Portable Oxygen Concentrators Market

Global Portable Oxygen Concentrators Market Size (2024 to 2032)

The global portable oxygen concentrators market size is forecasted to be worth USD 3.42 billion by 2032 from USD 1.84 billion in 2024, registering a CAGR of 8.08% between 2024 to 2032.

A portable oxygen concentrator is a medical device used to supply oxygen to patients suffering from respiratory-related problems. Concentrators are used to differentiate or divide the nitrogen and oxygen present in the air and dispose of away the nitrogen. Then 95% of the pure oxygen is taken and supplied to the patients through the oxygen mask. These devices are smaller and are easy to carry, and lightweight during traveling. Patients can easily do their regular activities, which makes them lead a free lifestyle.

MARKET DRIVERS

The growing prevalence of COPD, respiratory distress syndrome, asthma prevalence and other respiratory diseases worldwide are propelling the growth of the global portable oxygen concentrators market.

The global portable oxygen concentrators market is further majorly supported by factors such as the increasing patient population suffering from COPD and asthma from worldwide. An estimated 300 million people have asthma worldwide, which is further predicted to reach 4.5 million by 2030. The growing aging population around the world is estimated to add fuel to the market's growth rate. The transition from conventional cylinders to portable oxygen concentrators would fuel the demand for portable oxygen concentrators. The increasing concentration of players in emerging markets, on the other hand, is expected to boost demand for POC during the forecast period. The primary growth drivers for the market in North America are well-established health infrastructure, the involvement of key players, and rising knowledge of advanced care methods. Favorable reimbursement programs and increasing investment funding by government and private individuals are encouraged to market growth. Mergers and acquisitions between the regions encourage regional market development and create a platform for new market players, influencing market growth. 

MARKET RESTRAINTS

The risk of respiratory diseases due to unclean and contaminated equipment and adverse effects such as skin irritation is restraining the global portable oxygen concentrators market.

Also, reimbursement policies and government regulations on portable oxygen concentrators in some countries are likely to impede market growth. The global pandemic has created a supply chain disruption in the recent past, leading to a market growth decline. One of the main reasons impeding development is the high costs associated with it. The market growth is limited to some degree by the low number of permits for non-portable and single-use equipment. The lack of public knowledge about portable oxygen concentrators and a scarcity of qualified practitioners can curtail global market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Portable Oxygen Concentrators Market Analysis By Product

Based on the product, the portable oxygen concentrator & cylinders segment captured the major share of the global market in 2023 and is expected to grow promisingly during the forecast period. Factors include the growing patient population suffering from asthma and pneumonia and the increasing number of approvals for portable concentrators. In addition, the rising number of air travelers and growing number of R&D activities around portable oxygen concentrators are fuelling the segment's growth rate. The benefits associated with portable oxygen concentrators and cylinders, such as portability, ease of use, convenience, and small and lightweight, are further boosting the adoption of these products and resulting in segmental growth.

The stationary oxygen concentrator & cylinders segment is predicted to grow at a steady CAGR during the forecast period. The segment's growth is driven by the increasing aging population worldwide and the rising adoption of these devices in several countries. The rising adoption of home healthcare is accelerating the segment's growth rate as the consumption of these products is growing from the patient group taking treatment from home. The growing patient population who require long-term oxygen therapy for their disease management is promoting the segment’s growth rate.

The oxygen concentrator & cylinders segment is projected to witness notable CAGR during the forecast period as the oxygen supplied with these cylinders has high purity compared with other concentrators. The rising awareness among healthcare providers regarding the benefits of portable oxygen concentrators is further fuelling the segment’s growth rate.

Global Portable Oxygen Concentrators Market Analysis By Technology

Based on technology, the continuous flow segment occupied the largest share of the global portable oxygen concentrators market in 2023 and the segment’s domination is anticipated to continue during the forecast period. The segmental growth is driven by the growing patient population suffering from respiratory diseases, the increasing aging population, and the rapid adoption of technological developments. Patients suffering from sleep apnea require a continuous oxygen supply and increasing patient count suffering from sleep apnea disease is boosting the growth of continuous portable oxygen concentrators. The benefits of continuous portable oxygen concentrators such as being user-friendly and easier to transport are contributing to the segmental growth.

