Market Overview

Portable Oxygen Concentrators Services Market is projected to achieve a value of USD 2.1 Billion in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 4.34 Billion by 2033 with a CAGR of 8.5% during the forecast period 2024-2033.

Medical devices known as portable oxygen concentrators (POCs) draw oxygen from the surrounding air and provide it in a concentrated form to aid people with respiratory problems. These are portable, lightweight, battery-powered devices that let people walk around freely while getting the oxygen therapy they require. POCs work by taking in outside air, filtering it to remove impurities, and then using a nasal cannula or mask to supply oxygen. Because they can be used at home, on the go, or for a variety of activities, these devices help people with illnesses like COPD or emphysema to remain independent and maintain a steady oxygen supply for a better quality of life.

The increasing occurrence of respiratory conditions like asthma and chronic obstructive pulmonary disease (COPD) is driving up portable oxygen concentrators services market demand. Moreover, as more individuals worldwide become afflicted with respiratory disorders including chronic obstructive pulmonary disease, the demand for portable oxygen concentrators is expected to rise. With nearly 3.33 million deaths worldwide, chronic obstructive pulmonary disease continues to be the third leading cause of death, according to the World Health Organization. Because people with this illness usually require additional oxygen to raise the oxygen content in their bloodstream and promote oxygen delivery to their tissues, sales of portable gas extractors are expected to grow at a healthy rate throughout the forecast period. Furthermore, portable gas concentrators are used by non-pressurized airplanes, the glassblowing industry, and the skin care sector.

The COVID-19 pandemic had a substantial effect on the market for portable oxygen concentrators services market, as respiratory problems caused demand to soar. The market expanded as a result of infected patients' increased demand for respiratory assistance and the growing emphasis on home care solutions. At first, supply chain disruptions presented difficulties and led to sporadic shortages. But in the midst of the crisis, cutting-edge technology developments like longer battery lives and more portability surfaced and completely changed the market. Following the pandemic, the portable oxygen concentrator industry is expected to continue growing and innovating due to persistent demand and changing consumer demands.

Market Scope

Market Drivers

Increasing Prevalence of Respiratory Disorders

The portable oxygen concentrators services market is growing as a result of the increased demand for portable oxygen concentrators (POCs) due to the rise in respiratory illnesses. An aging population, changing lifestyles, and rising air pollution all contribute to the rising incidence of respiratory conditions including asthma and COPD. POCs meet patients' needs for continuous oxygen therapy outside of clinical settings by providing mobility and convenience. Technological developments that increase the portability and efficiency of devices also spur market expansion. The need for easily available oxygen therapy options is driving the growth of the portable oxygen concentrator market as respiratory disorders become more common.

Technological Advancements

The portable oxygen concentrators services market is mostly driven by technological developments, which promote innovation and enhance device functionality. POCs are now much more efficient and portable thanks to component miniaturization, longer battery life, and the addition of intelligent functions. The use of state-of-the-art materials and engineering solutions guarantees equipment that are lightweight, easy to use, and give people who need oxygen therapy more freedom. Furthermore, remote monitoring capabilities and connectivity features have enhanced patient care and fueled the market's expansion. The market for portable oxygen concentrators is growing as a result of technological advancements, satisfying consumer demand for sophisticated, practical, and patient-focused respiratory solutions.

Market Restrains

Regulatory Compliance and Standards

Standards and regulatory compliance are important factors in the portable oxygen concentrator (POC) market, but they can also provide difficulties. Strict regulatory standards are designed to guarantee the quality, safety, and effectiveness of devices; hence, substantial testing and certifications are required before they can be sold. Complying with different regional standards increases the development and manufacturing processes' complexity and cost. A significant investment in R&D and adherence to changing regulations are frequently necessary to meet these criteria, which may prevent smaller competitors from entering the market and discourage innovation. Strict compliance can serve as a barrier, delaying market access and impeding the quick progress of POC technology, even in spite of its ability to ensure patient safety.

Market- By Product Type Analysis

By Product Type, the Portable Oxygen Concentrators Services Market is Categories into Portable, Fixed. The Portable segment accounts for the largest share of around 65% in 2022.

