Portable Oxygen Concentrators Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Portable Oxygen Concentrators Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Portable Oxygen Concentrators Market is poised to grow at a CAGR 8.8% during the forecast period (2022 - 2027).

The COVID-19 pandemic had an effect on the market for portable oxygen concentrators as hospitals and healthcare services were drastically restricted as a result of social segregation policies implemented globally. The COVID-19 epidemic has put unprecedented pressure on the world's supply chains and the purchase of necessary medical goods. Included in this are oxygen concentrators, which can benefit newborns and COVID-19 patients everywhere. Millions of individuals worldwide were affected by COVID-19 due to the high frequency of the SARS-CoV-2 virus, which had a high infection rate. The high level of infection severity caused a global increase in demand for portable oxygen concentrators, which benefited the industry. Hypoxemia and respiratory failure are likely to result from COVID-19 pneumonia, needing endotracheal intubation and mechanical ventilation. Because of the pandemic, oxygen therapy for COVID-19 or other severely ill patients was required, necessitating the use of portable oxygen concentrators. Due to the rising demand for portable oxygen concentrates to treat COVID-19-infected patients, the Sudden Outbreak of COVID-19 had a beneficial effect on the market's growth. For instance, the United Nations International Children's Emergency Fund (UNICEF) reported in 2021 that oxygen concentrators played a crucial role in UNICEF's response to the COVID-19 pandemic by giving patients who were having trouble breathing life-saving oxygen. Thus, the pandemic's rising demand for portable oxygen concentrators drove the market's expansion.

Age-related illnesses are more common in the geriatric population but less so in the younger generation. Asthma, chronic obstructive pulmonary disease (COPD), pulmonary fibrosis, pneumonia, and other age-related respiratory disorders are all much more common in this population. Over the next few decades, there will likely be a demographic transition in the world, and the number of elderly people is likely to increase. In the "World Population Ageing 2020 Highlights" report from the UN Department of Economic and Social Affairs, it was stated that 727 million people worldwide would be 65 or older by that year. In 2050, it is anticipated to surpass 1.5 billion mark. The need for portable oxygen concentrators is anticipated to increase with growing geriatric population, which is more susceptible to respiratory and other ailments. Additionally, Saudi Arabia is undergoing a demographic change, according to estimates from HelpAge International and the UN Population Fund. Between 2020 and 2050, there will be a five-fold rise in the number of people aged 60 or over, from 2 million (or 5.9% of the total population) to 10.5 million (23.7 percent ). Additionally, according to data from the World Health Organization (WHO) released in October 2021, the population is ageing significantly more quickly than in the past. One in six persons globally is anticipated to be 60 years of age or older by 2030. As a result, it is anticipated that there will be 1.4 billion people over the age of 60 by 2050, up from 1 billion in the previous year. Product introductions is another driver of market expansion. For instance, as part of its "Pranvayu" programme, Yulu and the e-mobility provider began delivering medical-grade oxygen concentrates to COVID-19 patients at their doorsteps in May 2021. With the intention of expanding to major Indian cities, the effort was launched in Bengaluru with a first batch of 100 oxygen concentrators. Similarly, in June 2021, Servotech power systems were manufacturing oxygen concentrators at their facility near the Kundlu border, New Delhi, India. The Company planned to roll out 1,00,000 concentrators by March 2022. Hence these factors acted as driving factors for the growth of the market. However, the risk of respiratory diseases due to unclean and contaminated equipment and adverse effects such as skin irritation may help in hindering the growth of the market.

Key Market TrendsApplication in Asthma is Expected to Cover a Largest Market Share

One of the most common non-communicable diseases is asthma. It is a long-term condition that enlarges and irritates the airways of the lungs. In addition to limiting airways, asthma can result in nighttime coughing, wheezing, and dyspnea, which may make it difficult to get a decent night's sleep. When oxygen concentrators are used properly, respiratory health can ultimately be improved. Many persons with respiratory diseases like asthma or COPD receive treatments with oxygen therapy as a critical component of illness management. Asthma killed 46,1000 individuals in 2019 and afflicted 262 million people, according to World Health Organization data from 2021. It is the most prevalent chronic illness in kids. In a report published in November 2021 by the Canadian Pediatric Society titled "Managing an acute asthma exacerbation in children," the incidence of asthma was calculated to be 10% across Canada. Even so, it can reach 20% of kids and teenagers, including their native classmates. Children frequently attend the emergency room (ED), are admitted to the hospital, and miss school due to asthma flare-ups. These kids make up more than half of all asthmatic children's ED visits. Additionally, in Alberta, there was one child fatality for every 25,000 emergency department visits, or 10% of paediatric ED visits. The Asia-Pacific region experienced an increase in the prevalence of asthma-related symptoms over the previous 12 months, according to a study titled "Risk factors of asthma in the Asian population: a systematic review and meta-analysis" that was published in the Journal of Physiological Anthropology in December 2021. Given the rising trend in asthma incidence in the region, additional study into the disease-related risk factors specific to the Asia-Pacific region is anticipated to present potential to develop more efficient preventative, prognostic, and therapeutic techniques for managing asthma disease. Inogen Inc., a medical technology company, in April 2019 launched its revolutionary Inogen One G5 portable oxygen concentrator to the market. Inogen Inc. develops cutting-edge respiratory equipment for use in home healthcare settings. Portable oxygen concentrators can be easily carried and are helpful for asthma patients. Hence, the increasing prevalence of asthma and adoption of portable oxygen concentrators are expected to help in market grow.

North America is Expected to Dominate the Portable Oxygen Concentrators Market

North America is expected to hold a significant share in the market. The prevalence of respiratory disorders is high in North American countries. The Asthma and Allergy Foundation of America estimates that in 2020, almost 25 million Americans will have asthma. This equates to one in thirteen Americans, including 8% of adults and 7% of children. According to the same survey, 20 million American individuals aged 18 and older have asthma. As a result, portable oxygen concentrators are in high demand for treatments like oxygen therapy. Asthma is the most prevalent chronic illness in children and is a key noncommunicable disease (NCD) that affects both children and adults. The Asthma and Allergy Foundation of America (AAFA) estimates that around 1 in 13 Americans, or about 25 million people, had asthma in April 2022. According to the site stated above, 5.1 million American youngsters under the age of 18 suffer from asthma. According to the same source, adult females are more likely than adult males to have asthma. Asthma affects about 9.8% of adult females, compared to 6.1 percent of adult males. Because of this, treating patients with respiratory ailments frequently necessitates the use of portable oxygen concentrators, opening up market prospects for ventilators. Manufacturer of portable oxygen concentrators OxyGo LLC purchased LIFE Corporation in May 2021 for an unknown sum. Users of compressed gas can now access services from OxyGo thanks to this acquisition. By offering superior goods and services and leveraging the experience of LIFE corporation, the business can also increase its competence in oxygen. As a result, the area is expected to experience exponential expansion due to the presence of market-engaging variables.

Competitive Landscape

Majority of the portable oxygen concentrators are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Some of the companies which are currently dominating the market are Koninklijke Philips N.V., Chart Industries, Inc, Invacare Corporation, Inogen Inc, Drive Devilbiss Healthcare, O2 Concepts LLC, Nidek Medical, GCE Group, Caire Inc, Precision Medical and others

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.