Portable Oxygen Kit Market Report
Portable Oxygen Kit Market by End User (Healthcare, Home Application, Aerospace & Automotive, and Others), and Regional Analysis (Europe, North America, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031
Global Portable Oxygen Kit Market Analysis
The global Portable Oxygen Kit market size was $18,658.0 million in 2021 and is predicted to grow with a CAGR of 6.3%, by generating a revenue of $35,822.1 million by 2031.
Portable Oxygen Kit Market Synopsis
The portable oxygen kit is a small, refillable and convenient medical device, majorly used for providing medical oxygen to respiratory disease patients. Geriatric patients require more oxygen to manage their health and control breathing related issues and thus they demand for portable oxygen kits. Portable oxygen kits and concentrators are growing in demand, in the healthcare market, as they offer various features like travel friendly, lightweight, convenient, and simple to use. The market for portable oxygen kits is expected to develop as a result of rising public awareness of the incidence of chronic obstructive pulmonary disease (COPD) and the advantages of using of these kits at home and also while performing outdoor adventure activities like mountaineering and deep-sea diving. Additionally, the aerospace and automotive industries' growing need for portable oxygen kits to provide continual oxygen sources to pilots flying at high altitude at high speed is anticipated to fuel portable oxygen kit market expansion throughout the forecasted period.
The major restraining factor for portable oxygen kit market growth is the lack of portable oxygen kits supply in the market amid growing demand due to growing prevalence of respiratory diseases in people of all age group. Also, high cost of portable oxygen kits is likely to hinder market growth, further.
Additionally, a growing number of chronic diseases and the increased prevalence of COVID-19 cases around the world are contributing to the market expansion for portable oxygen kits. Also, entry of new market players in the market due to prevailing growth opportunity for the business owing to rising demand for portable oxygen kits is anticipated to boost the market growth in the next few years.
According to regional analysis, the North America Portable Oxygen Kit market accounted for $6,171.69 in 2021 and is predicted to grow with a CAGR of 6.5% in the projected timeframe.
Portable Oxygen Kit Overview
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.
COVID-19 Impact on the Global Portable Oxygen Kit Market
Millions of people worldwide and almost all industries have been significantly impacted by the COVID-19 pandemic since it first began. The stress of the epidemic has had an effect on many people's mental health and overall wellbeing. COVID-19 is an infectious disease with flu-like symptoms including fever, coughing, and breathing difficulties. People often experienced post COVID symptoms like shortness of breath and low blood oxygen levels. During the outbreak, oxygen cylinder supply was severely limited, and demand skyrocketed. Portable oxygen cylinders became more necessary among patients as it helped the patients to manage their respiratory issues while staying at home. Also, people prefer to use the portable oxygen kit because it is lightweight, handy, easy to use and prevented them from visiting hospitals for their regular health check-ups.
Furthermore, during COVID-19 pandemic, the number of infected patients increased unexpectedly and hospitals were full with no empty beds. Thus, to provide treatment to chronic respiratory disease patients, healthcare providers and professionals have started treating them at their home and have advised them to use portable oxygen cylinders. This factor has increased the demand for the portable oxygen cylinders in the pandemic.
Increasing Prevalence of Chronic Respiratory Diseases and Growing Healthcare Expenditure are Expected to Drive the Global Portable Oxygen Kit Market Growth.
Rising prevalence of patients suffering from severe respiratory diseases like chronic obstructive pulmonary disease (COPD), emphysema, and chronic bronchitis is expected to drive the portable oxygen kit market share growth in the forecast time period. The number of respiratory disease patients is increasing at an exponential pace, globally, owing to various factors such as high air pollution level, unhealthy habits like smoking and ageing. For those who require oxygen therapy to treat lung insufficiency, a compact, lightweight device that uses atmospheric air as feed can greatly enhance their quality of life. The two main components that affect the size and weight of an oxygen concentrator built using Pressure Swing Adsorption (PSA) technology are the adsorption columns and the compressor. Therefore, a suitably tiny and lightweight portable oxygen device that uses atmospheric air as feed can greatly raise the quality of life for persons who require oxygen therapy to treat lung insufficiency.
