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..
Technavio has announced its latest market research report titled Global portable oxygen concentrators market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Portable Oxygen Concentrators Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.03% |
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Market growth 2024-2028 |
USD 1159.7 million |
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Market structure |
Concentrated |
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YoY growth 2022-2023 (%) |
8.88 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 45% |
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Key countries |
US, Germany, China, UK, and Canada |
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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.
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Learn and explore more about Technavio’s in-depth research 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
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SOURCE Technavio