The portable oxygen concentrators market was valued at US$ 1.79 billion in 2021 and is expected to reach US$ 4.18 billion by 2031. The market is expected to register a CAGR of 9.0% in 2023–2031. Increasing preference of home care products will likely remain a key portable oxygen concentrators market trend.
Portable Oxygen Concentrators Market Analysis
A portable oxygen concentrator (POC) is a tool used to administer oxygen treatment to patients who need greater doses of oxygen than that in normal air. It's comparable to a concentrator with home oxygen (OC), but is more mobile and reduced in size. These devices enable patients to carry their oxygen and help them continue their usual activities, allowing them the freedom to continue a normal lifestyle.
Portable Oxygen Concentrators Market Overview
The rising prevalence of chronic respiratory diseases and the demand for external oxygen to manage these diseases are boosting the market's growth. Additionally, many manufacturers engaged in manufacturing advanced portable oxygen concentrators are further driving the growth of the country's market. Moreover, increasing awareness among consumers regarding healthcare spending have led to the demand for health supplemental oxygen in North America.
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Portable Oxygen Concentrators Market: Strategic Insights
Market Size Value in US$ 1,547.33 Million in 2019 Market Size Value by US$ 2,934.90 Million by 2027 Growth rate CAGR of 8.4% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Portable Oxygen Concentrators Market: Strategic Insights
| Market Size Value in | US$ 1,547.33 Million in 2019 |
| Market Size Value by | US$ 2,934.90 Million by 2027 |
| Growth rate | CAGR of 8.4% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Portable Oxygen Concentrators Market Drivers and Opportunities
Increasing Prevalence of Respiratory Diseases
Chronic obstructive pulmonary disease (COPD), asthma, pneumonia, and other respiratory diseases are creating a huge burden on the public healthcare system in several countries across the world. Infections, Smoking, and genetic factors can cause serious respiratory complications. In 2021, The American Lung Association reported that COPD is the third leading cause of death in the US, and over 16.4 million people are diagnosed with the condition. Data published by the Asthma and Allergy Foundation of America, ∼ 26 million people in the US had asthma in 2022, which is one of the most common respiratory diseases in the world. As per the World Health Organization (WHO), pneumonia accounted for 14% of the total deaths (i.e., 740,180 deaths) of children below the age of 5 years across the world in 2019. Patients suffering from respiratory disorders usually experience breathing issues and oxygen shortages. The patients suffering from these respiratory disorders commonly experience difficulty in breathing and face oxygen shortage. Thus, the availability of supplemental oxygen through portable oxygen concentrators has helped to improve the survival rates of the patients suffering with the above-mentioned medical conditions. The rising demand for portable oxygen concentrators among patients with respiratory disorders are thus driving growth of the market over the forecast years.
Technological Advancement in Portable Oxygen Concentrators– An Opportunity in the Portable Oxygen Concentrators Market
The launch of portable oxygen concentrator devices is creating dynamic competition among players to keep up their position in the market. The players are developing multiple advanced products for buyers, including various alternatives for treating sleep apnea and respiratory disorders. For instance, in February 2018, GCE Healthcare introduced a remote monitoring platform named Clarity for oxygen concentrators in the US. The company launched the same product in the European Union in February 2020. Furthermore, The OMRON medical molecular sieve oxygen concentrator, the newest oxygen delivery technology from Japanese electronics manufacturer OMRON, was introduced in July 2022 by OMRON Healthcare, the company's healthcare division. Recently, in November 2020, CAIRE, a Georgia-based oxygen supply manufacturer, launched FreeStyle Comfort, a portable oxygen cylinder equipped with autoSAT technology that has a self-adjusting, proprietary clinical feature ensuring consistent delivery of oxygen bolus to patients who have trouble in regular breathing due to various respiratory conditions.
Portable Oxygen Concentrators Market Report Segmentation Analysis
Key segments that contributed to the derivation of the portable oxygen concentrators market analysis are disorder and service providers.
- Based on products, the portable oxygen concentrators market is segmented into continuous flow, pulse flow. The continuous flow segment held a larger market share in 2023.
- By application, the portable oxygen concentrators market is segmented into COPD, asthma, respiratory distress syndrome, others. The COPD segment held the largest share of the market in 2023.
- By end users, the portable oxygen concentrators market is segmented into hospitals, homecare settings, others. The homecare settings segment held the largest share of the market in 2023.
Portable Oxygen Concentrators Market Share Analysis by Geography
The geographic scope of the portable oxygen concentrators market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The US Food and Drug Administration in the midst of coronavirus pandemic undertook significant actions to increase the availability of respiratory equipment including ventilators, accessories and its alternate solutions. In March 2020, as a wide-ranging emergency policy, U.S. Food and Drug Administration (FDA) has committed to providing enforcement policy and guidelines for ventilators and other respiratory accessories. During the pandemic, the FDA has planned to expand the availability and production of these devices during this pandemic. The Emergency Use Authorization issued by the FDA enables use of these machines for treating COVID-19 patients following a manufacturer’s official request. In order for these devices to work seamlessly as an alternate solution, the American Society of Anesthesiologists ruled out a guidance document in March 2020 recommending the healthcare professionals to undertake extra precautions with the use of non-invasive respiratory devices including the portable oxygen concentrators.
Portable Oxygen Concentrators Market Report Scope
Portable Oxygen Concentrators Market News and Recent Developments
The portable oxygen concentrators market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for portable oxygen concentrators:
- With the introduction of the LifeStyle portable oxygen concentrator in the US, Carire significantly raised the standard of living for oxygen users everywhere. (Source: Carire, 2022).
- The ARYA Portable Oxygen Concentrator was introduced in the US by ARYA BioMed Corp. The powerful battery-powered system of ARYA's portable oxygen concentrator charges fast, and it is remarkably light. (Source: ARYA BioMed Corp, Press Release, 2022).
Portable Oxygen Concentrators Market Report Coverage and Deliverables
The “Portable Oxygen Concentrators Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product , Application , End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Middle East and Africa, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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