Global market for oxygen concentrators has undergone substantial changes with the advent of portable technology. Oxygen concentrator is a device for making concentrated oxygen available to the patient requiring this therapy, and portable oxygen concentrators facilitates the mobility of the users as it is light in weight, inexpensive and more powerful. Global portable oxygen concentrators market support the lifestyle of the patient. In order to expedite the growth of global portable oxygen concentrators market, continuous research and development is done to introduce devices which allows freedom of meaningful lifestyle for the patients. In global portable oxygen concentrators market, a pulse dose system finds more application due to its light weight and more lasting battery life of up to 8 hours. Rising geriatric population with the increase in respiratory conditions is driving global portable oxygen concentrators market. The global portable oxygen concentrators market is anticipated to grow with a double digit compound annual growth rate during the forecast period.
Global Portable Oxygen Concentrators Market: Drivers and Restraints
The major driving factor for the growth of global portable oxygen concentrators market is its flexibility and capability to be utilized under any circumstances. The growing number of geriatric population and changing lifestyle of the people which has led to a rise in smoking population, increases the demand for global portable oxygen concentrators market. According to WHO the geriatric population is expected to reach to 22% by the end of 2050 which is double of the current population. The rising cases of respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD), emphysema, chronic bronchitis, etc. is leading to an increased utilization for global portable oxygen concentrators market. The approval of portable oxygen concentrators by the Federal Aviation Administration (FAA) has extended the application of global portable oxygen concentrators while on airlines. As the demand for global portable oxygen concentrators market is increasing, there has been an upsurge in the entry of new competitors thus leading to an increase in the availability of low price and high quality devices. The advent of global portable oxygen concentrators has changed the dynamics of the market supplementing the usage of liquid oxygen.
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Global Portable Oxygen Concentrators Market: Segmentation
Global portable oxygen concentrators market can be segmented on the basis of oxygen delivery system, end-use, technology and geography.
Oxygen Delivery systems
Pulse Dose System
Continuous Dose System
Pulse dose system is dependent on breathing requirement while continuous flow system, oxygen is delivered at a constant rate, independent of the breathing pattern.
End-use:
Hospitals
Home Care Settings
Ambulatory Services
Technology:
Traditional Delivery Technology
Smart Delivery Technology
Global Portable Oxygen Concentrators Market: Overview
Changing lifestyle of people and requirement of devices which will support the lifestyle of the patient without hampering their freedom of movement has led to the advent of global portable oxygen concentrators market. The technological advancements has transformed the global portable oxygen concentrators market. Global portable oxygen concentrators market is anticipated to grow with a double digit CAGR during the forecast period, overpowering the home delivery markets as it costs money and consumption of resources. Private insurers and CMS Medicare resist reimbursing for the transport of liquid oxygen due to truck rolls being expensive.
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Global Portable Oxygen Concentrators Market: Region- wise Outlook
Global portable oxygen concentrators market is dominated by North America followed by Europe, with the growing awareness of the consumers and approval by the various regulatory bodies. The growth of geriatric population is highest in U.S. with the COPD being the fourth principal cause of death in U.S. the changing lifestyle and startling rise in number of smokers is fuelling the growth of global portable oxygen concentrators market. Asia-Pacific has been identified as emerging market and Latin America specially Brazil and Mexico is expected to show robust growth for global portable oxygen concentrators market with the increase in healthcare expenditure.
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Global Portable Oxygen Concentrators Market: Key Players
Some of the major players for global portable oxygen concentrators market are: Inogen, Chart Industries, Inc., Koninklijke Philips N.V., Invacare Corporation, Tejin Pharma Ltd., Medical Depot, Inc., O2 Concepts, Oxygen to Go, Longfian Scitech Co., Ltd, Nidek medical, etc.