The pulse flow segment is estimated to witness a steady CAGR during the forecast period. Factors such as increasing usage of pulse flow oxygen concentrators by travelers, increased portability and energy efficiency are driving the segmental growth.

Global Portable Oxygen Concentrators Market Analysis By End-User

Based on end-user, the home care segment captured the dominating share of the global portable oxygen concentrators market in 2023 and the domination of the segment is likely to continue during the forecast period. The growing adoption of home healthcare in various countries is majorly driving segmental growth. In addition, the growing aging population, increasing awareness among patients and healthcare providers regarding the benefits of portable oxygen concentrators and rising adoption of technological developments to develop advanced and effective portable oxygen concentrators are favoring the growth rate of the segment.

The non-home care segment is predicted to grow at a healthy CAGR during the forecast period. Factors such as the growing demand for supplemental oxygen therapy products such as wall-mounted and home oxygen equipment is driving the segmental growth. The growing demand for portable oxygen concentrators by healthcare facilities is another notable factor boosting the segment’s growth rate.

REGIONAL ANALYSIS

Geographically, the North American market played a dominating role in the global market in 2023 and accounted for a market share of 32.4%, as there is an increase in the elder people population. As the reports stated by the UN, the estimated population who are above 60 years of age are nearly 70 million in 2014. The population is more prone to respiratory diseases as they have a significantly less immune system and have external stimulation of oxygen capacity. The U.S. is leading the market growth of this region.

The European region stands as the second-largest region, followed by North America, which accounts for the highest revenue share and is projected to showcase promising growth in the forthcoming years. It is due to the growing stress of lung cancer throughout the region, an expected increase of respiratory diseases with a rising number of elderly people population. Germany is leading the European region.

Asia-Pacific has been considered to grow at the highest rate during the forecast period. India, China, and Japan are the essential countries contributing to market growth. Increasing discretionary expenses for the diagnosis and the treatment associated with it and initiatives taken by the government and funds in this region fuel the growth.

Latin America is expected to show steady growth in the global portable oxygen concentrators market during the forecast period. The growing prevalence of respiratory diseases and rising healthcare awareness boost growth. Brazil is dominating the portable oxygen concentrators market in the LATAM region because of changes made in the diet plan and lifestyle outcomes in the diseases' advancements.

KEY PLAYERS IN THE GLOBAL PORTABLE OXYGEN CONCENTRATORS MARKET

Some of the notable dominating the global portable oxygen concentrators market profiled in the report are Koninklijke Philips N.V., Inogen Inc., Chart Industries Inc., Resmed Inc., Invacare Corporation, Drive DeVilbiss Healthcare, Precision Medical Inc., Foshan Keyhub Electronic Industries Co. Ltd, O2 Concepts LLC, and GCE Group.

RECENT HAPPENINGS IN THIS MARKET

• In April 2019, Inogen, Inc. announced its new release of Inogen One G5, a lightweight and easy-to-carry oxygen concentrator. This new portable is designed to meet the requirements of oxygen therapy patients.
• In October 2019, Precision Medical launched its new portable oxygen concentrator, The Live Active Five, available in the market and designed to assist people suffering from respiratory diseases like COPD. This Live Active Five is easy to function, which is available with the lithium-ion battery.
• In January 2018, ResMed made a public statement about its Mobi, the first branded portable oxygen concentrator. Mobi provides the company with oxygen delivery, weight, and battery life. Many patients with COPD and other respiratory-related problems can have the right treatment at home using this ResMed oxygen therapy.

DETAILED SEGMENTATION OF THE GLOBAL PORTABLE OXYGEN CONCENTRATORS MARKET INCLUDED IN THIS REPORT

This market research report on the global portable oxygen concentrators market has been segmented and sub-segmented based on the product, technology, end-user, and region.

By Product

• Portable Oxygen Concentrator & Cylinders
• Stationary Oxygen Concentrator & Cylinders
• Oxygen Concentrator & Cylinders

By Technology

• Continuous Flow
• Pulse Flow

By End-User

• Home Care
• Non-Home Care
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa