The latest market report published by Credence Research, Inc. “Portable Oxygen Concentrators Market: Growth, Future Prospects, and Competitive Analysis, 2018 – 2026” the portable oxygen concentrators market was valued at US$ 914.2 Mn in 2017 and expected to reach US$ 2,101.3 Mn by 2026 at a CAGR of 9.7% during the forecast period from 2018 to 2026.
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The global portable oxygen concentrators market shows productive growth during the forecast period from 2018 to 2026. Portable oxygen concentrators (such as macromolecule oxygen permeable membrane/molecular sieve oxygen concentrator, chemical oxygen & electrolysis oxygen concentrator) support in the therapeutic treatment of numerous respiratory disorders. COPD in the indication segment holds the major share in the portable oxygen concentrators market in 2018.
Pulse dose portable oxygen concentrators are widely utilized on a global scale, as they are lightweight in nature and provide a long battery life. Portable oxygen concentrators (pulse dose and continuous flow) have been approved by Federal Aviation Administration, which has resulted in the demand in the aviation industry. Presently, top manufacturers are mainly focused on device mobility, design, smaller and lightweight. Globally, the original equipment manufacturers (OEM) of portable mobile devices are in a race to advance the new products mechanically and technically.
Incidences of COPD, sleep apnea and asthma is increasing mainly in the elderly population. Portable oxygen concentrators improve the quality of life among elderly patients with poor respiratory conditions who face difficulties in carrying out their daily events. However, high costs of medical devices, less awareness and limited reimbursement structure will restrain the market growth during the forecast period. The market in the Asia Pacific is witnessing ascendant growth due to the presence of multispecialty clinics/hospitals, along with trained medical professionals. Moreover, remarkable adoption of portable mobile devices in the emerging nations will drive the growth on a global scale. Demand in the household and travelling segment will grow during the forecast period in the developing nations.
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Key Market Movements:
- Globally, the portable oxygen concentrators market remains to show a productive growth with a CAGR of 9.7% for the period from 2018 to 2026
- By type, the pulse dose segment shows lucrative growth with increasing applications in the end user industry
- Increasing preference for homecare settings, launch of novel devices with improved features, and increasing healthcare expenditure in the emerging nations will further spur revenue growth globally
- Major players in this vertical are Koninklijke Philips N.V., Invacare Corporation, Medical Depot, Inc., Precision Medical, Inc., Inogen, Inc., O2 Concenpts, LLC, CAIRE, Inc., GCE Group, Besco Medial Co., LTD, Nidek Medical, OSI Systems, Smiths Medical, Inc. and others.