Additionally, a rise in the number of elderly patients with respiratory problems, who need respiratory support as well as the rise in the demand for portable oxygen kits for home use are both expected to drive the market ahead.
High Cost of Portable Oxygen Kit May Restrain Growth of the Global Portable Oxygen Kit Market
The primary challenge faced by portable oxygen kit market is rising price of oxygen kit. Other obstacle may include technological development for development of alternative for portable oxygen kit which is compact in size, weight and equipped with advance electronics and applications such as mobile connectivity and many other. .
Additionally, oxygen is combustible and if it comes into contact with a flame, and if these portable oxygen kits are not handled properly, it can lead to circumstances that are life threatening.
Increasing Use of Portable Oxygen Kits in Aerospace Industry Projected to Boost Growth Opportunities in the Global Portable Oxygen Kit Market
Increasing demand from the automotive and aerospace sectors is expected to provide several investment possibilities in the portable oxygen kit market, as portable oxygen kits are meant to provide a consistent supply of oxygen when flying aircrafts. The expansion of the portable oxygen kit market is also anticipated to be fueled by an increase in adventure sport participants and the development of the portable oxygen kit industry. In order to avoid hypoxia, a physiological condition in which the brain becomes lethargic from a lack of oxygen, unpressurized aircraft pilots must utilize portable oxygen kit at higher altitudes. Pressurized aircraft rely on portable oxygen kits as a backup when pressurization problems occur. Military aircraft and fast spaceships are required to have portable oxygen supplies because their high speeds can cause the pilot and passengers' bodies to run out of oxygen, which can cause unconsciousness. For this reason, these aircraft are outfitted with portable oxygen kits. All these factors are likely to flourish portable oxygen market share growth in the fu
Global Portable Oxygen Kit Market Share, by End-use
Based on end-use, the global Portable Oxygen Kit market is further divided into healthcare, home applications, aerospace & automotive, and others. Among these, home applications sub-segment is expected to account for highest revenue share during the forecast period.
Global Portable Oxygen Kit Market Size, by End-Use 2021
Source: Research Dive Analysis
The home applications sub-segment is expected to have highest market share in forecast time period. The sub segment is further expected to be driven by increasing elderly population and their requirement for easy, timely and convenient oxygen therapy. Increasing demand for home healthcare oxygen therapies, as well as rising need for clean oxygen and technological advancements such as simplification of these medical equipment, are likely to drive portable oxygen kit market growth over the forecast period.
Global Portable Oxygen Kit Market Value, by Region
The global Portable Oxygen Kit market was investigated across Europe, North America, Asia-Pacific, and LAMEA.
Global Portable Oxygen Kit Market Size and Forecast, by Region, 2021-2031 (USD Million)
Source: Research Dive Analysis
The Portable Oxygen Kit Market in North America Region to be Dominant
The Portable Oxygen Kit market in North America accounted $6,171.69 in 2021 and it is projected to generate $12,179.52 million revenue by 2030 at CAGR of 6.5%. In North America, the market for portable oxygen kits has seen tremendous growth, largely as a result of presence of major market players and their constant efforts to increase their product development and significant market player investments and growing rates of COPD disease as well as rise in the number of elderly people in the region. A few of the many factors that are anticipated to drive the Portable Oxygen Kit market opportunity growth in the North American region include an increase in the patient population in these areas.
Global Portable Oxygen Kit Market Competitive Scenario
Product advancements and technological advancements are the common strategies followed by major market players. For instance, in March 2022, GRS India, New Delhi-based startup introduced an oxygen portable kit powered by a smartphone. This portable oxygen device powered by a smartphone is intended to offer patients an affordable and reliable oxygen source. Due to the Covid-19 outbreak, such portable oxygen kits have been in high demand during the past two years. It is anticipated that this new portable oxygen kit will significantly aid the start-up in entering the market.
Source: Research Dive Analysis
Leading companies in Portable Oxygen Kit market are O2 Concepts, DeVilbiss Healthcare, Chart Industries, Inova Labs Inc., NIDEK Medical Products Inc., Teijin Limited, Koninklijke Philips N.V. , Invacare Corporation, Worthington Industries, Inogen Inc.
