Portable Oxygen Concentrator Market - Forecasts from 2021 to 2026
発行: Knowledge Sourcing Intelligence
ページ情報: 英文 117 Pages
The portable oxygen concentrator market is projected to grow at a CAGR of 14.04% during the forecast period to reach US$2,755.064 million by 2026 from US$1,098.090 million in 2019. Portable oxygen concentrators are used by patients suffering from lung diseases or lung failure due to which their lungs are unable to produce enough oxygen to support the body's needs. These concentrators are also used by aged patients to fulfill body requirements of oxygen. Growing instances of lung diseases and the surging aging population are the prime factors driving the market growth of portable oxygen concentrators. Increasing air pollution has negatively impacted the lungs, surging breathing problems and increasing chronic diseases such as asthma, requiring medical attention and the need for concentrators to survive through the harsh environment. Moreover, technological advancement and a rise in disposable income also play a significant role in industry growth. The rise in investment by the private sector and healthcare expenditure by the government is expected to expand the market size during the forecasted period.
Portable oxygen concentrators are compact, less-weight, easy-to-carry, oxygen-producing equipment which is gaining preference among patients suffering from lung problems. Due to their compact size and less weight, these concentrators are easy to carry and give the patient freedom to move around, carrying them in a backpack or through a trolly. Their compact body structure takes less space, making them economically more viable. Further, these concentrators have the capability to generate oxygen equal to the traditional concentrators, hence making them more desirable.
Rising lung diseases and cases of lung cancer are anticipated to raise the demand for oxygen concentrators.
Patients suffering from lung diseases are the prime market for portable oxygen concentrators. Chronic lung diseases cause lung failures or malfunction resulting in the need for the patient to take external help to generate oxygen for the body. Rising air pollution is researched to be the leading reason for the surge in lung diseases to a significant level. Pollutants from the air interfere with lung function, make them incapable of breathing in air properly. Leading air pollution causing diseases are asthma, chronic obstructive pulmonary diseases (COPD), lung tumors, lung cancer, and others. Smoking and consumption of tobacco make these diseases more fatal and may lead to complete lung failure, hence requiring urgent medical attention and continuous flow through external machinery such as the oxygen concentrators.
Rising cases of lung cancer have increased the demand for portable oxygen concentrators by patients. A surge in cases of lung cancer is observed owing to a rise in pollution levels and increasing smoking/ tobacco consumption. Data from World Health Organization (WHO) shows that, in the year 2020, lung cancer was leading cancer-linked death, taking away the lives of 1.8 million people globally. In the year, 2.210 million new cases of lung cancer were discovered. However, In 2021, 2.35 new cases of lung cancer are expected to be discovered (Source: American Cancer Society). The rising patients are will require oxygen equipment including portable concentrators, to fight and survive these diseases, increasing the market size notably.
Demographic changes have resulted in an increasing proportion of the aged population which will also contribute to raising the demand for portable oxygen concentrators. Population above 65 years of age, has increased from 512.297 million in 2009 to 697.990 million in 2019. The population is anticipated to increase to 1.50 billion by 2050 Japan, Italy, Greece, Germany, France, and South Korea are countries with booming aged proportions owing to low fertility. Requirement for external and/or artificial support will support the market demand for portable oxygen concentrators.
The coronavirus pandemic skyrocketed the market dynamics for oxygen concentrators and equipment, increasing the market prospects. The demand for oxygen concentrators increased at a quadruple level during the peak of the virus, especially at the time of second-wave, due to the faster spread of the virus and greater number of infected persons. The coronavirus affects the breathing capability of a person who then requires external support. The outbreak of the virus escalated the demand for oxygen equipment including concentrators.
Homecare settings have a greater proportion of the market.
Based on end-users, the homecare setting division of the market is forecasted to dominate the global portable oxygen concentrators industry during the forecasted period. Rising medical prices coupled with the portability of concentrators has enabled the patients to cut short unnecessary hospital costs by adopting a homecare setting with the help of portable concentrators. since these are portable, the homecare setting also enables the patients to move freely, making this alternative more preferable. Rising innovation and automation will make this setting more convenient, effective, and viable.