Portable Oxygen Kit Market
Industry: Healthcare
Published Date: July-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 152
Report ID: PMRREP34714
The portable oxygen kit market value was estimated at US$21.9 Bn in 2024 and is expected to be valued at US$33.4 Bn by 2031. The market for portable oxygen kits is predicted to achieve an expanding, steady CAGR of 6.2% from 2024 to 2031.
Key Highlights of the Market
|
Attributes |
Key Insights |
|
Market Size (2024E) |
US$21.9 Bn |
|
Projected Market Value (2031F) |
US$33.4 Bn |
|
Global Market Growth Rate (CAGR 2024 to 2031) |
6.2% |
|
Historical Market Growth Rate (CAGR 2018 to 2023) |
5.3% |
The refers to the industry that focuses on producing and distributing portable devices that provide oxygen therapy to individuals with respiratory conditions or those in need of supplemental oxygen. These kits are designed to be compact, lightweight, and user-friendly, allowing individuals to carry them conveniently and use them both at home and on the go.
The market is increasing and is expected to reach US$33.4 Bn by 2031. This industry growth is expected to be driven by the increase in the aging population. As individuals age, the risk of developing respiratory conditions such as chronic obstructive pulmonary disease (COPD) or other lung diseases increases.
One market trend is a shift towards home healthcare, where individuals prefer to receive medical treatment and care in the comfort of their homes. The benefits of cost-effectiveness, convenience, and the desire for personalized care drive this trend.
Moreover, advancements in technology are transforming the portable oxygen kit industry's demand. These technological advancements are making portable oxygen kits more reliable, compact, and user-friendly, enhancing the overall patient experience and driving portable oxygen kit market growth.
For individuals with respiratory conditions who wish to travel by air or engage in outdoor activities, it is crucial to have portable oxygen solutions that are approved for travel and comply with airline regulations. This ensures their safety and comfort during their journeys.
The portable oxygen kit market has grown significantly in recent years. According to PMR's industry assessment, the market was valued at US$ 20.7 Bn in 2023 and is projected to reach approximately US$33.4 Bn by 2031, reflecting a robust compound annual growth rate (CAGR) of 6.2% during the forecast period from 2024 to 2031.
This growth can be attributed to several factors, including technological advancements, improvements in portable oxygen delivery systems, and the growing emphasis on patient-centric care.
The market has experienced steady growth, driven by the increasing prevalence of respiratory diseases, technological advancements in portable oxygen concentrators (POCs), and rising demand for home healthcare solutions.
The market is expected to continue its growth trajectory. Technological advancements will play a crucial role in shaping the market. The portable oxygen kit market companies are focusing on developing more efficient and user-friendly portable oxygen kits, including POCs, to meet the evolving needs of patients.
The market is also expected to benefit from consumers' increasing demand for portable technology and the clinical urgency for more excellent mobility support, particularly for the senior population.
Additionally, the market revenue is driven by the continuous innovation in oxygen source and delivery devices, which offer efficient patient care.
Rapid Prevalence of Chronic Respiratory Diseases
In the anticipated time frame, the prevalence of patients with severe respiratory conditions such as chronic obstructive pulmonary disease (COPD), chronic bronchitis, and emphysema is expected to propel the portable oxygen kit market expansion.
Globally, the number of people suffering from respiratory diseases is growing exponentially due to various factors, including high air pollution, smoking habits, and an aging population.
Portable oxygen kits, which are small, lightweight devices that use ambient air as a source, can significantly improve the quality of life for patients who require oxygen therapy to treat lung insufficiency.
The size and weight of an oxygen concentrator, which is constructed using Pressure Swing Adsorption (PSA) technology, are primarily influenced by the adsorption columns and the compressor.
The demand for suitably small, lightweight, and portable oxygen devices that use ambient air as a source is expected to increase due to the growing number of elderly patients with respiratory issues who require respiratory support and the rising demand for portable oxygen kits for home usage.
Rising Demand from Automotive and Aerospace Industries
Portable oxygen kits, designed to provide a steady oxygen supply during aircraft flights, are expected to witness increased demand from the automotive and aerospace industries, creating several investment opportunities.
The portable oxygen kits market expansion is further fueled by the growing participation in adventure sports and the overall growth of the portable oxygen kit industry.
Additionally, using portable oxygen kits by unpressurized aircraft pilots at higher altitudes to prevent hypoxia, a condition caused by a lack of oxygen that affects brain function contributes to the market's growth.
Portable oxygen kits are a backup option for pressurized airplanes in case of pressurization issues. Due to their high speeds, military aircraft and fast spacecraft require portable oxygen tanks to ensure oxygen supply to the pilot and passengers, preventing unconsciousness. As a result, these aircraft are equipped with portable oxygen kits. Considering these factors, the portable oxygen kit market size is expected to thrive.
Rising Costs, and Technological Advancements
According to the portable oxygen kit market research report, the market faces significant challenges, primarily due to the rising cost of oxygen kits. The increasing expenses associated with manufacturing, distribution, and maintenance have put pressure on the market, making it difficult for some individuals to afford these essential devices.
Furthermore, technological advancement poses another barrier to the market growth. Continuous innovations are leading to the development of portable oxygen kit substitutes that are lightweight, compact, and equipped with cutting-edge electronics and applications such as mobile connectivity. These alternatives offer convenience and advanced features, potentially diverting demand away from traditional portable oxygen kits.
