The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth.
According to our new market research study on "Portable Oxygen Concentrators Market to 2027 - COVID-19 Impact and Global Analysis - by Product, Application, and End User," the market is expected to reach US$ 2,934.90 million by 2027 from US$ 1,547.33 million in 2019; it is estimated to grow at a CAGR of 8.4% from 2020 to 2027. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth. The rising number of COVID-19 cases and increasing prevalence of respiratory diseases are the major factors fueling the market growth. However, high cost associated with the portable oxygen concentrators restrains the growth of the market during the forecast period.
Portable oxygen concentrators (POCs) are used to provide oxygen to patients who need greater oxygen levels to respire than that available in ambient air. These devices are comparable to concentrators with home-based oxygen concentrators/tanks (OC) but are smaller and can be transported easily. These devices enable patients to carry their oxygen tanks along with them and help them continue with their usual activities, thereby conferring the freedom to pursue a normal lifestyle. Factors such as the rising number of COVID-19 cases and increasing prevalence of respiratory diseases worldwide fuel the market growth. However, the high cost associated with these devices hinders the growth of the market.
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Portable Oxygen Concentrators Market Competitive Landscape
Koninklijke Philips N.V; Caire Inc. (Chart Industries); Inogen Inc.; Invacare Corporation; O2 Concepts; Nidek Medical Products, Inc.; Drive DeVilbiss International; GCE Group; Besco Medical; and Inova labs Inc. (ResMed) are among the leading companies operating in the portable oxygen concentrators market.
The outbreak of COVID-19 was first reported in December 2019 in Wuhan (China). The outbreak is impacting several markets, including the market for portable oxygen concentrators. With the continued spread of COVID-19 around the world, researchers are looking into numerous possible treatment options, including existing options. Portable oxygen concentrators have also gained a lot of attention as a part of the treatment of infected patients. Caire Inc., a US-based company, is offering an innovative portable oxygen concentrator with Airsep. These oxygenators are also being used in other regions, Europe, Asia-Pacific, Middle East and Africa, and South and Central America, in the treatment of COVID-19 cases.
Rising Number of COVID-19 Cases Worldwide
The portable oxygen concentrators are used in the treatment of chronic obstructive respiratory diseases and in COVID-19 cases as a replacement of respiratory device ventilator. The novel coronavirus can cause a significant respiratory distress and majority of the patients who do die are a result of extreme respiratory failure. The oxygen concentrators prove to be very helpful in providing supplemental oxygen or relieve breathing difficulty thereby expediting body’s healing process. The governments around the world are arranging oxygen concentrators to COVID-19 patients under home isolation to manage with sudden drop in oxygen among these patients. For instance, On June 22nd, 2020, the Chief Minister of Delhi, India made arrangements to send oxygen concentrators to patients suffering with COVID-19. With a predicted shortfall of hospital ventilators needed to treat people diagnosed with COVID-19 disease with breathing problems, the US FDA has authorized the use of oxygen concentrators and similar devices to help cover the forecasted shortage. Also stated that hospitals and other healthcare providers could repurpose (breathing) machines including oxygen concentrators as ventilators. Thus, increasing prevalence of COVID-19 cases, scarcity of ventilators for COVID-19 patients, and respiratory disorders are driving the portable oxygen concentrators devices market.
The higher adoption of home health care products depending upon patient’s feasibility is the factor that is expected to drive the portable oxygen concentrator devices market during 2020–2027. The portable oxygen concentrator market is expected to grow with the greater adoption of home care products facilitating patient’s comfort. Portable oxygen concentrators dispense oxygen in the similar way as that of oxygen tanks. However, instead of the limited amount of pressurized oxygen that can be used through the oxygen tanks, the concentrators use a filtering system that takes ambient air in from around the patient, compress and modify it to medical-grade standards. The chronic respiratory disease patients, with supplemental oxygen requirement at home and during travel, usually prefer these portable concentrators due to the ease of use. Improved performance, lightweight nature, upfront costs, and unlimited oxygen supply are among the factors that make these devices ideal for home healthcare. Thus, the growing preference for home health products is expected to provide an impetus for the growth of the portable oxygen concentrators market during the forecast period.
Portable Oxygen Concentrators Market Segmentation Review
Based on products, the portable oxygen concentrators market was segmented into continuous flow and pulse flow. In 2019, the continuous flow segment held a larger share in the market and is expected to continue to be a leading shareholder till 2027. This growth is attributed to the high penetration of portable oxygen concentrators with continuous flow, rapid technological advancements, and ongoing use of this equipment in oxygen therapies. On the other hand, the market for pulse flow is expected to grow at a higher CAGR owing to factors such as better efficiency, short-pulse delivery, and travel friendly as well as easy functionality. The pulse flow concentrators are more complex and advanced than that of the continuous flow oxygenators. As the pulse flow oxygen concentrators are smaller machines, these devices generate more modest volumes of oxygen.
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