portable oxygen concentrators Market

The global portable oxygen concentrators market is expected to reach US$ 2,934.90 million by 2027 from US$ 1,547.33 million in 2019; it is estimated to grow at a CAGR of 8.4% from 2020 to 2027.

The rising number of COVID-19 cases and increasing prevalence of respiratory diseases worldwide are the factors fueling the global market growth. However, the high cost associated with these devices is expected to restrain the growth of the market during the forecast years.

The increasing prevalence of respiratory disorders is primarily correlated with the decrease in the size of the upper airway lumen because of the increasing age factor. Lung diseases are among the most common medical conditions worldwide. More than 10 million of people worldwide suffer from various types of respiratory diseases per year. Smoking, hereditary factors, and infections are among the common factors responsible for respiratory diseases. Medical conditions such as asthma and chronic obstructive pulmonary disease (COPD), chronic bronchitis, cystic fibrosis, and lung cancer are among the diseases causing significant burden to public healthcare systems.

According to a report published by Global Initiative on Chronic Obstructive Lung Disease, ~65 million people suffer with COPD and ~3 million people die from the disease every year, making it the third-leading cause or mortality worldwide. In addition, the World Health Organization (WHO) states that 1.76 million people die from lung cancer every year, making it the most common lethal infectious disease. In addition, 91% of the world population lives in cities or at locations where the air quality is not optimum as recommended by the WHO. Portable oxygen concentrators are currently the most widespread and effective therapy for respiratory disorders. According to the summary of the Health Statistics National Health Interview Survey, in 2018, 9 million people were diagnosed with chronic bronchitis in the US. According to the US Department of Health and Human Services, 25 million people in the US had asthma in 2019, which is known to be the most common respiratory disease around the world.

Based on product, the portable oxygen concentrators market has been segmented into continuous flow and pulse flow. In 2019, the continuous flow segment held a larger share of the market, and the segment is projected to retain its dominance, in terms of share, till 2027. This growth is attributed to the high penetration of portable oxygen concentrators with continuous flow, rapid technological advancements, and ongoing use of this equipment in oxygen therapies. On the other hand, the market for pulse flow is expected to grow at a higher CAGR owing to factors such as better efficiency, short-pulse delivery, and travel friendly as well as easy functionality. The global portable oxygen concentrators market, based on application, has been segmented into COPD, asthma, respiratory distress syndrome, and others. The market for portable oxygen concentrators based on end user is segmented into hospitals, home care settings, and others.

The COVID-19 outbreak was first reported in December 2019 in Wuhan (China), and with its spread to ~100 countries across the world, with the World Health Organization (WHO) termed it a pandemic with public health emergency. Many industries globally, including the portable oxygen concentrators, are experiencing the impacts of the COVID-19 pandemic. With the continued spread of this outbreak, researchers are focusing on working out various possible options for treatment, including the existing ones. Portable oxygen concentrators have gained a lot of attention in the last few months as a part of the COVID-19 treatment. Caire Inc., a US-based company, is offering innovative portable oxygen concentrators with Airsep, an innovative, non-cryogenic oxygen supply solution developer. These oxygenators are also being used in Europe, Asia-Pacific, Middle East and Africa, and South and Central America in the COVID-19 treatment.

The Centers for Disease Control and Prevention (CDC), World Health Organization (WHO), European Union, Organization for Economic Co-operation and Development, Canadian Lung Association, and National Institute of Healthcare (NIH) are a few of the essential secondary sources referred to while preparing this report.