A massive population suffers from Chronic Obstructive Pulmonary Disease (COPD), moving the growth trajectory for global portable oxygen concentrators market upward
In 2016, 251 million people suffered from COPD and the numbers would remain buoyant over the period 2018 to 2026
ALBANY, New York, Feb. 17, 2020 /PRNewswire/ -- Multiple factors are set to drive the global Portable Oxygen Concentrators Market to a higher worth of USD 3.1 bn. by the end of 2026 from around USD 1.0 bn. in 2017. This translates to an impressive Compound Annual Growth Rate (CAGR) of 9.1% between 2018 and 2026, states Transparency Market Research.
"The growth of global portable oxygen concentrators market would be sustained over the assessment period by technological advancement, growing demand for home-based care, and increase in incidence of Chronic Obstructive Pulmonary Disease. The latter is witnessing a surge owing to deteriorating air quality index across global cities and growing numbers of smokers." as per Transparency Market Research
Key Findings of the Portable Oxygen Concentrators Market Study
- Pulse Flow product type to be a lucrative segment for global portable oxygen concentrators market owing to longer battery life, lower cost, and higher energy efficiency; patients favor its leaner unit size
- Basis indication, COPD to dominate the segment owing to growing prevalence – a result of increase in pollution level and unhealthy lifestyle choices such as smoking
- The homecare end-user segment to contribute the most, followed by travel segment owing to easy handling and use of products
Explore 188 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Portable Oxygen Concentrators market by Product - Pulse Flow, Continuous Flow; Indication - Chronic Obstructive Pulmonary Disease (COPD), Asthma, Sleep Apnea; End user - Homecare, Travel, Hospital, Others.
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Portable Oxygen Concentrators Market: Key Driving Factors
- Growing geriatric population and incidence of diseases related to the respiratory system are paving way for higher demand of portable oxygen concentrators market over the forecast period, states Transparency Market Research. Factors underlying growth in the market over this period include the following:
- In 2018, number of people aged 65 and above surpassed that of people aged five and below for the first time in human history; by 2050, one in every six people across the globe will fall in this age group for geriatrics – one in every four in North America and Europe
- This segment of population stated above is susceptible to respiratory issues and disorders, leading to growth in demand for portable oxygen concentrators market over the assessment period
- In 2014, 20% (or over 1 billion) people on a global level smoked and the number is set to increase with lifestyle getting hectic and stressful
- Deterioration of air quality due to burning of fossil fuels at a massive scale to increase the burden of COPD over the coming years
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Key Impediments for Portable Oxygen Concentrators Market Players
The upward growing trajectory for 2018 to 2026 for the global portable oxygen concentrators market will only be restrained to a certain extent by low awareness levels, particularly in developing nations, and low market penetration in the same regions.
However, players such as Royal Phillips are taking on the task of increasing awareness with determination. It recently – in the year of 2017 - partnered with Russell Winwood to achieve the goal. The route taken involved motivational content, disseminated to empower and educate patients by engaging them with the campaign. Such initiatives will not just improve awareness but also market penetration, counteracting the restrictions imposed by these factors.
Portable Oxygen Concentrators Market: Region-wise Analysis
- North America will lead the global portable oxygen concentrators market over the forecast period owing to high technological adoption, high level of disposable income, and a rapidly ageing population
- The region that will witness a significant growth rate over the forecast period is Asia Pacific (APAC) owing to increasing number of smokers, rapid industrialization causing higher pollution levels, and a widening base of tobacco consumers; governments in the region are trying to improve healthcare outcomes by increasing expenditure
Analyze Portable Oxygen Concentrators market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Key players that mark the global portable oxygen concentrators market include ResMed, Invacare Corporation, Medical Depot, Inc. dba DeVilbiss Healthcare, Precision Medical, Inc., O2 Concepts, LLC., GCE Group, CAIRE Inc. (Chart Industries), Inogen, Besco Medical Co., LTD, and Koninklijke Philips N.V. These are profiled comprehensively by Transparency Market Research, which states that focus for most players would be innovation over the assessment period. As solutions that hit the market cut the mark, claim over market share would get stronger, consolidating position of players in market.
Transparency Market Research has segmented the Portable Oxygen Concentrators market based on product, indication, end user, and region.
- Pulse Flow
- Continuous Flow
- Chronic Obstructive Pulmonary Disease (COPD)
- Sleep Apnea
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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