Portable Oxygen Concentrators Market Poised to Rake US$ 2637.7 Mn by 2026
According to a latest report published by Future Market Insights titled “Portable Oxygen Concentrators Market: Global Industry Analysis and Opportunity Assessment, 2016–2026,” the global portable oxygen concentrators market is anticipated to register a CAGR of 7.8% between 2016 and 2026 in terms of value.
Portable oxygen concentrators supply oxygen to patients suffering from respiratory diseases such as chronic obstructive pulmonary diseases. The concentrator separates nitrogen and oxygen from air in the environment and then supplies 95% pure oxygen to patients. POCs are easy to carry as they are smaller in size compared to stationary concentrators. Moreover, POCs are of great use to mountaineers and travellers in places where oxygen is inadequate.
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According to Future Market Insights, the global portable oxygen concentrators market is likely to witness substantial growth owing to increasing prevalence of chronic obstructive pulmonary diseases, growing consumer awareness for oxygen therapy devices, and a changing consumer lifestyle. Further, adoption of new technologies in medical devices, increasing government expenditure towards healthcare and medical devices development and production, and a rise in investment by companies manufacturing homecare products is likely to boost the growth of the global portable oxygen concentrators market during the forecast period (2016 – 2026). However, high product costs and stringent FDA regulations pertaining to medical devices are some of the factors likely to restrain the growth of the global portable oxygen concentrators market during the forecast period.
The global portable oxygen concentrators market has been segmented on the basis of Product into Continuous Flow Portable Oxygen Concentrator and Pulse Flow Portable Oxygen Concentrator; and on the basis of End User into Hospitals, Homecare, Ambulatory Surgical Centres, and Travel Agents.
- The Pulse Flow Portable Oxygen Concentrator product segment is projected to be valued at US$ 1890.3 Mn by 2026, registering a CAGR of 9.0% over the forecast period
- The Homecare end user segment is projected to be valued at US$ 1820.5 Mn by 2026 and is likely to witness a CAGR of 9.0% over the forecast period
Regional market projections
The global portable oxygen concentrators market is segmented into the seven key regions of North America, Latin America, Western Europe, Eastern Europe, APEJ, MEA, and Japan. Growing geriatric population consequently increasing the requirement for homecare settings particularly in high income countries with increasing number of patients suffering from chronic obstructive pulmonary diseases is expected to result in significant growth of the North America portable oxygen concentrators market. The North America region is expected to report incremental opportunity of US$ 781.7 Mn between 2016 and 2026. Evolution of health insurance system is expected to contribute largely to the revenue generation potential and attractiveness of the Eastern Europe portable oxygen concentrators market. Rising adoption of portable oxygen concentrators in chronic obstructive pulmonary diseases patients for better care is expected to fuel revenue growth in the Japan portable oxygen concentrators market over the forecast period. High product cost of portable oxygen concentrators is expected to hamper sustainable adoption in the APEJ region. Lack of product awareness is expected to hamper market growth in the APEJ and MEA regions.
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The report profiles some of the top companies operating in the global portable oxygen concentrators market such as 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. Key strategies adopted by leading market players in the global portable oxygen concentrators market include product approvals and commercialisation, efficient entry into markets in emerging countries, and adoption of latest innovative technologies in healthcare, thus strengthening regional proficiency and addressing customer needs effectively. New product launches, product innovation, and geographical expansion are anticipated to form the core of these strategies during the forecast period.