The Sudden Outbreak of COVID-19 had a positive impact on the growth of the market owing to the increasing demand for the Portable oxygen concentrates to treat the COVID-19 infected patients. For instance, In 2021, United Nations International Children's Emergency Fund(UNICEF) published that Oxygen Concentrator has been Vital in UNICEF's response to the COVID-19 pandemic, providing life-saving oxygen to patients struggling to breathe. Thus such increasing demand for portable oxygen concentrators during the pandemic propelled the growth of the market.
A portable oxygen concentrator (POC) is a device used to provide oxygen therapy to people that require greater oxygen concentrations than the levels of ambient air. As they are small enough to carry and many are now approved for use on airplanes as well. Therefore as a result demand for portable oxygen concentrators is found increasing.There is also an increasing prevalence of respiratory diseases and a growing geriatric population globally that has increased the overall demand for portable oxygen concentrators. For instance, According to the World Health Organization (WHO) 2021, COPD is the third- leading cause of death worldwide, causing 3.23 million deaths. Over 80% of these deaths occured in low and middle income countries. Hence these factors have hence acted as driving factors for the growth of the market. However, the risk of respiratory diseases due to unclean and contaminated equipment and adverse effects such as skin irritation may help in hindering the growth of the market.
Asthma is one of the major non-communicable diseases. It is a chronic disease of the air passages of the lungs which inflames and narrows them. According to a World Health Organization 2021 report, Asthama affected an estimated 262 million people and caused 46,1000 deaths. Asthma is the most common chronic disease among children. Additionally, according to the World Ageing 2020 report, in 2020 there were around 727 million people aged 65 years or more in the world. The number of older persons is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years and over increased from 9.3% in 2020 to reach 16% by 2050. Hence owing to the fact that asthma is a widely prevalent disease found in people over the age of 65, the growing geriatric population is expected to drive the growth of the market. Moreover, the prevalence of asthma seems to be increasing. The portable oxygen concentrators can be easily carried and hence are found to be very useful for asthma patients. Hence, increasing the prevalence of asthma is expected to help the portable oxygen concentrators market grow.
The prevalence of respiratory disorders is high in North American countries. According to the Asthma and Allergy Foundation of America in 2020, Approximately 25 million Americans have asthma. This equals 1 in 13 Americans including 8 percent of adults and 7 percent of Children. the same report states that about 20 million of United States adults age 18 and over have asthma.
This has thus created a high demand for portable oxygen concentrators for therapies like oxygen therapy.
However, the United States and Canada have a developed and well-structured health care system. These systems also encourage research and development. These policies encourage global players to enter the US and Canada. As a result, these countries enjoy the presence of many global market players. As high demand is met by the presence of global players in the region, the market is further expected to increase.
Majority of the portable oxygen concentrators are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Some of the companies which are currently dominating the market are Koninklijke Philips N.V., Chart Industries, Inc, Invacare Corporation, Inogen Inc, Drive Devilbiss Healthcare, O2 Concepts LLC, Nidek Medical, GCE Group, Caire Inc, Precision Medical and others
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A portable oxygen concentrator (POC) is a device used to provide oxygen therapy to people that require greater oxygen concentrations than the levels of ambient air. As they are small enough to carry and many are now approved for use on airplanes as well. Therefore as a result demand for portable oxygen concentrators is found increasing.There is also an increasing prevalence of respiratory diseases and a growing geriatric population globally that has increased the overall demand for portable oxygen concentrators. For instance, According to the World Health Organization (WHO) 2021, COPD is the third- leading cause of death worldwide, causing 3.23 million deaths. Over 80% of these deaths occured in low and middle income countries. Hence these factors have hence acted as driving factors for the growth of the market. However, the risk of respiratory diseases due to unclean and contaminated equipment and adverse effects such as skin irritation may help in hindering the growth of the market.
Key Market Trends
Application in Asthma is Expected to Cover a Large Market Share
Asthma is one of the major non-communicable diseases. It is a chronic disease of the air passages of the lungs which inflames and narrows them. According to a World Health Organization 2021 report, Asthama affected an estimated 262 million people and caused 46,1000 deaths. Asthma is the most common chronic disease among children. Additionally, according to the World Ageing 2020 report, in 2020 there were around 727 million people aged 65 years or more in the world. The number of older persons is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years and over increased from 9.3% in 2020 to reach 16% by 2050. Hence owing to the fact that asthma is a widely prevalent disease found in people over the age of 65, the growing geriatric population is expected to drive the growth of the market. Moreover, the prevalence of asthma seems to be increasing. The portable oxygen concentrators can be easily carried and hence are found to be very useful for asthma patients. Hence, increasing the prevalence of asthma is expected to help the portable oxygen concentrators market grow.
North America is Expected to Dominate the Portable Oxygen Concentrators Market
The prevalence of respiratory disorders is high in North American countries. According to the Asthma and Allergy Foundation of America in 2020, Approximately 25 million Americans have asthma. This equals 1 in 13 Americans including 8 percent of adults and 7 percent of Children. the same report states that about 20 million of United States adults age 18 and over have asthma.
This has thus created a high demand for portable oxygen concentrators for therapies like oxygen therapy.
However, the United States and Canada have a developed and well-structured health care system. These systems also encourage research and development. These policies encourage global players to enter the US and Canada. As a result, these countries enjoy the presence of many global market players. As high demand is met by the presence of global players in the region, the market is further expected to increase.
Competitive Landscape
Majority of the portable oxygen concentrators are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Some of the companies which are currently dominating the market are Koninklijke Philips N.V., Chart Industries, Inc, Invacare Corporation, Inogen Inc, Drive Devilbiss Healthcare, O2 Concepts LLC, Nidek Medical, GCE Group, Caire Inc, Precision Medical and others
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Koninklijke Philips N.V
- Chart Industries, Inc.
- Invacare Corporation
- Inogen, Inc.
- Drive Devilbiss Healthcare
- O2 Concepts LLC
- Nidek Medical
- GCE Group
- Caire Inc
- Precision Medical
Methodology
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