Portable Oxygen Kit Market Research, 2031
The global portable oxygen kit market size was valued at $18.7 billion in 2021, and is projected to reach $35.8 billion by 2031, growing at a CAGR of 7% from 2022 to 2031.
Portable oxygen cylinders are the medical instruments, specifically designed to provide additional oxygen to patients suffering from respiratory issues or low blood oxygen levels. Portable oxygen kits provide an easy access for medical oxygen at home to the elderly people with respiratory disease. Thus, their regular visit to the hospitals and clinics for oxygen intake is reduced. Portable oxygen kit has stored medical oxygen which is sufficient for few days for the chronic respiratory disease patients. Once oxygen has been stored in a portable oxygen cylinder, it is administered to the patient via an oxygen mask, nasal tubes, or an oxygen rebreather.
Portable oxygen kits are available in different sizes. Smaller oxygen kits carry less oxygen and need to be refilled more frequently, whereas larger cylinders hold more oxygen and last longer. The activities of a patient and the prescription that his or her doctor has prescribed will determine the size of a cylinder and how it is used. Because of the lighter materials they are made of and the more streamlined designs, portable oxygen tanks are much lighter. Tanks used to be steel-built, reinforced, and capable of holding up to 30 pounds. It could be challenging to manoeuvre portable models, which frequently had wheels. Aluminum is used in modern oxygen tanks, which are lightweight and portable.
The shortage of availability of portable oxygen kits and technological advancements to make them portable, any easily accessible has result in the high price of portable oxygen kit and this factor has hindered the market growth. Lack of awareness among people about the proper and careful handling of portable oxygen kit is further likely to decrease market growth in coming years.
Prevalence of chronic respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), emphysema, and chronic bronchitis is increasing across the globe due to factors like growing age of people and their unhealthy lifestyle. Additionally, the need for portable oxygen kits is expected to rise as the number of geriatric population, suffering from respiratory problems, is growing rapidly and the need oxygen kit has accelerated, even further.
Many government and local regulatory groups have started a number of initiatives and programs to inform the public about COPD and the availability of portable oxygen kits and their benefits along with training in case of any medical emergency. Thus, to cope up with growing demand for portable oxygen kit, companies have started launching new and advanced portable oxygen kit sets in the market and increase their customer base. For instance, in March 2022, GRS India, a Department for Promotion of Industry and Internal Trade (DIPP) Government of India certified start-up, created the Oxygen Plus field-portable smart bag pack emergency oxygen concentrator with assistance from the North East Centre For Technology Application and Reach (NECTAR), an autonomous organization of the Department of Science and Technology (DST). The field-portable oxygen gear is smart-phone based technology that is simple to handle and easy to transport from one place to another. All these factors are anticipated to have a positive impact on the portable oxygen kit market growth.
The key players profiled in this report include O2 Concepts, DeVilbiss Healthcare, Chart Industries, Inova Labs Inc., NIDEK Medical Products Inc., Teijin Limited, Koninklijke Philips N.V., Invacare Corporation, Worthington Industries, and Inogen Inc.
The global portable oxygen kit market share is segmented on the basis of end-use, and region. By end-use, the market is classified into healthcare, home application, aerospace & automotive, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on end-use, home applications sub-segment dominated the global portable oxygen kit market in 2021. The growth of this sub-segment can be attributed to increased demand for portable oxygen kits for use in domestic applications by geriatric population suffering from chronic respiratory disease, and technological advancements like the small size of this medical gear that make it portable and travel friendly. Additionally, rising living standards and an increase in the use of home-based oxygen therapy by geriatric population, particularly in developed nations such as North America and Europe, is also likely to drive the protable oxygen kit market size in projected time span.
By region, North America regional market is projected to be the most dominating portable oxygen kit market in the forecast period. This is due to increased COVID-19 cases and high prevalence of breathing disorders experienced by the people suffering from COVID-19 infection. Also, rapidly growing geriatric population in the region and associated respiratory issues with ageing are the key factor for the growth of portable oxygen cylinder market in North America region. Additionally, government programs like the Federal Aviation Administration's (FAA) authorization of the use of portable oxygen concentrators during air travel and the rising incidence of severe chronic obstructive pulmonary disease brought on by unhealthy lifestyles are boosting the regional market. These factors are predicted to be the major factors affecting the portable oxygen kit market opportunity during the forecast period.
Impact of COVID-19 on the Portable Oxygen Kit Industry
- COVID-19 has impacted nearly every industry by the exceptional worldwide public health crisis known as COVID-19, and during the forecast period, the impacts are expected to have a positive long-term impact on portable oxygen kit industry growth.
- With flu-like symptoms like fever, coughing, and breathing problems, COVID-19 is a contagious disease. Breathing difficulties and low blood oxygen levels were among the common symptoms that people frequently encountered. Hence the need for oxygen was at peak during pandemic.
- During the COVID-19 pandemic, hospitals were completely occupied, with no vacant beds, As the number of corona virus patients increased tremendously. In such scenario, the use of portable oxygen cylinders was also recommended by doctors as a means of treatment for these patients at home settings. This factor has further resulted in sharp rise in the portable oxygen kits demand.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the portable oxygen kit market analysis from 2021 to 2031 to identify the prevailing portable oxygen kit market size.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the portable oxygen kit market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global portable oxygen kit market trends, key players, market segments, application areas, and market growth strategies.
Portable Oxygen Kit Market Report Highlights
| Aspects | Details |
 By End User |
|
 By Region |
|
 Key Market Players | INVACARE CORPORATION, Koninklijke Philips N.V., Chart Industries Inc., Inogen Inc, Worthington Industries, Inc., O2 CONCEPTS, LLC, NIDEK Medical Products, TEIJIN LIMITED, Inova Labs, DeVilbiss Healthcare LLC |
Analyst Review
Rapidly increasing number of patients suffering from chronic respiratory disease across the globe is one of prominent reasons responsible for boosting adoption of portable oxygen kit during the forecast period. In addition, increasing geriatric population, suffering from respiratory disease is expected to fuel growth of the portable oxygen kit market during the forecast period. However, high cost of portable oxygen kits due to technological advancements and the shortage of availability of kits in market due to its high demand and low product supply are the key factors expected to hamper the market growth during the forecast period. On the contrary, the increasing use of oxygen kits in aerospace and automotive industry is expected to drive revenue growth of the portable oxygen kit market in the coming years.
Among the analyzed regions, North America is expected to account for the highest revenue in the market in 2021, followed by Asia-Pacific, Europe, and LAMEA. Heavy investments by market players along with the rising number of patients with chronic respiratory disease are the key factors responsible for leading position of North America and in the global portable oxygen kit market.
The global portable oxygen kit market is driven by growing prevalence of chronic respiratory diseases like lung infection and asthma, among people, as a result of daily exposure to environmental pollution, an increase in the prevalence of chronic respiratory disease, and an increase in the number of people who smoke regularly resulting into the long-term lung damage. Emerging use of portable oxygen kit in automotive and aerospace industry is expected to generate excellent opportunities in the portable oxygen kit market.
North America is the largest regional market for portable oxygen kit market.
The key players profiled in the portable oxygen kit market report include O2 Concepts, DeVilbiss Healthcare, Invacare Corporation, Worthington Industries, Inogen Inc., Invacare Corporation, Worthington Industries, Inogen Inc., Chart Industries, Inova Labs Inc., NIDEK Medical Products Inc., Teijin Limited, and Koninklijke Philips N.V.
Home applications sub-segment of the end-use acquired the maximum share of the global portable oxygen kit market in 2021.
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