Over the course of the forecast, the portable sector is expected to grow at the fastest rate. This is because there is an increasing demand for lightweight, portable extractors that can be used in a range of environments, such as retail stores, airplanes, and offices. The benefits of these devices include a steady supply of oxygen, enhanced exercise capacity, increased endurance, portability, ease of maintenance, and simplicity of usage.

Market- By Indication Analysis

By Indication, the Portable Oxygen Concentrators Services Market is Categories into Chronic Obstructive Pulmonary Disease (COPD), Asthma, Sleep Apnea, Others. The Chronic Obstructive Pulmonary Disease (COPD) segment accounts for the largest share of around 48% in 2022.

The prevalence of COPD is rising as a result of things like air pollution, smoking, and dust and fume exposure at work. The need for portable oxygen concentrators among COPD patients is being driven by this rise in prevalence.

Market- By Technology Analysis

By Technology, the Portable Oxygen Concentrators Services Market is Categories into Continuous Flow, Pulse Flow. The Continuous Flow segment accounts for the largest share of around 56% in 2022.

Patients are guaranteed stable oxygen levels during their respiratory cycle because to continuous flow technology, which provides a steady supply of oxygen. For patients with severe respiratory disorders who need a precise oxygen flow, this is especially crucial.

Market- By Application Analysis

By Application, the Portable Oxygen Concentrators Services Market is Categories into Homecare, Travel, Hospital, Others. The Homecare segment accounts for the largest share of around 51% in 2022.

This dominance is explained by the rising incidence of long-term oxygen therapy-requiring chronic respiratory disorders such chronic obstructive pulmonary disease (COPD). Homecare settings ease the pressure on medical facilities by giving patients a convenient and comfortable place in which to receive oxygen therapy.

Market-Regional Analysis

North America dominate the Portable Oxygen Concentrators Services Market with the highest revenue generating market with share of more than 47%. This dominance is explained by the rising incidence of long-term oxygen therapy-requiring chronic respiratory disorders such chronic obstructive pulmonary disease (COPD). Homecare settings ease the pressure on medical facilities by giving patients a convenient and comfortable place in which to receive oxygen therapy.

Europe is the second-biggest market for portable oxygen concentrators, accounting for more than 25% of the global market. The primary drivers of the European market are the aging population, the increase in respiratory ailments, and the growing acceptability of homecare. Germany is the biggest market in Europe, followed by the UK.

Asia Pacific is the region where the portable oxygen concentrator market is expanding at the fastest rate. The primary causes of this expansion include rising disposable incomes, a rise in the prevalence of respiratory ailments, and increased public awareness of portable oxygen concentrators. China is the largest market in Asia Pacific, followed by India.

Competitive Analysis

The Portable Oxygen Concentrators Services Market is dominated by a few large companies, such as Foshan Keyhub Electronic Industries Co. Ltd., Drive DeVilbiss Healthcare, GCE Group, Chart Industries, Inc., Inova Labs, Inc., AirSep Corporation, Oxus America, Inc., Koninklijke Philips N.V, Invacare Corporation, Besco Medical Co., LTD, O2 CONCEPTS LLC., Nidek Medical, Inogen, Inc. and other.

There are some of the key trends that are shaping the competitive landscape of the Portable Oxygen Concentrators Services Market.

Precise Medicine released Live Active Five, a portable gas generator, in October 2019. The medicine was created specifically for those with chronic pulmonary disease as well as other respiratory conditions.

In October 2018, NGK Spark Plug Company, limited announced that it had acquired the oxygen-related merchandise businesses of CAIRE, Inc. in the United States, Chart BioMedical (Chengdu) Company, limited in China, and Chart BioMedical Limited in the United Kingdom in order to strengthen its position in the global compressed air condenser market. This move helped the company expand its product selection and make a stronger impression on customers.

Research Report Following Segments:

By Product Type

·         Portable

·         Fixed

By Indication

·         Chronic Obstructive Pulmonary Disease (COPD)

·         Asthma

·         Sleep Apnea

·         Others

By Technology

·         Continuous Flow

·         Pulse Flow

By Application

·         Homecare

·         Travel

·         Hospital

·         Others