New study: Portable Oxygen Concentrators Market Forecast to 2026
An oxygen concentrator is a device that concentrates oxygen from a gas supply, typically from ambient air. The device selectively removes nitrogen from gas and supplies an oxygen-enriched gas stream. It has molecular sieves that adsorb gases such as nitrogen onto the zeolite membrane. The portable oxygen concentrator is used for providing oxygen therapy to people who require greater concentration of oxygen, as compared to that present in ambient air.
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Most of the portable oxygen concentrators work on pressure swing adsorption (PSA) technology. PSA technology separates specific gases from a mixture of gases under pressure, based on the molecular characteristics of the gas and its affinity for a particular adsorbent material.
The increasing prevalence of chronic obstructive pulmonary disease is one of the major factors that is driving the growth of the portable oxygen concentrators market. The prevalence of COPD is increasing mainly due to rising environmental pollution and changing lifestyles such as increased smoking. Other factors that are driving the growth of the market are technological advancements in portable oxygen concentrators and a rising geriatric population.
However, poor reimbursement policies, particularly in some developing countries, are expected to hinder the growth of the market. There is an increasing demand for lightweight oxygen concentrators.
The global portable oxygen concentrator market report covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market. An in-depth analysis of the regional and country level market at the various segment and sub-segment levels has been provided. The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to the competitive landscape of the market and the recent strategies & product launches that will assist or affect the market in the near future.
The pulse flow technology segment is expected to grow at a high CAGR during the forecast period
Based on the delivery system, the market has been segmented into continuous flow and pulse flow. Pulse flow oxygen concentrators intermittently administer a volume of oxygen in millilitres per breath, whereas in continuous flow oxygen concentrators, the volume of oxygen delivered is measured in litres per minute. Continuous flow oxygen concentrators are heavier and bulkier as compared to pulse flow oxygen concentrators. The pulse flow oxygen concentrators segment is expected to dominate the market in terms of value. Pulse flow oxygen concentrators are small in size and weigh as less as 5 pounds, and are therefore, being increasingly used by patients. Pulse flow oxygen concentrators are also energy-efficient and they have a longer battery life.
The COPD segment to hold major market share throughout the forecast period
Based on indication, the market is segmented into asthma, COPD, respiratory distress syndrome, and others. The COPD segment held a major share in the market in the base year. It is expected to continue its dominance in terms of market share during the forecast period. The major factors responsible for maintaining its leading position are the rising prevalence of COPD worldwide and the efficacy of portable oxygen concentrators in providing supplemental oxygen therapy for COPD patients.
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In terms of end-user, the Homecare settings segment is expected to dominate the market
In terms of end-user, the market has been segmented into hospitals, homecare settings, and others. The homecare setting segment held the highest share in the base year and is expected to dominate the market during the forecast period. Technological advancements in portable oxygen concentrators and a rising geriatric population are some of the factors for the dominance of the homecare settings segment.
North America dominates the portable oxygen concentrators market
Technological advancements have led to the development of lightweight and small portable oxygen concentrators. North America has a high prevalence of asthma, COPD, and other respiratory diseases. Approximately 2.5 million people in the United States are on oxygen therapy. This, coupled with favourable reimbursement policies in this region, is the major factor to support the dominance of this region in the portable oxygen concentrators market. The region is expected to maintain its dominance throughout the forecast period.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The rising prevalence of COPD, asthma, and other target diseases, coupled with the rising geriatric population, is expected to drive the growth in the Asia Pacific region. Furthermore, improvements in healthcare infrastructure, increased healthcare spending, and increased awareness about and acceptance of portable oxygen concentrators, will help drive the growth of the portable oxygen concentrators in the Asia-Pacific region.
Company Profiles and Competitive Intelligence:
The key players operating in the global portable oxygen concentrators market are Besco Medical Co., LTD (China), Caire Inc (US), Drive Devilbiss Healthcare (US), GCE Group (Sweden), Inogen, Inc. (US), Invacare Corporation (US), Koninklijke Philips N.V (the Netherlands), Nidek Medical (US), and O2 Concepts LLC (US).
Companies are launching new and technologically-advanced products in order to cater to the growing demand in the market. For instance, in 2018, Caire Inc. launched a new portable oxygen concentrator named the FreeStyle Comfort. The device weighs only 5 pounds and has been designed with a curve that rests against the body’s natural contour. It delivers up to 1,050 ml of oxygen per minute and has three different power options – DC, AC, and rechargeable battery. The device is also FAA approved for use in commercial flights.
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