPD) refers to a group of progressive lung disorders that include emphysema, chronic bronchitis, refractory asthma, and others. Patients with severe COPD require a constant supply of oxygen. Often, symptoms such as increased breathlessness and coughing are ignored as a normal sign of aging; however, these could be the early signs of COPD. According to the World Health Organization (WHO), more than 65 million people suffered from chronic obstructive pulmonary disease (COPD) and 3 million succumbed to it in 2019, making it the third-leading cause of death globally. Over 80% of these deaths occurred in low- and middle-income countries. More than 262 million people suffer from asthma, the most common chronic pediatric disease that affects 14% of all children, globally every year.

Get Report Methodology @ https://www.transparencymarketresearch.com/sample/sample.php?flag=RRM&rep_id=1689

In 2020, around 10 million people developed tuberculosis (TB) and 1.4 million succumbed to it, making it the most common lethal infectious disease. Lung cancer accounts for 1.6 million deaths each year and is the most lethal form of cancer. According to the CDC, over 16 million people in the U.S. are living with respiratory disorders, such as lung cancer, COPD, and heart diseases, caused due to smoking. Around 100 million adults are estimated to be suffering from COPD. Patients with COPD generally utilize portable oxygen cylinder while carrying out their daily activities such as shopping, working, and household chores. Rise in prevalence of such diseases, rapid introduction and availability of various types of portable oxygen concentrator, and availability of easy-to-use oxygen concentrators for the treatment are propelling the demand for portable oxygen concentrators.

Increase in Global Geriatric Population to Boost Demand for Portable Oxygen Concentrators

According to the United Nations, the geriatric population is expected to double by 2050 and triple by 2100, increasing from 962 million in 2017 to 2.1 billion by 2050 and 3.1 billion by 2100. Globally, the geriatric population is rising at a faster pace than the young population. The geriatric population accounted for about 13% (962 million) of the global population in 2017 and has increased at a rate of about 3% every year. Furthermore, the number of people aged 80 years or above is estimated to triple by 2050, rising from 137 million in 2017 to 425 million by 2050. Currently, Europe has a significantly large geriatric population. Aging is associated with declining support from families and highly expensive formal long-term caregiving services. These structural changes in the society are likely to lead to a rise in demand for portable devices such as portable oxygen concentrators.

Read Report Overview@ https://www.transparencymarketresearch.com/portable-oxygen-concentrators.html

Energy Efficiency and Longer Battery Life Bolstering Pulse Flow Portable Oxygen Concentrator Segment

In terms of product, the pulse flow segment dominated the global portable oxygen concentrators market in 2021, as the system is more energy-efficient and has longer battery life. Adoption of pulse flow portable oxygen concentrators among patients is also high, as these are easier to carry, reliable, and supply oxygen as per requirement. Pulse flow portable oxygen concentrators are available in smaller size and do not waste oxygen. The segment is expected to grow at a rapid pace in the next few years, as it is easy to operate and cost effective. According to the U.S. Census Bureau, the geriatric population in the U.S. is likely to reach 80 million by 2050. Thus, demand for pulse flow portable oxygen concentrators is likely to be high in the country during the forecast period. Geriatric people often experience difficulty in breathing and their requirement of supplemental oxygen is met by pulse flow devices.

Growth in Patient Pool Fueling COPD Segment

Based on indication, the COPD segment held major share of the global market in 2021. The trend is expected to continue during the forecast period, owing to the rise in prevalence of COPD and efficiency of portable oxygen concentrators in providing supplemental oxygen therapy in such conditions. Portable oxygen concentrators are excellent for ambulatory use in case of poor respiratory conditions. Furthermore, increase in geriatric population has led to a surge in incidence and prevalence of chronic respiratory diseases. This is anticipated to drive the demand for portable oxygen concentrators during the forecast period.

Make an Enquiry Before Buying @ https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=1689

Surge in Awareness about Oxygen Concentrators Driving Homecare Segment

In terms of end-use, the homecare segment held major share of the global market in 2021 owing to the development of advanced portable oxygen concentrators for personal usage. Growth of the segment can be ascribed to the increase in usage of portable oxygen concentrators among COPD patients at home and surge in awareness about oxygen concentrators. The homecare segment is expected to grow at a rapid pace, as the stay at hospitals and clinics is generally short. Portable oxygen concentrators are used more at home and for personal purposes.

Regional Outlook of Portable Oxygen Concentrators Market

North America dominated the global portable oxygen concentrators market in 2021, owing to well-established healthcare infrastructure, increase in awareness about advanced treatment methods, and rise in prevalence of chronic obstructive pulmonary disease (COPD), asthma, and other respiratory conditions that lead to dependence on portable oxygen concentrators as the primary source of oxygen. Technological advancements have led to the development of small, lightweight, portable oxygen concentrators, which enable patients to travel hassle free. The region is anticipated to dominate the global market during the forecast period. According to World Health Organization, the prevalence of COPD is expected to rise at a rapid rate by 2030, owing to higher prevalence of smoking and increase in geriatric population.

The market in Asia Pacific is projected to grow at a significantly high CAGR during the forecast period, led by the rise in COPD patient population, increase in smoking and tobacco usage, improvement in health care infrastructure, rise in awareness and acceptance of advanced portable oxygen concentrators, and increase in disposable income of the people in the region. Furthermore, surge in geriatric population in Asia Pacific is anticipated to drive the portable oxygen concentrators market size in Asia Pacific in the near future.

Get Custom Research Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=1689

Analysis of Key Players in Global Portable Oxygen Concentrators Market

The global portable oxygen concentrators market is consolidated, with the presence of small number of key players. Leading players operating in the global portable oxygen concentrators market are 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, and GCE Group. The global portable oxygen concentrators market trends suggest that a number of companies are adopting an inorganic growth strategy in the form of strategic acquisitions and investments to expand their product portfolio, geographic reach, and manufacturing capabilities. Some companies are offering innovative respiratory products for usage in homecare settings. For instance, in April 2019, Inogen, Inc. announced the release of its innovative Inogen One G5 portable oxygen concentrator for homecare settings.

About Us

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. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
For More Research Insights on Leading Industries, Visit Our YouTube Channel and hit subscribe for Future Update - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ

Contact

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com

This release was published on openPR.