Portable Oxygen Concentrators have been in use for a long time and have evolved over the years. The new generation of Portable Oxygen Concentrators are mobile and relatively smaller in size than the old ones, as manufacturers are increasingly focusing on developing technically and mechanically advanced and lightweight oxygen concentrators.
Oxygen concentrators are mainly used to give oxygen therapy to patients. The oxygen delivered through Portable Oxygen Concentrators has higher concentration; about 90 to 95% pure oxygen with 5 to 10% nitrogen. There are basically two types of oxygen delivery systems – continuous flow and pulse dose. In Portable Oxygen Concentrators, the pulse dose system is widely used.
The global Portable Oxygen Concentrators market is anticipated to generate USD 1,051 million by 2026, growing at a CAGR of 11.1% during 2019 to 2026. The main factors that are driving the growth of the market are increasing prevalence of chronic obstructive pulmonary disease (COPD) and lung cancer, and technological advancements.
Lung cancer is one of the most important causes of mortality and most of these deaths mainly occur in the middle-income countries due to increasing air pollution. On the other hand, according to the WHO, about 251 million cases of COPD were reported across the globe in 2016. All these present growth opportunities for the portable oxygen concentrator market players.
Further, the geriatric population has been increasing across the world and this segment of the population is known to be more susceptible to chronic diseases. This, along with the increasing number of cigarette smokers, is expected to drive the global portable oxygen concentrator market.
Apart from these, rising awareness about Portable Oxygen Concentrators, improvement in healthcare infrastructure, increasing air pollution, strong reimbursement policies, and increasing requirement of respiratory support to neonatal and elderly patients are going to propel the growth of the global market.
The global Portable Oxygen Concentrators market is presently dominated by North America and this trend is going to continue in the coming years as well. North America is followed by the European market, which is going to exhibit good growth in the coming years. The Asia-Pacific portable oxygen concentrator market is expected to grow at the highest CAGR in the coming years. The Asia-Pacific market will be led by India, China, and Japan.
The prominent players operating in the global portable oxygen concentrator market include Koninklijke Philips N.V, Chart Industries, Inc., Nidek Medical, Besco Medical, Chart Industries, Inc. (US), Invacare Corporation (US), Inogen, Inc., CAIRE, GCE Holding AB, Philips Healthcare, O2 Concepts, Covidien, DeVilbiss Healthcare, and Teijin.