Portable oxygen concentrators is a device that provides oxygen therapy to patients at substantially higher concentrations than that of ambient air and keeps the level of oxygen in their blood stable. They are specialized to provide oxygen to patients with respiratory diseases such as chronic obstructive pulmonary disease. The concentrator separates nitrogen and oxygen from the air in the environment, discarding the nitrogen and supplying 95% pure oxygen to patients via a mask.
U.S. & Asia Pacific Portable Medical Oxygen Concentrators Market - Impact of the Coronavirus (COVID-19) Pandemic
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 631 million cases and 6.58 million deaths due to coronavirus (COVID-19) were reported till November 14, 2022, across the globe.
Impact of COVID-19 on Demand and Supply of Portable Medical Oxygen Concentrators
The COVID-19 pandemic and lockdown in various countries across the globe has impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Several countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.
The emergence of the COVID-19 pandemic has led to an increasing demand for medical oxygen concentrators. COVID-19 is basically a respiratory disease that affects the lungs and, in severe cases causes the oxygen level to drop. Bilateral pneumonia is the main feature associated with COVID-19 and hence the demand of supplemental oxygen increased during COVID-19. Oxygen concentrators and liquid oxygen, among other tools, are used to increase the oxygen level. In shortage of liquid oxygen, oxygen concentrators are used for oxygen therapy as oxygen tanks have to be refilled but oxygen concentrators can work 24 x 7.
U.S. & Asia Pacific portable medical oxygen concentrators market is estimated to be valued at US$ 884.58 Mn in 2022, and is expected to exhibit a CAGR of 7.4% over the forecast period (2022-2030).
Figure 1: U.S. & Asia Pacific Portable Medical Oxygen Concentrators Market Share (%) Analysis, By Technology, 2022
U.S. & Asia Pacific Portable Medical Oxygen Concentrators Market – Drivers
Increasing prevalence of respiratory disorders is expected to fuel growth For instance, according to data published in AME Publishing Company, a globally active open access publisher, in April 2021, the overall prevalence of COPD in the general population aged ≥40 years was around 10% in Japan in 2020
Key companies operating in the market are focusing on organic growth strategies such as product launches, which is expected to propel the U.S. & Asia Pacific portable oxygen concentrator market growth over the forecast period. For instance, in July 2022, OMRON Healthcare, a U.S. & Asia Pacific leader in home blood pressure monitoring and solutions for cardiovascular disease management, had announced its latest advancement in the oxygen therapy category with the launch of a portable oxygen concentrator. It is a medical molecular sieve-based oxygen concentrator providing continuous supply of high purity oxygen (5L per minute) with more than 90% high concentration output. The product is designed to aid homecare providers when managing the therapy and lifestyle needs of nearly all patients with COPD and respiratory problems.
|Base Year:||2021||Market Size in 2022:||US$ 884.58 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||7.4%||2030 Value Projection:||US$ 1,562.63 Mn|
Chart industries, OxyGo HQ Florida, LLC, Koninklijke Philips N.V., ResMed Inc., Precision Medical, Inc, O2 CONCEPTS, LLC, GCE Group, Nidek Medical Product, Besco Medical Limited, CAIRE INC., BPL Medical Technologies, CONTEC MEDICAL SYSTEMS CO.,LTD., NAREENA LIFESCIENCES PRIVATE LIMITED, Drive DeVilbiss Healthcare llc
|Restraints & Challenges:||
U.S. & Asia Pacific Portable Medical Oxygen Concentrators Market-Restraint
Product recalls for portable medical oxygen systems is expected to hamper the U.S. & Asia Pacific portable oxygen concentrator market growth. Therefore, increasing recalls may affect the production capacities of manufacturers and distribution chains. For instance, in March 25, 2022, the U.S. FDA announced the recall of CAIRE FreeStyle Comfort Portable Oxygen Concentrator with autoSAT, UltraSense, and autoDOSE, model. Manufacturer’s reason for recall is the device was not cleared for the U.S. distribution. The recalling firm initially contacted the customers via voicemail and email on March 25, 2022. The email informed the consignee that the two affected units that were shipped to them could not be sold in the U.S. or its territories due to the FDA approval.
U.S. & Asia Pacific Portable Medical Oxygen Concentrators Market– Regional Analysis
On the basis of region, U.S. & Asia Pacific Portable Medical Oxygen Concentrators Market is segmented into U.S. and Asia Pacific.
The U.S. is expected to be the most lucrative region/country in the U.S. & Asia pacific portable medical oxygen concentrators market over the forecast period due to the following factors such as increasing prevalence of COPD in the U.S. For instance, according to the National Heart, Lung, and Blood Institute 2022, around 15 million adults are affected from chronic obstructive pulmonary disease in the U.S. Moreover, according to the Centers for Disease Control and Prevention, chronic lower respiratory disease is fourth leading cause of death in the U.S.
Figure 2: U.S. & Asia Pacific Portable Medical Oxygen Concentrators Market Share (%), by Region, 2022
U.S. & Asia Pacific Portable Medical Oxygen Concentrators Market – Competitive Landscape
Major players operating in the U.S. & Asia Pacific portable medical oxygen concentrators market include Chart industries, OxyGo HQ Florida, LLC, Koninklijke Philips N.V., ResMed Inc., Precision Medical, Inc, O2 CONCEPTS, LLC, GCE Group, Nidek Medical Product, Besco Medical Limited, CAIRE INC., BPL Medical Technologies, CONTEC MEDICAL SYSTEMS CO.,LTD., NAREENA LIFESCIENCES PRIVATE LIMITED, Drive DeVilbiss Healthcare llc
Portable oxygen concentrators or POCs are medical devices that use physical means to separate oxygen from the atmosphere in order to produce concentrated, medical-grade gas. Providing oxygen in low-resource environments, such as isolated areas, military combat zones, rural Emergency Medical Services (EMS), and during disasters, becomes costly and time-consuming.
Increasing launches of portable oxygen concentrators is expected to drive the market growth during the forecast period. For instance, in July 2020, OMRON Healthcare, an electronic company, launched portable Oxygen Concentrator which provides continuous supply of Oxygen (5L per minute) with over 90% high concentration output.
Increasing prevalence of respiratory disorders are expected to bolster growth of the U.S. & Asia Pacific portable medical oxygen concentrators market. For instance, an article published in Elsevier B.V., a Netherlands-based academic publishing company, in November 2022, the number of people with COPD in China was estimated to be 88.3 million in 2020 and projected to increase to 103.3 million by 2039.
Increasing availability of portable oxygen concentrators in the U.S. and Asia Pacific are expected to drive growth of market over the forecast period. For instance, in July 2021, Belluscura plc, a leading medical device developer focused on lightweight and portable oxygen enrichment technology, announced that it had signed its first U.S. distribution agreement for its X-PLO2R portable oxygen concentrator (POC) portfolio. The distributor, located on the East Coast of the U.S., is an established nationwide seller of supplemental oxygen equipment.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.