Portable Oxygen Concentrators Market is Predicted to Reach Value of 2,482 Mn by 2026, notes TMR Study
Globally, the incidence of respiratory diseases has increased, and the number of elderly people has increased, which is likely to drive the global portable oxygen concentrators market
Wilmington, Delaware, United States, July 07, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc.: As per the portable oxygen concentrator industry statistics predict the market is to attain a valuation of around US$ 2,482.0 Mn by 2026. The global market study on portable oxygen concentrator estimates the market to rise at a high CAGR during the forecast period, from 2018 to 2026. Increasing acceptance and understanding of these products, rapidly aging population, and rising rates of respiratory disorders including chronic obstructive pulmonary disease (COPD) are likely to present favorable portable oxygen concentrator market outlook. Additionally, improvements in healthcare systems and rigorous reimbursement regulations are anticipated to drive growth of the global portable oxygen concentrators market during the forecast timeframe.
The global market is anticipated to grow due to an increase in the development of portable oxygen concentrators used for specific indications, including heart failure, pulmonary hypertension, improvement of sleep for severe asthma patients, and cystic fibrosis. The need for lighter technology by consumers and new and better rivals releasing their innovative products in the market have made the future of portable oxygen concentrators promising.
With the outbreak of Covid-19, the portable oxygen concentrators industry is projected to experience significant growth throughout the world. Worldwide, the pandemic has left a large number of individuals with serious respiratory conditions, which has raised the use of oxygen cylinders. In the near future, it is predicted that this aspect would benefit the global market for portable oxygen concentrators.
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Key Findings of Market Report
- These oxygen concentrators are lightweight and portable, and several of them have been given the go-ahead for usage in aircraft. In the near future, it is predicted that this aspect would emerge as one of the significant ongoing trends of the portable oxygen concentrator market.
- Portable oxygen concentrator market analysis predicts that depending on end-users, the travel category is likely to be the second-largest end-user segment after homecare. These industries are expanding as a result of the development of sophisticated personal oxygen concentrators that enhance patients’ quality of life.
- Based on product type, the pulse flow category now holds the majority of the market share due to the system’s higher level of energy efficiency and prolonged battery life. In addition, pulse flow portable oxygen concentrators are often used by patients due to their smaller size, which allows patients to move around more freely.
- Depending on indication type, the COPD category is likely to account for a sizable portion of the market during the forecast period. Due to its increasing prevalence globally and the effectiveness of portable oxygen concentrators in giving supplementary oxygen treatment in such conditions, it is anticipated to continue its dominant position in the near future. In the event of acute respiratory problems, portable oxygen concentrators are ideal for ambulatory usage.
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Global Portable Oxygen Concentrators Market: Growth Drivers
- In the near future, the growth of the global market for portable oxygen concentrators is expected to be significantly influenced by the rising occurrence of COPD. Such increasing incidence of chronic obstructive pulmonary disease is linked to rise in pollution levels and changing societal norms.
- Due to the rising incidence of asthma, COPD, and various other respiratory disorders that make people dependent totally on portable oxygen concentrators, North America now has a large proportion of the global market
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Global Portable Oxygen Concentrators Market: Key Players
Some of the key market players are
- dba DeVilbiss Healthcare
- Koninklijke Philips N.V.
- Besco Medical Co., LTD
- Precision Medical, Inc.
- Medical Depot, Inc.
- GCE Group
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Global Portable Oxygen Concentrators Market: Segmentation
Product
- Pulse Flow
- Continuous Flow
Indication
- Chronic Obstructive Pulmonary Disease (COPD)
- Asthma
- Sleep Apnea
- Others
End User
- Homecare
- Travel
- Hospital
- Others
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