The global portable oxygen kit market accounted for $1,372.6 million in 2018 and is expected to surpass $2,871.3 million by 2026, at a CAGR of 9.9%. The portable oxygen kit is a handy device that is primarily used for patients suffering from respiratory disorders such as hypoxia, asthma, chronic obstructive pulmonary disease (COPD), hypoxemia, and others. Moreover, these highly advanced kits work as a lifesaver during severe injuries.
The massive growth of the global market is mainly attributed to the rapid adoption of high-quality portable oxygen kits in hospitals, ambulances, and home first-aid. In 2020, the global market for oxygen kit is expected to witness considerable growth. In addition, these kits have a huge significance in the medical sector, along with being used in traveling or trekking activities. Ultra-lightweight, corrosion-resistant, highly convenient and low maintenance cost are some of the key features of the portable oxygen kit.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|8.4%||9.9%||145||USD 1,607.7 Million||USD 1,655.6 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The extensively rising prevalence of respiratory disorders such as COPD and asthma across the world is further expected to drive the portable oxygen kit market growth, during the period of forecast. For instance, as per a study conducted by the World Health Organization (WHO), as per figures of 2017, around 235 million patients suffer from asthma, across the globe. In addition, more than 90% of COPD deaths occur in middle and low¬ economies. These key factors may boost the demand for portable oxygen kit market, during the projected period. Furthermore, rising cases of respiratory diseases among people in the age group ? 65 yrs are also projected to fuel the growth of the global market, over the forecast period.
Furthermore, market players of the global portable oxygen kit market are emphasizing majorly on the various effective business development strategies such as merger & acquisition, technology advancements, product development, and strategic tie-ups. For instance, OXY99, the leading exporters of oxygen products has collaborated with ING. L. & A. Boschi and combinedly they have manufactured an oxygen lightweight portable kit. This kit is significantly useful on fatigue, breathlessness, hangover, and sports recovery. These factors may positively impact the global portable oxygen kit market in the future.
In the last several months of 2019, an outbreak of COVID-19 emerged as a global health emergency. The majority of countries across the world implemented lockdowns in order to curb the communal spread of this pandemic disease. However, the demand for oxygen kits has been astonishingly surging in the outbreak of the Covid-19 pandemic crisis. For instance, as per the recent publication of Portea Medical, oxygen kit manufacturers have witnessed exponential sale in the oxygen kits, during the outbreak of COVID-19. These highly advanced oxygen kits help the patients in self-treatment for breathing disorders such as sleep apnea and lung diseases at home only. Also, these oxygen kits have shown a huge significance over chronic respiratory illness.
Moreover, government bodies across the globe are recommending the supplemental oxygen therapies for the patient suffering from respiratory disorders such as life-threatening breathlessness rapid breathing, shortness of breath, rapid heart rate, and coughing. For instance, the World Health Organization (WHO) has recommended oxygen therapy for adults with impaired breathing, during the outbreak of COVID-19. These key factors may propel the demand for the portable oxygen kits, during the pandemic situation. Further, the integration of advanced technologies in the portable oxygen kit can leverage the growth of the portable oxygen kit in the global market.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
Furthermore, as per the study report published by Research Dive, it is estimated that the global market for portable oxygen kit market shall witness an enormous growth after the COVID-19 pandemic outbreak. In the midst of the COVID-19 pandemic, the demand for portable oxygen kit has considerably increased. Furthermore, key players are of this market are offering portable oxygen kits at lower prices to gain the trust and loyalty of customers. For example, during this COVID-19 pandemic situation, branded portable kits like Nidek, Respironics (Philips), and Devilbiss are available at affordable prices ranging from Rs $39.0 to $266.0. These factors may give significant opportunities to market players to grow in the global market even after the pandemic is in control.
Furthermore, governments across the world are supporting industrial manufactures for the production of oxygen for medical use. For instance, due to the outbreak of COVID-19 pandemic disease, the Drug Controller General of India (DGCI) has granted permission to the industrial manufacturer of oxygen for the production of medical oxygen. In addition, UPPCB (Uttar Pradesh Pollution Control Board) has also relaxed the stringent norms for the manufactures of oxygen. These key factors may create lucrative opportunities for emerging startups as well as established players of the portable oxygen kit market.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Portable Oxygen Kit Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity