NEW YORK, July 29, 2024 /PRNewswire/ -- The
global portable oxygen concentrators market size is
estimated to grow by USD 1.15 billion
from 2024-2028, according to Technavio. The market is estimated to
grow at a CAGR of 10.03% during the forecast period. Increasing
prevalence of respiratory diseases is driving market growth, with a
trend towards prevailing presence of assisted living facility and
home-care settings. However, high cost of portable oxygen
concentrators poses a challenge. Key market players include Chart
Industries Inc., Colfax Corporation, Inogen Inc., Invacare
Corp., Koninklijke Philips N.V., Medical Depot Inc., Mediniq
Healthcare Pvt. Ltd., Niterra Co. Ltd., Nidek Medical India Pvt.
Ltd., O2 Concepts LLC, Precision Medical Inc., ResMed Inc., Teijin
Ltd., and Zhengzhou Olive Electronic Technology Co. Ltd..
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Portable Oxygen
Concentrators Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
10.03%
|
Market growth
2024-2028
|
USD 1159.7
million
|
Market
structure
|
Concentrated
|
YoY growth 2022-2023
(%)
|
8.88
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
North America at
45%
|
Key
countries
|
US, Germany, China, UK,
and Canada
|
Key companies
profiled
|
Chart Industries Inc.,
Colfax Corporation, Inogen Inc., Invacare Corp., Koninklijke
Philips N.V., Medical Depot Inc., Mediniq Healthcare Pvt. Ltd.,
Niterra Co. Ltd., Nidek Medical India Pvt. Ltd., O2 Concepts LLC,
Precision Medical Inc., ResMed Inc., Teijin Ltd., and Zhengzhou
Olive Electronic Technology Co. Ltd.
|
Market Driver
The global portable oxygen concentrators market is experiencing
growth due to the increasing number of assisted living facilities
and home-care settings. In developed countries like the US,
facilities such as Aegis Living, Integral Senior Living, American
House, and Americare Senior Living are driving demand for portable
oxygen concentrators. Similarly, in developing countries like
India, Epoch Elder Care and
Ashiana Housing are expanding, leading to an increase in demand.
Distributors like Ports International and The Bahamas supply these devices to assisted
living facilities. Additionally, the rise of home-care settings in
India, such as HealthCare atHOME
and start-ups like Zoctr and Care24, is further fueling demand.
Companies like Chart Industries provide solutions with their AirSep
FreeStyle portable oxygen concentrator for home-care settings.
Overall, the market for portable oxygen concentrators is expected
to grow significantly due to these trends.
The Portable Oxygen Concentrator market is witnessing
significant growth due to the rising prevalence of respiratory
diseases like COPD, asthma, pneumonia, tuberculosis, and lung
cancer in the aging population. Home healthcare solutions are
becoming increasingly popular as patients prefer to manage their
chronic respiratory conditions at home. Healthcare expenditures are
on the rise due to increasing insurance coverage for medical oxygen
devices. Portable O2 concentrators are gaining traction over
stationary devices due to their convenience and mobility.
Telemedicine, remote patient monitoring, and mobile health apps are
enhancing the usage of these devices. However, challenges such as
skin irritation, reimbursement policies, and social segregation
policies persist. Continuous flow and pulse flow devices are
popular in homecare and institutionalized care settings, including
hospitals. Oxygen concentrators are essential for patients with
chronic respiratory conditions, reducing hospitalizations and
respiratory complications. The healthcare market is expected to
continue growing as the demand for home care products and portable
oxygen concentrators increases. Nitrogen removal technology in
concentrator O2 devices is a key trend, ensuring medical-grade
oxygen for patients. Conditions like pulmonary fibrosis, asthma,
and COPD require continuous oxygen therapy, making portable oxygen
concentrators an essential medical device. In conclusion, the
Portable Oxygen Concentrator market is poised for growth due to the
rising prevalence of respiratory diseases, increasing insurance
coverage, and the need for home healthcare solutions. Continuous
flow and pulse flow devices are essential for managing chronic
respiratory conditions, making them a crucial investment for
healthcare systems and patients alike.
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Market Challenges
- The portable oxygen concentrator market is experiencing growth
due to technological advancements, but the high cost of these
devices is a significant barrier for many patients. Portable oxygen
concentrators offer features such as long-lasting battery life,
compact size, and the ability to purify and deliver oxygen
on-demand. However, the average cost of continuous flow models
ranges from USD4,000 to USD8,000, while pulse dose models cost between
USD2,000 and USD5,000. This high cost can make the devices
unaffordable for some patients, leading them to opt for rented
oxygen concentrators instead. This trend may hinder the sales of
advanced portable oxygen concentrators, potentially resulting in
losses for manufacturers.
