IMARC Group, a leading market research company, has recently released a report titled "Portable Oxygen Concentrators Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global portable oxygen concentrators market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Portable Oxygen Concentrators Industry?
According to the report, The global portable oxygen concentrators market size reached US$ 1.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2028, exhibiting a growth rate (CAGR) of 8.3% during 2023-2028.
What is Portable Oxygen Concentrators?
Portable oxygen concentrators (POCs) are medical devices designed to deliver oxygen therapy to individuals with low oxygen levels in their blood. They are equipped with various delivery modes, such as pulse or on-demand and continuous flow, to ensure efficient oxygen delivery. They depend on either an electrical source or a portable battery to function and extract oxygen from the atmosphere to produce concentrated medical-grade gas. They are compact, lightweight, and easily portable. In addition, they can help achieve improved sleep, increased mental alertness, and enhanced stamina by providing a steady supply of oxygen. As a result, POCs are gaining immense traction among individuals with breathing disorders such as asthma and chronic obstructive pulmonary disease (COPD) .
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What are the growth prospects and trends in the portable oxygen concentrators industry?
The market is primarily driven by the rising incidences of respiratory disorders, including pulmonary fibrosis, lung cancer, and pneumonia, among individuals across the globe. In addition, the growing geriatric population susceptible to these ailments, and increasing awareness regarding advanced care methods is contributing to the market growth. Moreover, technological advancements in POCs, such as improved battery life and miniaturized membrane technology, represents another major growth-inducing factor. Besides this, the recent onset of the coronavirus disease (COVID-19) pandemic has also accelerated the demand for POCs. Along with this, the surging needs forhigh-quality oxygen due to the increasing environmental pollution caused by carbon dioxide (CO2) emissions are propelling the market growth. Furthermore, the escalating product demand among travelers and mountaineers who require oxygen in places with inadequate oxygen levels is creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Technology:
- Continuous Flow
- Pulse Flow
Breakup by Application:
- Chronic Obstructive Pulmonary Disease (COPD)
- Asthma
- Respiratory Distress Syndrome
- Sleep Apnea
- Others
Breakup by End User:
- Hospitals
- Ambulatory Surgery Centers
- Others
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)
- The Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
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