Global Portable Oxygen Therapy Equipment Market Size (2023-2030)

The global Portable Oxygen Therapy Equipment Market size is estimated to grow from USD 4 billion in 2022 to USD 6.38 billion by 2030. This market is witnessing a healthy CAGR of 6% from 2023 – 2030. The major factors driving the growth of the global Portable Oxygen Therapy Equipment Market are the rise in cases of obesity, hypertension, cardiovascular diseases, and other chronic diseases among people and the conditions associated with them. Therefore, to meet up with the increased demand key players in the market are continuously working to fill the demand-supply gap in the forecast timeline.

Oxygen therapy is a treatment for people who have difficulty getting enough oxygen in their bodies on their own through the natural process. Oxygen is important and is required by almost all living organisms for survival and for various cell metabolisms and tissue and is very critical for proper physiological function. Therefore, people who do not get oxygen or have medical conditions are supported by oxygen therapy. It is a medical intervention that uses oxygen cylinders or concentrators to provide acute and chronic patient care.

Oxygen therapy equipment consists of devices that provide a safe source of oxygen-enriched air.  These devices are available as per the mobility convenience of the consumer. They may be stationary or portable according to the need of the patient and the environment. These devices draw room air and filters and remove dust, bacteria, and other particulate matter suspended in the air for the patients and help them breathe normally.

Market Drivers:

The rising incidence of chronic respiratory diseases among people is boosting the demand for the portable oxygen therapy equipment in the global market:

The constantly rising incidences of chronic respiratory diseases along with increasing demand for home healthcare settings are the major driving factors of the global portable oxygen therapy equipment market. This can be attributed to the rising geriatric population suffering from various kinds of chronic diseases and other diseases associated with them in which oxygen therapy or support is needed. Additionally, alarmingly high levels of air pollution and smoking habits of the population have critically contributed to an increase in the occurrence of respiratory diseases, thereby increasing the demand for portable oxygen therapy equipment. Also, according to the National Institutes of Health (NIH), as good as 13 million adults have been diagnosed with Chronic Obstructive Pulmonary Disease (COPD) in the U.S., and 120,000 people die each year due to it. According to an annual report published by the Global Asthma Network (GAN) in 2021, asthma affects nearly 334 million people worldwide.

Rising awareness of the disorder among people in developed nations is boosting market growth:

With the increase in awareness among people due to various steps taken by the government and independent health organizations for healthcare and well-being, more people are taking preventive measures and are going for regular check-ups, screenings, and tests. Also, several counselling programs and camps are also being organized at the community level support. These are a few factors that are leading to an increased size of the portable oxygen therapy equipment market.

The continuous innovation and advancements in technology to support the market for portable oxygen therapy equipment worldwide:

The emergence of technologically advanced oxygen devices and sources that offer efficient patient care, is anticipated to boost the industry’s growth. The adoption of Oxygen therapy is escalating rapidly due to the potential benefit it offers such as controlled flow, well-organized dosing, quicker response rates, and higher durability & reliability. The above-mentioned factors are likely to fuel industry expansion.

Market Restraints:

The high installation cost of oxygen therapy devices and their side effects may hamper its global market size:

The high cost associated with oxygen therapy devices and some side effects such as nasal dryness and skin irritation that comes with the therapeutic utilization of these devices are the major factors that will obstruct the growth of the Portable Oxygen Therapy Equipment Market during the forecast timeline.

The strict and stringent regulatory guidelines by government is restricting the market growth:

The stringent guidelines and rules by governments of several nations pose a major challenge to the growth of the portable oxygen therapy equipment market. Also, the emergence of low-cost alternatives by local manufacturers will further act as a market restraint and impede the growth rate of the market.

PORTABLE OXYGEN THERAPY EQUIPMENT MARKET REPORT COVERAGE:

Segmentation Analysis

Portable Oxygen Therapy Equipment Market – By Product:

• Oxygen Source Equipment

  • Oxygen Concentrators

  • Liquid Oxygen Devices

  • Oxygen Cylinders

• Oxygen Delivery Devices

  • Oxygen Masks

  • Nasal Cannulas

  • Venturi Masks

  • Non-rebreather Masks

  • Bag-valve Masks

  • Others

Based on product, the portable oxygen therapy equipment market has been segmented into 2 segments – Oxygen Source Equipment and Oxygen Delivery Devices. The oxygen source equipment segment holds the majority of the market share in 2022 and is likely to dominate the market over the analysis period as well growing with a CAGR of 8.2% from 2023 to 2030. Due to its high availability and utilization in the region in the form of Oxygen concentrators, cylinders, and liquid oxygen.

