Portable oxygen concentrator (POC) is a medical device which supplies oxygen to patients suffering from respiratory problems. Portable oxygen concentrators are considered safer, easy to use, and inexpensive solutions as compared to conventional oxygen cylinders. Portable oxygen concentrators (POC) separates nitrogen and oxygen from air in the environment, and then discards the nitrogen and supplies 95% pure oxygen to patients through a mask. POCs are smaller as compared to stationary oxygen concentrators, allowing patients to easily carry the device. Moreover, these devices can also be used by mountaineers, and individuals travelling to places where oxygen is present inadequate amounts.
Increasing incidence of chronic obstructive pulmonary diseases, and growing awareness for oxygen therapy devices among the general population are key factors driving the global portable oxygen concentrators market. In addition, changing consumer lifestyle, increasing adoption of new technologies, and increase in government expenditure on healthcare facilities are other factors contributing to growth of the global portable oxygen concentrators (POC) market over the forecast period.
However, high product cost is a major restraint for growth of the global portable oxygen concentrators market. Additionally, stringent regulations pertaining to medical devices, and presence of environmental guidelines for use and disposal of portable oxygen concentrators (POC) are major factors expected to hamper growth of the global portable oxygen concentrators (POC) market to a significant extent.
The global portable oxygen concentrators market report has been segmented on the basis of product, end user, and region. On the basis of product, the global oxygen concentrators market is segmented into Continuous flow portable oxygen concentrator, and Pulse flow portable oxygen concentrator. On the basis of end user into, Hospitals, Homecare, Ambulatory surgical centers, and Travel agents. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America holds the major market share in terms of revenue in the global portable oxygen concentrators (POC) market as compared to that of markets in other regions. This can be attributed to high prevalence rate of respiratory diseases, increasing home healthcare adoption coupled with favorable reimbursement policies in the region. Europe accounts for the second-highest revenue share contribution to the global market followed by markets in Latin America, and Asia Pacific respectively. The market in Asia Pacific is projected to have the fastest growth in terms of revenue, owing to increase in number of patients suffering from chronic respiratory diseases, growing standard of living, and increasing access to better healthcare facilities in emerging economies such as India, and China.
Prominent players in the global portable oxygen concentrators market include, Koninklijke Philips N.V., Inogen Inc., Chart Industries Inc., Resmed Inc., Invacare Corporation, Drive DeVilbiss Healthcare, Precision Medical Inc., Besco Medical Co. Ltd., Oxus America, Inc. (Oxus), Foshan Keyhub Electronic Industries Co. Ltd., O2 Concepts LLC, and GCE Group.
Keywords:Portable Oxygen Concentrators Market, Market Research