Portable Oxygen Concentrators Market

Portable Oxygen Concentrators Market Overview 2024-2032:

The global portable oxygen concentrators market size reached US$ 1.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.4 Billion by 2032, exhibiting a growth rate (CAGR) of 7.3% during 2024-2032. The rising incidences of respiratory diseases such as chronic obstructive pulmonary disease, asthma, and cystic fibrosis, the growing preference for home-based medical care, and the increasing geriatric population are some of the major factors propelling the market.

Portable oxygen concentrators (POCs) are medical devices that provide a concentrated supply of oxygen to individuals with respiratory conditions. They are designed to deliver oxygen therapy on-the-go, allowing patients to maintain an active lifestyle and receive the necessary oxygen support outside of traditional healthcare settings. These concentrators are compact, lightweight, and easily transportable unlike traditional oxygen therapy methods that rely on oxygen cylinders or stationary concentrators. They operate by drawing in ambient air, filtering out nitrogen and other gases, and delivering a higher concentration of oxygen to the user.

The market is primarily driven by the increasing amount of environmental pollution due to carbon dioxide (CO₂) emissions. In addition, the escalating demand for POCs by travelers and mountaineers in places wherein the oxygen level is inadequate represents another major growth-inducing factor. Besides, technological advancements have significantly contributed to the growth of the market. Manufacturers are continuously innovating to develop lightweight, compact, and user-friendly devices that offer enhanced portability and convenience for patients, which is also augmenting the market growth. Moreover, the growing expenditure on healthcare infrastructure across the globe is also propelling the market growth. Furthermore, the rising demand for portable oxygen concentrators for the patients suffering from sleep apnea due to its easy of mobility, is creating a favorable market outlook across the globe.

Portable Oxygen Concentrators Market Trends/Drivers:

The rising incidences of respiratory diseases

The growing number of individuals diagnosed with respiratory diseases such as lung cancer, COPD, asthma, pulmonary fibrosis, and flu, necessitates the availability of effective oxygen therapy solutions. POCs offer a portable and convenient option for delivering oxygen to patients, enabling them to manage their conditions and improve their quality of life. The rising incidences of respiratory diseases are directly contributing to the increased demand for POCs in the market. Moreover, POCs enable healthcare providers to extend care beyond the hospital walls, facilitating home-based oxygen therapy and reducing the burden on healthcare facilities. Additionally, POCs can be a cost-effective solution compared to traditional oxygen therapy methods, as they eliminate the need for frequent cylinder refills or stationary concentrator maintenance.

The growing preference for home-based medical care

Home-based medical care emphasizes the need for portable medical devices that enable patients to receive treatment without being confined to a hospital or clinic. POCs align with this requirement by providing a convenient and lightweight solution for delivering oxygen therapy at home. As a result, the growing preference for home-based care is escalating the demand for portable oxygen concentrators. Moreover, home-based medical care offers potential cost savings for healthcare systems by reducing hospital stays, readmissions, and emergency department visits. POCs enable patients to receive oxygen therapy at home, minimizing the need for hospital admissions related to respiratory conditions. This optimization of healthcare resources and cost-effectiveness is a driving factor in the integration of POCs into home-based care strategies.

The increasing geriatric population

As individuals age, the risk of developing respiratory conditions such as chronic obstructive pulmonary disease (COPD), pneumonia, and other lung-related ailments increases. These conditions often require long-term oxygen therapy to manage symptoms and improve the quality of life. Consequently, the rising geriatric population directly contributes to the increased prevalence of respiratory diseases, leading to a higher demand for POCs as an essential medical device for oxygen therapy. Moreover, POCs offer the necessary mobility and portability for the elderly population to continue their active lifestyle while receiving the oxygen support they require. The desire for active aging among the geriatric population drives the demand for POCs that enable them to participate fully in their desired activities.

Portable Oxygen Concentrators Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global portable oxygen concentrators market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on technology, application, and end user.

Breakup by Technology:

• Continuous Flow
• Pulse Flow
   

Pulse flow presently dominates the market

The report has provided a detailed breakup and analysis of the market based on technology. This includes continuous flow and pulse flow. According to the report, pulse flow represented the largest segment.

Pulse flow POCs operate by delivering oxygen in a pulsed or intermittent fashion, synchronized with the patient's inhalation. This intermittent delivery method allows for significant battery savings compared to continuous flow POCs. By delivering oxygen only when the patient breathes in, pulse flow POCs conserve energy, resulting in extended battery life. This feature is highly valued by users as it provides them with greater mobility and independence, allowing them to use the POC for longer durations without the need for frequent recharging or battery replacements. Moreover, these POCs are typically smaller, lighter, and more compact compared to continuous flow devices. This compact design enhances portability and ease of use, enabling users to carry the POC with them wherever they go. The lightweight nature and smaller size of pulse flow POCs contribute to their popularity among individuals who require oxygen therapy while maintaining an active lifestyle or traveling.