Historical Market Estimations
Base Year for Market Estimation
Forecast timeline for Market Projection
Europe, North America, Asia-Pacific, LAMEA
Segmentation by End-use
Key Companies Profiled
Q1. What is the size of the Portable Oxygen Kit market?
A. The global Portable Oxygen Kit market size was over $18,658.0 million in ¬¬¬2021 and is further anticipated to reach $35,822.1 million by 2031.
Q2. Which are the leading companies in the Portable Oxygen Kit market?
A. Oxy99.in, O2 Concepts and DeVilbiss Healthcare are some of the key players in the global portable oxygen kit market.
Q3. Which region possesses greater investment opportunities in the coming future?
A. North America possesses great investment opportunities for the investors to witness the most promising growth in the coming years.
Q4. What is the growth rate of the Asia-Pacific market?
A. The Asia-Pacific Portable Oxygen Kit market is anticipated to grow at 7.3% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Product advancement and mergers & Technological innovations are the key strategies opted by the operating companies in this market.
Q6. Which companies are investing more on R&D practices?
A. O2 Concepts and Koninklijke Philips N.V. are investing more on R&D activities for developing new products and technologies.
1.2.Real time insights and validation
1.4.Assumptions and forecast parameters
1.5.Market size estimation
2.2.Key objectives of the study
2.5.Overview of the impact of COVID-19 on Global Portable Oxygen Kit Market
4.2.Growth impact forces
4.3.Market value chain analysis
4.3.1.List of raw material suppliers
4.3.2.List of manufacturers
4.3.3.List of distributors
4.4.Innovation & sustainability matrices
4.5.Porter’s five forces analysis
4.5.1.Bargaining power of suppliers
4.5.2.Bargaining power of consumers
4.5.3.Threat of substitutes
4.5.4.Threat of new entrants
4.5.5.Competitive rivalry intensity
4.7.Impact of COVID-19 on Portable Oxygen Kit Market
4.7.1.Pre-covid market scenario
4.7.2.Post-covid market scenario
5.Portable Oxygen Kit Market Analysis, by End-use
5.1.1.Definition, key trends, growth factors, and opportunities
5.1.2.Market size analysis, by region,2021-2030
5.1.3.Market share analysis, by country,2021-2030
5.2.1.Definition, key trends, growth factors, and opportunities
5.2.2.Market size analysis, by region,2021-2030
5.2.3.Market share analysis, by country,2021-2030
5.3.Aerospace & automotive
5.3.1.Definition, key trends, growth factors, and opportunities
5.3.2.Market size analysis, by region,2021-2030
5.3.3.Market share analysis, by country,2021-2030
5.4.1.Definition, key trends, growth factors, and opportunities
5.4.2.Market size analysis, by region,2021-2030
5.4.3.Market share analysis, by country,2021-2030
5.5.Research Dive Exclusive Insights
6.Portable Oxygen Kit Market, by Region
18.104.22.168.Market size analysis, by End-use,2021-2030
22.214.171.124.Market size analysis, by End-use,2021-2030
126.96.36.199.Market size analysis, by End-use,2021-2030
6.1.4.Research Dive Exclusive Insights
188.8.131.52.Market size analysis, by End-use,2021-2030
184.108.40.206.Market size analysis, by End-use,2021-2030
220.127.116.11.Market size analysis, by End-use,2021-2030
18.104.22.168.Market size analysis, by End-use,2021-2030
22.214.171.124.Market size analysis, by End-use,2021-2030
6.2.6.Rest of Europe
126.96.36.199.Market size analysis, by End-use,2021-2030
6.2.7.Research Dive Exclusive Insights
188.8.131.52.Market size analysis, by End-use,2021-2030
184.108.40.206.Market size analysis, by End-use,2021-2030
220.127.116.11.Market size analysis, by End-use,2021-2030
18.104.22.168.Market size analysis, by End-use,2021-2030
22.214.171.124.Market size analysis, by End-use,2021-2030
6.3.6.Rest of Asia Pacific
126.96.36.199.Market size analysis, by End-use,2021-2030
6.3.7.Research Dive Exclusive Insights
188.8.131.52.Market size analysis, by End-use,2021-2030
184.108.40.206.Market size analysis, by End-use,2021-2030
220.127.116.11.Market size analysis, by End-use,2021-2030
18.104.22.168.Market size analysis, by End-use,2021-2030
6.4.5.Rest of LAMEA
22.214.171.124.Market size analysis, by End-use,2021-2030
6.4.6.Research Dive Exclusive Insights
7.1.Top winning strategies, 2021
7.3.Market share analysis, 2021
8.2.DeVilbiss Healthcare LLC
8.5.Nidek Medical Products, Inc.
