USD 1.47 billion
Report ID: SQMIG35E2042 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 61 | Figures: 76
Global Portable Oxygen Concentrators Market size was valued at USD 1.47 billion in 2021 and is poised to grow from USD 1.59 billion in 2022 to USD 2.82 billion by 2030, at a CAGR of 8.5% during the forecast period (2023-2030).
The portable oxygen concentrators market has witnessed significant growth in recent years and is projected to continue growing. Factors driving market growth include the rising prevalence of respiratory disorders such as chronic obstructive pulmonary disease (COPD) and the increasing geriatric population prone to respiratory ailments.
Additionally, advancements in technology, improved portability, and convenience offered by portable oxygen concentrators contribute to market expansion. Portable oxygen concentrators (POCs) offer the advantage of being smaller and more portable compared to traditional homecare oxygen concentrators.
This portability enables patients to easily carry the devices and maintain their mobility while receiving necessary oxygen therapy. POCs are not only used by patients but also find application among mountaineers and travelers who venture into areas with limited oxygen availability. The increasing prevalence of respiratory diseases, particularly chronic obstructive pulmonary disease (COPD), is expected to drive the global market for portable oxygen concentrators.
According to the World Health Organization (WHO), COPD remains the third leading cause of death worldwide, with approximately 3.23 million deaths attributed to the disease. Patients suffering from COPD often require oxygen therapy to improve oxygen levels in their blood and enhance organ oxygenation.
This growing population of COPD patients fuels the demand for portable oxygen concentrators, as they offer a convenient solution for delivering oxygen therapy. As a result, the sales of portable oxygen concentrators are projected to experience substantial growth during the forecast period.
Global Market Size
USD 1.47 billion
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The global portable oxygen concentrators market is segmented on the technology, application, end user and region. By technology, the market is segmented into continuous flow and pulse flow. By application, the market is segmented into chronic obstructive pulmonary disease, asthma, respiratory distress syndrome. By end user, the market is segmented into hospitals and homecare settings. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by End User
In 2022, home care had the biggest market share globally, at 60%. In industrialized countries, home therapy is becoming more common, and this is helping to drive up market share and income. A wide range of concentrators are also easily accessible for use in home treatment. Additionally, a sizable geriatric population in nations like Germany, Japan, Italy, Monaco, Austria, and others is anticipated to further fuel market expansion throughout the anticipated time frame. The expansion of medical oxygen concentrator insurance coverage in many nations is another factor driving the market's expansion.
The segment is growing as a result of hospitals and clinics using oxygen therapy more frequently. At a CAGR of 3.8% over the projection period, the segment is expected to expand. Growth in the segment is also being driven by the growing use of oxygen therapy for hospitalized patients.
Analysis by Technology
The global portable oxygen concentrators market is dominated by the continuous flow technology segment. This segment is expected to grow at a CAGR of 8.5% from 2023 to 2030. The continuous flow technology is more efficient than the pulse dose technology, and it is also more suitable for people with severe respiratory diseases.
The fastest-growing segment of the global portable oxygen concentrators market is the pulse flow segment. This segment is expected to grow at a CAGR of 9.5% from 2023 to 2030. The pulse flow segment is being driven by the increasing prevalence of chronic respiratory diseases, and the rising demand for portable oxygen concentrators from home healthcare settings.
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At 37.1% of the global market's revenue in 2022, North America had the largest revenue share. The presence of big businesses like Imogen, Invacare, and others, as well as the accessibility of a wide range of products, are credited with this. The leading share is also attributable to government initiatives like the Federal Aviation Administration (FAA)'s permission of the use of portable oxygen concentrators during air travel, as well as the rising incidence of respiratory disorders like COPD.
Europe is expected to be a growing market. The region's growth is being driven by the rising elderly population. The demand for oxygen treatment goods has also increased as a result of the longer life expectancy of European residents. This is because the geriatric population is more susceptible to breathing issues and depends on oxygen therapy products to breathe properly. For instance, the proportion of people in the European Union who are 80 years or older is expected to rise from 5.9% to 14.6% between 2020 and 2100, according to Eurostat. This is anticipated to fuel the local demand for portable oxygen concentrators.
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To broaden their product portfolio and geographic reach, market participants are implementing a variety of methods, including alliances, collaborations, mergers and acquisitions, and product creation.
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Increasing Prevalence Of Respiratory Diseases
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According to our analyses, the global portable oxygen concentrators market has experienced significant growth and is poised for further expansion in the coming years. Factors such as the increasing prevalence of respiratory diseases, a growing elderly population, and advancements in technology have contributed to the market's growth. Portable oxygen concentrators are increasingly being preferred over traditional oxygen cylinders due to their portability, continuous oxygen supply, and convenience. The trend towards home healthcare, rising awareness about oxygen therapy, and strategic collaborations among key players are also driving market growth. Emerging markets offer significant opportunities for market expansion. With ongoing innovations and research, the global portable oxygen concentrators market is expected to continue its upward trajectory, providing improved respiratory care and enhancing the quality of life for patients worldwide.
|Market size value in 2021
|USD 1.47 billion
|Market size value in 2030
|USD 2.82 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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For the Global Portable Oxygen Concentrators Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Portable Oxygen Concentrators Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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