- The Portable Oxygen Concentrators (POCs) market is growing due
to the increasing prevalence of chronic respiratory conditions,
such as tuberculosis (TB), lung cancer, and pneumonia, leading to
an increased need for medical oxygen. POCs offer a solution for
home care and mobility, addressing oxygen shortages and respiratory
complications during hospitalizations. However, challenges include
complex reimbursement policies, healthcare systems' limitations,
and the presence of nitrogen in normal air, which affects the
efficiency of POCs. Furthermore, lifestyle factors like smoking and
infections contribute to respiratory issues in children and adults,
increasing the demand for POCs. Accessories and pulse flow POCs are
essential for optimal oxygen treatment. POCs are a valuable
addition to respiratory equipment, including ventilators, in
addressing survival rates and breathing issues.
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Segment Overview
This portable oxygen concentrators market report extensively
covers market segmentation by
- Product
- 1.1 Pulse dose
- 1.2 Continuous flow
- Geography
- 2.1 North America
- 2.2 Europe
- 2.3 Asia
- 2.4 Rest of World (ROW)
1.1 Pulse dose- The Portable Oxygen Concentrators
(POCs) market is experiencing significant growth due to increasing
demand from individuals with respiratory conditions and the aging
population. POCs offer convenience and mobility, making them a
preferred choice over traditional oxygen therapy. Key players in
this market include Inogen, ResMed, and Philips Respiratory
Solutions, who focus on innovation and product development to meet
consumer needs. POCs' compact size, lightweight design, and long
battery life make them an essential medical device for those
requiring oxygen therapy on-the-go.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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reports
The global Medical Oxygen Concentrators market is set to expand,
driven by increasing chronic respiratory conditions and an aging
population. Similarly, the global Medical Gas Equipment market is
projected to grow due to advancements in healthcare infrastructure
and the rising prevalence of respiratory disorders. The Advanced
Wound Care market is also on the rise, with innovations in wound
management technologies and an increasing focus on improving
patient outcomes. Collectively, these markets are experiencing
significant growth, fueled by technological advancements and rising
healthcare demands worldwide.
Research Analysis
Portable oxygen concentrators (POCs) are compact medical devices
that provide on-demand oxygen supply for individuals with
respiratory diseases such as COPD, asthma, pulmonary fibrosis,
tuberculosis (TB), and lung cancer. With an aging population and
increasing healthcare expenditures, POCs have become essential home
healthcare solutions for managing respiratory complications and
preventing hospitalizations. Insurance coverage for POCs varies,
but they are often covered under Medicare and Medicaid.
Telemedicine, remote patient monitoring, and mobile health apps are
integrating POCs to enhance patient care and monitoring. Oxygen
concentrators, which separate oxygen from nitrogen in ambient air,
are the core technology behind POCs. Reimbursement policies and
social segregation policies impact the affordability and
accessibility of POCs. POCs are vital medical devices for
individuals with respiratory diseases, enabling them to maintain an
active lifestyle and manage their conditions effectively.
Market Research Overview
Portable oxygen concentrators are medical devices that deliver
oxygen to patients with respiratory diseases, such as COPD, asthma,
pneumonia, tuberculosis (TB), lung cancer, and pulmonary fibrosis,
in home healthcare settings and institutionalized care settings,
including hospitals. The aging population, with its increased
prevalence of chronic respiratory conditions, is driving the demand
for these devices. Healthcare expenditures and insurance coverage
are key factors influencing the market's growth. Portable oxygen
concentrators come in two types: continuous flow and pulse flow.
Continuous flow devices deliver a constant flow of oxygen, while
pulse flow devices deliver oxygen only when the patient inhales.
These devices are essential for patients with chronic respiratory
conditions, as they help prevent respiratory complications and
hospitalizations. The portable nature of these concentrators makes
them ideal for patients with active lifestyles, enabling them to
receive oxygen treatment on the go. Telemedicine, remote patient
monitoring, and mobile health apps are also increasing the adoption
of portable oxygen concentrators. Despite their benefits, portable
oxygen concentrators can cause skin irritation and may lead to
oxygen shortages in some cases. Reimbursement policies and
healthcare systems' access to these devices vary, leading to social
segregation policies in some areas. The healthcare market for
portable oxygen concentrators is expected to grow significantly due
to the increasing prevalence of chronic respiratory diseases, aging
population, and advancements in medical oxygen technology. The
market includes various accessories and ventilators, and healthcare
professionals play a crucial role in the diagnosis and treatment of
patients requiring oxygen therapy. The use of portable oxygen
concentrators is not limited to adults but also extends to children
with breathing issues. Smoking and infections are significant risk
factors for respiratory diseases, leading to pneumonia deaths and
decreased survival rates. The public healthcare system plays a
vital role in ensuring access to these essential healthcare
products for patients in need.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Pulse Dose
- Continuous Flow
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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