Expansion in Developing Healthcare Infrastructure
The portable oxygen kit market update states that the market will expand as developing countries continue to invest in improving their healthcare infrastructure. With increased access to medical facilities and a growing emphasis on home healthcare, revenue growth for portable oxygen kits is expected to rise.
These industry trends present opportunities for manufacturers to tap into new markets and provide cost-effective and efficient portable oxygen solutions, catering to the needs of patients and healthcare providers in these developing regions.
Technological Advancements
The portable oxygen kit market is poised to benefit from technological advancements. Innovations such as miniaturization, improved battery life, enhanced oxygen concentration, and user-friendly interfaces will drive the adoption of portable oxygen kits.
Such advancements will make the devices more convenient and efficient and create opportunities for customization and personalization. The market manufacturers who invest in research and development to bring forth these technological advancements will gain a competitive edge and cater to the evolving needs of patients, thereby expanding their market presence.
Home Application Dominates with Mounting Consumer Demand
The home application category holds the largest portable oxygen kit market share and is expected to maintain its dominance during the forecast period. The expansion of this subsegment is primarily driven by factors such as increasing consumer demand for portable oxygen kits, the growing acceptance of home-based oxygen therapy among patients to reduce travel and inconvenience, and the rising demand for portable medical devices.
One of the main drivers of this segment is the increasing affordability of treatment alternatives and the surge in home-based therapy, particularly in developed nations.
With the growing elderly population, there is a need for quick, easy, and convenient oxygen therapy. The market sales are projected to be driven by the increased demand for home healthcare oxygen therapy, the requirement for clean oxygen, and technological improvements that simplify these medical devices.
North America to Lead in Terms of Revenue Share
the North American market analysis shows tremendous growth. It is expected to hold the largest revenue share Over the forecast period. This dominance is attributed to the increased prevalence of COVID-19 infections and the high occurrence of breathing problems experienced by COVID-19 patients.
Additionally, the region's rapidly growing senior population and the respiratory issues associated with aging are significant drivers of the North American market.
The market overview shows that the government initiatives, such as the Federal Aviation Administration's (FAA) approval of portable oxygen concentrators for air travel and the rising prevalence of severe chronic obstructive pulmonary disease (COPD) due to unhealthy lifestyles, also contribute to the market's growth in the region. These factors are anticipated to significantly impact market opportunities throughout the forecasted period.
Asia Pacific to Witness Stable Growth
According to the portable oxygen kit market forecast, Asia Pacific is expected to experience stable revenue growth throughout the forecast period. This growth can be attributed to the region's rapidly growing population, increasing disease rates, and the significant impact of rapid urbanization, all of which contribute to the demand for portable oxygen kits in the region.
The COVID-19 pandemic had a profound impact on Asian nations, leading to a shortage of medical oxygen due to inadequate healthcare facilities and infrastructure.
However, the market in the region has shown resilience, expanding partly due to the high prevalence of respiratory illnesses and the rising elderly population.
Manufacturers in the market are actively seeking growth opportunities through acquisitions and innovative strategies. The competition in the market is enhanced by the emergence of startups that offer distinctive solutions.
Companies are making substantial investments to expand their production capabilities and improve technological advancements to maintain their competitiveness and the market concentration. They aim to develop creative functionalities and seamlessly integrate technologies into this rapidly evolving sector. This strategic approach significantly drives successful concentration, entry, and widespread adoption in the market.
Recent Industry Developments
In Mar 2022, GRS India, a start-up based in New Delhi, introduced a revolutionary smartphone-powered portable oxygen kit. This innovative portable oxygen system is designed to provide patients with a cost-effective and reliable source of oxygen.
With the significant demand for portable oxygen kits during the COVID-19 outbreak, these smartphone-powered devices have gained immense popularity over the past couple of years.
The launch of this new portable oxygen kit by GRS India is expected to greatly benefit the startup, as it offers a cutting-edge solution that aligns with the current market requirements for convenient and accessible oxygen therapy.
In Jun 2023, the Indian state of Sikkim implemented a mandatory requirement for all vehicles to be equipped with portable oxygen kits in order to address altitude sickness. This decision was prompted by a noticeable increase in cases of respiratory difficulties experienced by individuals at high altitudes.
By making portable oxygen kits compulsory for all vehicles, Sikkim aims to ensure the safety and well-being of both tourists and residents, particularly in popular destinations like Lachen, Lachung, and Gurudongmar Lake, all of which are situated above 10,000 feet. This proactive measure is expected to provide immediate access to oxygen and potentially alleviate altitude-related health issues in the region.
|
Attributes |
Details |
|
Forecast Period |
2024 to 2031 |
|
Historical Data Available for |
2018 to 2023 |
|
Market Analysis |
US$ Billion for Value |
|
Key Country Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon request |
By End-Use Industry
By Region
To know more about delivery timeline for this report Contact Sales
The market for blister packaging is anticipated to grow up to US$35.9 Bn by 2031.
Technological advancements, improvements in portable oxygen delivery systems, and a growing emphasis on patient-centric care are augmenting the market growth.
INVACARE CORPORATION, O2 CONCEPTS, LLC, DeVilbiss Healthcare LLC, and Chart Industries Inc. are some key industry players.
Challenges like the rising cost of oxygen kits, and increasing expenses associated with manufacturing are restraining industry expansion.
Improving healthcare infrastructure across the globe and technological advancements are the key opportunities.
