The global portable oxygen concentrators market was valued at approximately US$ 924.5 Mn in the year 2018 and is expected to reach US$ xx Mn by the year 2026, growing at a CAGR of XX%. In terms of volume, the market stood at XX units in the year 2018 and is expected to reach XX units by the year 2026, growing at a CAGR of XX% during the forecast period.
Portable oxygen concentrators are medical devices that are used to deliver a higher level of oxygen concentration than that present in ambient air to patients who require oxygen therapy. The device works on pressure swing adsorption (PSA) technology. PSA technology involves the selective adsorption of nitrogen gas on zeolite molecular sieves. Ambient air has around 21% oxygen, whereas POC devices can deliver oxygen up to 96% concentration.
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The increasing prevalence of Chronic Obstructive Pulmonary Disease (COPD) is one of the major factors that is driving the growth of the global portable oxygen concentrators market. Chronic Obstructive pulmonary disease is an umbrella term used to define progressive lung diseases including chronic bronchitis, emphysema, and refractory asthma. According to the World Health Organization (WHO), around 251 million people were living with COPD in 2016. This number is expected to increase during the forecast period, as there are a lot of undiagnosed cases.
Another factor that is driving the growth of this market is the shift from the traditional to portable oxygen concentrators. Portable oxygen concentrators are lightweight and they have a better battery life. Most importantly, they can be used while performing day-to-day activities and they help improve the overall quality of life of patients.
However, the high cost of the devices is one of the major factors that will impede the growth of the market. But, there are attractive opportunities for market players to develop more lightweight and battery efficient devices.
· In March 2018, ResMed, one of the leading players in the respiratory equipment industry, launched its first portable oxygen concentrator, Mobi. The device weighs around 5.5 pounds and has a battery life of around 8.6 hours on Setting 1.
· In 2018, Caire Inc. launched FreeStyle comfort, its new portable oxygen concentrator. The device weighs only 5 pounds and delivers oxygen up to 1,050 mL/min.
Key questions answered:
· What was the market size of the portable oxygen concentrators market from 2016 to 2018 and how is it expected to shape-up during 2019-2026?
· What are the key drivers, restraints, and opportunities areas and how are they expected to impact the market?
· What is the current and future market size and volume of the key segments and sub-segments of the market?
· What is the current and future market size and volume at geographic and country level?
· Who are the key market players and the key sustainable strategies adopted by them?
The key players operating in the portable oxygen concentrators market are Besco Medical Co., LTD (China), Caire Inc (US), Drive Devilbiss Healthcare (US), GCE Group (Sweden), Inogen, Inc. (US), Invacare Corporation (US), Koninklijke Philips N.V (the Netherlands), Nidek Medical (US), and O2 Concepts LLC (US).
Inogen, one of the market leaders, reported a revenue of around US$ 358.1 million in the year 2018. The company uses a direct-to-consumer marketing strategy which has led to higher revenues. The company is also launching new and advanced products in the market and it has a strong R&D team.