Press release
Portable Oxygen Concentrators Market: North America Estimated to Account for Maximum Value Share Between 2016 and 2026
Portable oxygen concentrator (POC) is a medical device used to supply oxygen to patients suffering from respiratory diseases. The concentrator separates nitrogen and oxygen from air in the environment and then discards the nitrogen and supplies 95% pure oxygen to patients through a mask. POCs are smaller as compared to stationary oxygen concentrators, allowing patients to easily carry the device. Apart from patients, POCs are also used by mountaineers and travellers in places where oxygen is inadequate.
The global portable oxygen concentrators market revenue is projected to reach a market valuation of US$ 1246.1 Mn by 2016 end and register a CAGR of 7.8% during the forecast period 2016-2026.
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Increasing consumer awareness for oxygen therapy devices likely to boost market growth during the forecast period
The primary factors fuelling global demand for portable oxygen concentrators are an increasing prevalence of chronic obstructive pulmonary diseases, growing consumer awareness for oxygen therapy devices, a changing consumer lifestyle, adoption of new technologies, increased government expenditure, and a rise in investment by manufacturing companies towards the production of homecare products.
However, high product costs and stringent FDA regulations pertaining to medical devices are some of the factors likely to restrain the growth of the global portable oxygen concentrators market during the forecast period.
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Pulse Flow Portable Oxygen Concentrator product segment projected to dominate the global portable oxygen concentrators market
The Pulse Flow Portable Oxygen Concentrator segment is estimated to account for a revenue share of 64.2% by the end of 2016. This segment is anticipated to create absolute $ opportunity of US$ 54.6 Mn in 2017 over 2016. The Continuous Flow Portable Oxygen Concentrator segment is expected to witness a CAGR of 5.3% in terms of value over the forecast period.
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Homecare end user segment projected to dominate the global portable oxygen concentrators market in terms of value
The Homecare segment is estimated to account for more than 60% value share of the global portable oxygen concentrators market by 2016 end, which is expected to increase further by the end of 2026. The Hospitals segment is expected to register a CAGR of 9% in terms of value over the forecast period.
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North America estimated to account for maximum value share of the global portable oxygen concentrators market throughout the forecast period
Increased prevalence of chronic obstructive pulmonary diseases and rising technological advancements is expected to result in significant growth of the portable oxygen concentrators market in the North America region, which is estimated to account for 40.9% revenue share in 2016. By product type, the Pulse Flow Portable Oxygen Concentrator segment is forecast to be the most attractive segment in the North America portable oxygen concentrators market over the forecast period. By end user type, the Homecare segment is forecast to be the most attractive segment in the North America portable oxygen concentrators market over the forecast period. The Western Europe market is anticipated to register a CAGR of 6.7% over the forecast period owing to an increasing prevalence of chronic obstructive pulmonary diseases. Increasing preference of interventional cardiologists for nonsurgical procedures is expected to drive the growth of the portable oxygen concentrators market in Western Europe over the forecast period.
Leading market players are focussing on product innovation through strategic global market collaborations
Some of the top companies operating in the global portable oxygen concentrators market are Koninklijke Philips N.V., Inogen Inc., Chart Industries Inc., Resmed Inc., Invacare Corporation, Drive DeVilbiss Healthcare, Precision Medical Inc., Besco Medical Co. Ltd., Oxus America, Inc. (Oxus), Foshan Keyhub Electronic Industries Co. Ltd., O2 Concepts LLC, and GCE Group. Some of these companies are adopting an inorganic growth strategy in the form of strategic acquisitions and investments to expand their product portfolio, geographic reach, and manufacturing capabilities.
The global market for portable oxygen concentrators is consolidated with few key players dominating the market. The top four players contribute around 75% of the market. Koninklijke Philips N.V. holds the maximum share of around 40%.
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