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Portable Oxygen Kit Market Expected to Reach $35.8 Billion by 2031—Allied Market Research

 
2022
Portable Oxygen Kit Market

Report Code : A31520

quote Increase in the prevalence of chronic respiratory diseases like asthma in people, especially geriatric population is contributing to the portable oxygen kit market growth in the upcoming years. Also, growing affordability for advanced technology medical treatment by people, worldwide, is further anticipated to have positive impact on the portable oxygen kit market growth. quote

Vitika Verma - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Portable Oxygen Kit Market," The portable oxygen kit market size was valued at $18.7 billion in 2021, and is estimated to reach $35.8 billion by 2031, growing at a CAGR of 7% from 2022 to 2031.

Medical professionals frequently use portable oxygen kits for therapeutic and diagnostic purposes. Medical oxygen gas systems that are kept in portable oxygen kits and are utilised in home care settings are typically chosen by elderly patients who need a consistent supply of oxygen to support their physical and mental health needs.. For instance, Emphysema is a frequent chronic medical condition, most prevalent in elderly patients and requires continuous oxygen therapy or additional oxygen. To give patients a controlled amount of oxygen, numerous different types of oxygen systems are employed. Portable oxygen kit market growth is majorly driven by an increase in everyday environmental pollutant exposure by the people. Additionally, a rise in the number of people, who are sensitive to indoor air pollutants, as well as a rise in the number of people who smoke regularly can harm your airways and the tiny air sacs (alveoli) in your lungs, which can lead to lung illness. these factors are  driving the portable oxygen kit market share.

In recent years, the demand for portable oxygen kit, worldwide, has observed a steep growth.  As the number of patients, suffering from chronic respiratory diseases, has increased, more patients have started looking for home based medical oxygen kits like portable oxygen kits and concentrators to have every time access to medical oxygen supply at any place. With a portable oxygen kit, patients no longer have to rely on external providers for oxygen tanks and refills. Portable oxygen concentrators have the advantages of being lightweight, not looking like a medical gadget, and allowing to be more independent.

However, some of the disadvantages of portable oxygen kit include availability of limited stock of oxygen and the need for refilling the cylinder or can after use. Also, high cost of portable oxygen kits makes it difficult for the patients in underdeveloped regions to afford such expensive treatment. Apart from this, in some cases, portable oxygen kits  can malfunction if they are not used in a while. All these factors are like to hinder portable oxygen kit market trend growth in the future.

The demand for portable oxygen kit for personal use by Chronic Obstructive Pulmonary Disease (COPD) patients, who require oxygen therapy, has skyrocketed in the last decade. Because of its reduced size and weight, portable oxygen kits have become a popular medical device among geriatric patients who prefer to have their respiratory disease treatment at home. Also, portable oxygen kits are easy for carrying during travel which makes them more appealing for the respiratory disease patients to carry these equipment’s with them to different locations. All these factors are likely to flourish portable oxygen kit market growth in the next few years.

The global portable oxygen kit market share is segmented based on end-use, and region. By end-use, it is classified into healthcare, home applications, aerospace & automotive, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the portable oxygen kit industry report include Inova Labs Inc., NIDEK Medical Products Inc., Teijin Limited, Koninklijke Philips N.V., Invacare Corporation, Worthington Industries, Inogen Inc., O2 Concepts, DeVilbiss Healthcare, and Chart Industries.

The report offers a comprehensive analysis of the global portable oxygen kit market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

 

Impact of COVID-19 on the Global Portable Oxygen Kit Industry

  • The COVID-19 pandemic has had a significant impact on nearly every industry, and its long-term ramifications are anticipated to drive the growth of the portable oxygen kit market during the course of the forecast period.
  • The unexpected COVID-19 outbreak has led to a huge rise in the demand of oxygen kit as symptoms of COVID-19 includes breathlessness, low oxygen level in blood and other, this resulted into the increased demand for the portable oxygen kits in the market.

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quote Portable Oxygen Kit Market by End User (Healthcare, Home Application, Aerospace and Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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