Portable Oxygen Therapy Equipment Market – By Application:

• COPD
• Asthma
• Cystic Fibrosis
• Respiratory Distress Syndrome
• Pneumonia
• Others

Based on application, the portable oxygen therapy equipment market has been segmented into 6 segments – COPD, Asthma, Cystic Fibrosis, Respiratory Distress Syndrome, Pneumonia, and Others.

The COPD segment is anticipated to hold a significant share of the global market owing to the rising geriatric population and the unhealthy lifestyle adoption of people.

Portable Oxygen Therapy Equipment Market – By End-User:

• Hospital

• Home Care

Based on end-user, the portable oxygen therapy equipment market has been segmented into 2 segments – Hospitals and Home Care.

The Hospital segment holds the largest share of revenue and dominates the global market. Owing to its popularity in the industry, more people prefer visiting hospitals for their diagnoses as more equipment and facilities are provided there for regular monitoring of oxygen levels.

Portable Oxygen Therapy Equipment Market – By Region:

• North America

• Europe

• Asia-Pacific

• South America

• Middle-East and Africa

North America holds the largest share of revenue in the global portable oxygen therapy equipment market and dominates the market and will continue to establish its dominance during the forecast timeline. This is due to the rising awareness about the health benefits associated with oxygen therapy in hospitals and the rising number of end-users in this region. The U.S is anticipated to hold a remarkably important position in the global portable oxygen therapy equipment market, witnessing a CAGR of 7.6% during the forecast period and will reach USD 2.4 Billion by 2030.

Asia-Pacific is predicted to witness the highest growth rate during the outlook period due to the increasing penetration of international players and surging research and development activities in the region. Asia Pacific is anticipated to be the fastest-growing market primarily due to the rise in pollution in the region, the growing prevalence of asthma patients, and other chronic conditions of respiratory diseases. China is predicted to represent the highest CAGR of 7.4% in the portable oxygen therapy equipment market during the forecast timeline. Also, Japan is anticipated to grow at a rapid pace with a CAGR of 6.3% in the portable oxygen therapy equipment market during the forecasted years.

Portable Oxygen Therapy Equipment Market – By Companies:

1. Philips Healthcare

2. Linde Healthcare

3. Chart Industries, Inc.

4. Invacare Corporation

5. Becton, Dickinson and Company

6. Smiths Medical

7. Drägerwerk AG & Co. KGaA

8. Teleflex Incorporated

9. Fisher & Paykel Healthcare Corporation Limited

10. Taiyo Nippon Sanso Corporation, Inogen, Inc.

11. Heinen + Löwenstein GmbH & Co. KG

12. DeVilbiss Healthcare

13. Essex Industries, Inc.

14. HERSILL, S.L.

15. Weinmann Emergency Medical Technology GmbH + Co. KG

16. Messer Medical Austria GmbH

17. medicap homecare GmbH

18. GCE Holding AB

COVID-19 Impact on the global Portable Oxygen Therapy Equipment Market:

The COVID-19 pandemic totally disturbed the market dynamics of several sectors majorly disrupting the medical device market owing to the lockdown restrictions and difficult supply chain management. However, the oxygen therapy equipment market witnessed remarkable demand during the global health crisis as it was included as a necessity for critically ill patients with coronavirus infections. A critical shortage of ventilators worldwide resulted in a rising demand for oxygen concentrators and cylinders. To control this shortage, engineers and scientists developed makeshift devices to take off the basic functionality of ventilators using existing devices, such as oxygen concentrators, PAP devices, anaesthesia machines, and manual resuscitators. Since most of the critical cases of COVID-19 require some form of artificial ventilation, demand for portable oxygen concentrators witnessed a significant increase. Moreover, the surging demand for technologically advanced devices aided the market growth even further.

Recent Industry Developments:

• On June 18, 2020, Vincent Medical Holdings Limited, a global respiratory medical device supplier, announced its supply agreement with TAMER Healthcare regarding the supply of InspiredTM O2FLO High Flow Respiratory Humidifier (“O2FLO”).

• On April 03, 2019, Inogen, Inc. announced the launch of a lightweight and easy-to-carry portable oxygen concentrator, Inogen One G5.

• In July 2021, Belluscura (BELL) finalized and signed a deal with a durable medical equipment provider, for X-PLO2R™, a portable oxygen concentrator, and expanded its product portfolio.

• In August 2019, OxyGo LLC announced the launch of a new product in their new six-flow setting, bluetooth-enabled POC. It offers the highest oxygen output per pound of weight of any portable oxygen concentrators currently deployed on the market.