Portable Oxygen Concentrators Market: Current Analysis and Forecast (2024-2032)

Portable Oxygen Concentrators refer to medical equipment that is used to filter and purify normal air, providing oxygen to patients with respiratory diseases, including COPD and asthma. These are smaller and less cumbersome than conventional oxygen tanks so that patients can remain mobile and unencumbered while receiving their supplemental oxygen. The rising geriatric population and the prevalence of diseases like COPD are on the rise due to human aging. As per the United Nations World Population Ageing 2023 report, there are now over 10 million older people in the nation, which is placing a significant financial strain on the social security and healthcare systems. Even though the proportion of older people was just 6% in 2023. Consequently, portable oxygen concentrators have become more popular as they are easy to carry and effective in assisting patients requiring oxygen therapies.

The Portable Oxygen Concentrators Market is expected to grow at a significant rate of around 8% during the forecast period (2024-2032). To enable growth and penetration in the portable oxygen concentrator industry, ongoing advancements in portable oxygen concentrator technology are necessary to enhance device alacrity, battery power, foldability, and convenience to the user. Also, manufacturers work on modern attributes to improve the patient's comfort and ease of use. For example, on 5 July 2022, OMRON Healthcare revealed that the company expanded its portable oxygen concentrators line, introducing the newest product. This concentrator employs medical molecular sieve technology to uninterruptedly deliver high-purity oxygen at a flow rate of 5 liters per minute. It delivers an oxygen-enriched gas stream with a concentration above 90 percent.

Based on the product, the market has been divided into continuous flow and pulse flow based. The continuous flow is expected to grow with a significant CAGR in the forecast period (2024-2032). This technology enables individuals with chronic respiratory disorders to maintain their independence and engage in daily activities without the constraints imposed by traditional oxygen therapy. Whether traveling, exercising, or simply enjoying time outdoors, continuous flow POCs ensure that patients receive the oxygen they need without interruption.

Based on the application, the market is segmented into chronic obstructive pulmonary disease (COPD), asthma, respiratory distress syndrome, and others. The chronic obstructive pulmonary disease segment dominated the market in the year 2023. The Portable oxygen concentrators offer a convenient solution for COPD patients, enabling them to receive oxygen therapy while remaining active and independent. With the prevalence of COPD on the rise due to factors such as smoking, air pollution, and aging populations, the demand for portable oxygen concentrators tailored to the needs of COPD patients is driving market growth. According to the World Health Organization, on March 16, 2023, Chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide, causing 3.23 million deaths in 2019.

Based on the end user, the market is segmented into hospitals, homecare settings, ambulatory surgical Centres, and travel agents. The homecare settings segment is expected to grow with a significant CAGR in the forecast period (2024-2032). The shift towards home-based healthcare and remote patient monitoring has accelerated the adoption of portable oxygen concentrators in homecare settings. As healthcare systems strive to reduce hospital readmissions and healthcare costs, portable oxygen concentrators play a crucial role in facilitating home-based respiratory care, driving market growth in this segment.

For a better understanding of the market adoption of portable oxygen concentrators, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, France, U.K., Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America held a dominant share of the market in 2023 due to the advancement in technology and healthcare sectors having a positive impact on the market. Availability and reliability of effective and easy-to-use oxygen therapy devices have gained higher importance due to rising incidences of chronic respiratory diseases like COPD & asthma, especially among the elderly group. In America, around 10.8% of female adults have asthma, compared to 6.5% of male adults. Asthma is more common in females than male adults, as per the National Center for Health Statistics in 2023. Moreover, less stringent reimbursement policies in the United States and Canada have also contributed to POC demand, reaching the target patient population. Another factor observed in the North American market is the high intensity of the competition between market players interested in expanding their market shares and entering new market segments through research and development of more effective products.

Some of the major players operating in the market include Inogen, Inc., CAIRE Inc., Invacare Corporation, Koninklijke Philips N.V., Precision Medical, Inc., Chart Industries, GCE Group, O2 Concepts, LLC., Nidek Medical Products, Inc., Drive DeVilbiss International.