Breakup by Application:

• Chronic Obstructive Pulmonary Disease (COPD)
• Asthma
• Respiratory Distress Syndrome
• Sleep Apnea
• Others
   

Chronic obstructive pulmonary disease (COPD) represents the leading segment

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes chronic obstructive pulmonary disease (COPD), asthma, respiratory distress syndrome, sleep apnea, and others. According to the report, chronic obstructive pulmonary disease (COPD) represented the largest segment.

COPD is a prevalent respiratory disease globally, with a significant number of individuals diagnosed with the condition. The high prevalence of COPD directly translates to a larger patient base in need of oxygen therapy, driving the demand for POCs. Oxygen therapy plays a crucial role in managing COPD and improving patients' quality of life as many individuals with COPD require long-term oxygen therapy to maintain adequate oxygen levels and alleviate symptoms such as shortness of breath. Besides, the POC market has witnessed significant technological advancements, improving the performance, efficiency, and convenience of POCs for COPD patients. Advanced sensors, algorithms, and control systems in POCs enable precise oxygen delivery, synchronization with the patient's breath, and extended battery life. These technological advancements enhance the user experience, making POCs more user-friendly and reliable for COPD patients.

Breakup by End User:

• Hospitals
• Ambulatory Surgery Centers
• Others
   

Ambulatory surgery centers hold the largest share in the market

A detailed breakup and analysis of the market based on the end user has also been provided in the report. This includes hospitals, ambulatory surgery centers, and others. According to the report, ambulatory surgery centers represented the largest segment.

ASCs have witnessed significant growth and popularity in recent years due to various advantages they offer. ASCs provide a cost-effective alternative to inpatient hospital stays, allowing patients to undergo surgical procedures in a more efficient and comfortable setting. The increasing number of ASCs globally directly contributes to the larger customer base and demand for POCs in these facilities. Moreover, many surgical procedures performed in ASCs require the administration of supplemental oxygen to ensure patient safety and comfort. POCs are the preferred choice for oxygen therapy in ASCs due to their portability, ease of use, and convenience. The compact size and mobility of POCs make them well-suited for use in outpatient settings, enabling patients to receive oxygen therapy while moving around the facility.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance, accounting for the largest portable oxygen concentrators market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market.

North America has a significant prevalence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD), asthma, and other lung-related ailments. The region's aging population, environmental factors, and lifestyle choices contribute to the higher occurrence of respiratory conditions. The greater prevalence of these diseases creates a larger patient base in need of oxygen therapy, driving the demand for POCs in North America. Moreover, the region boasts a well-developed healthcare infrastructure, characterized by advanced medical facilities, a robust healthcare system, and significant investments in healthcare research and development. The presence of advanced hospitals, clinics, and ambulatory surgery centers creates a conducive environment for the adoption of POCs. Besides, the POC market has witnessed continuous technological advancements, and North America has been at the forefront of these innovations. The region is home to several key players in the healthcare and medical device industry, fostering a culture of research and development.

Competitive Landscape:

The competitive landscape of the market is characterized by the presence of several key players competing to gain market share. These companies strive to develop innovative products, expand their distribution networks, and provide comprehensive after-sales support. Nowadays, the leading players are investing in research and development (R&D) activities to develop advanced product variants. They are also designing a diverse range of POC models designed for both home and travel use. Moreover, various key players are engaging in collaborations and mergers and acquisitions (M&As) to strengthen their market foothold and gain a competitive edge in the market.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Caire Inc. (NGK Spark Plug Co. Ltd)
• Chart Industries Inc.
• Drive Devilbiss Healthcare Limited (Drive International LLC)
• Inogen Inc.
• Invacare Corporation
• Koninklijke Philips N.V
• Nidek Medical India Pvt Ltd
• O2 Concepts LLC
• Precision Medical Inc. (BioHorizons Inc.)
• Resmed Inc.
• Teijin Limited

Recent Developments:

• Philips Respironics, a subsidiary of Philips company, is introducing a range of POCs with advanced features such as extended battery life, user-friendly interfaces, and connectivity options.
• Inogen Inc., a leading manufacturer of POCs specializing in lightweight and portable devices, is focusing on direct-to-consumer sales and providing excellent customer service to strengthen its market foothold.
• ResMed Inc., a leading provider of medical devices and solutions for sleep apnea and respiratory disorders, has expanded its portfolio to include POCs that offer advanced features, comfort, and efficient oxygen delivery. The company is also integrating technology and data connectivity to enhance patient monitoring and therapy management.

Portable Oxygen Concentrators Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the portable oxygen concentrators market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global portable oxygen concentrators market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the portable oxygen concentrators industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.