8.7.Koninklijke Philips N.V
9.1.Parent & peer market analysis
9.2.Premium insights from industry experts
Portable oxygen kit is a compact, refillable medical kit which provides medical oxygen to the patient. Portable oxygen kits are especially necessary to provide oxygen to patients suffering from respiratory diseases such as chronic obstructive pulmonary disease (COPD). Also, these kits are used in during outdoor adventurous activities such as mountaineering and outdoor deep-sea activities. Moreover, these kits are used by airplane pilots so as to get continual oxygen supply.
Forecast Analysis of the Market
In the recent years, there has been an increase in the prevalence of respiratory diseases which has led to an increase in the demand of portable oxygen kits. This growing demand for portable oxygen kits is expected to be the primary growth driver of the portable oxygen kit market in the forecast years. Along with this, growing healthcare expenditure across the globe is expected to push the portable oxygen kit market further. Also, increasing use of portable oxygen kits in aerospace industry is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, high cost of portable oxygen kits may restrain the growth of the market in the forecast period.
Regionally, the portable oxygen kit market in the North America region is expected to be the most dominant and projected to generate $12,179.52 million revenue in the forecast period. Presence of major market players and their constant efforts to increase their product development is anticipated to become the primary growth driver of the market in this region. Additionally, growing rates of COPD disease as well as rise in the number of elderly people in the region is expected to the push the market in this region further.
According to the report published by Research Dive, the global portable oxygen kit market is expected to gather a revenue of $35,822.1 million by 2031 and grow at 6.3% CAGR in the 2022–2031 timeframe. Some prominent market players include O2 Concepts, NIDEK Medical Products Inc., Invacare Corporation, DeVilbiss Healthcare, Teijin Limited, Worthington Industries, Chart Industries, Koninklijke Philips N.V., Inogen Inc., Inova Labs Inc., and many others.
Covid-19 Impact on the Market
The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The portable oxygen kit market, however, faced an extremely positive impact due to the pandemic. The nature of the Covid-19 disease is the primary reason behind the growth of the market. The Covid-19 virus affects respiratory system of the body as a result of which the oxygen demand of the body increases substantially. Hence as the number of patients infected with Covid-19 virus increased across the globe, the demand for portable oxygen kits grew, which helped the market surge in the pandemic years.
Significant Market Developments
The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the portable oxygen kit market to flourish. For instance:
- In May 2021, OxyGo LLC, a leading lightweight oxygen concentrator manufacturer, announced the acquisition of Life Corporation, a leading manufacturer of medical devices and portable oxygen kits. With this acquisition, OxyGo is poised to become a leader in the portable oxygen kit industry as it will be able to fulfill the demands of the medical sector in a comprehensive way.
- In March 2022, GRS India, a New-Delhi based company, announced that it has developed and launched a smartphone-based portable oxygen kit. This product launch is expected to be a gamechanger as far as portable oxygen kit market is concerned and is predicted to help GRS India substantially to expand its foothold in the market in the coming period.
- In June 2022, Aerox Aviation Oxygen Systems, a leading manufacturer of aviation oxygen systems, announced the acquisition of Sky-Ox Aviation Oxygen, another portable oxygen systems manufacturer. The acquisition is expected to help Aerox Aviation Oxygen Systems as it will be able to cater to the demands of the aviation sector in a much more holistic way.