The Global Portable Oxygen Kit Market is Projected to Grow at a CAGR of 6.3% and Generate a Revenue of $35,822.1 million by 2031Download Sample Reports Overview
The global Portable Oxygen Kit market value is predicted to be valued at $35,822.1 million by 2031, surging from $ 18,658.0 million in 2021, at a noteworthy CAGR of 6.3%.
Impact Analysis of COVID-19 on the Global Portable Oxygen Kit Market
COVID-19 infection is accompanied by symptoms like fever, cough, and breathing difficulties. The need for portable oxygen kits in the pandemic has seen tremendous growth owing to increased use of oxygen in healthcare, and growing demand for oxygen facility at home among elderly people. During the COVID-19 pandemic, the covid-19 outbreak is projected to boost the worldwide portable oxygen kit market. Coronavirus illness has impacted many people all over the world, mostly damaging their respiratory organs. As a result, to maintain their health and avoid infection, many have turned to home-based medical equipment such as portable oxygen kits. Furthermore, due to a lack of oxygen availability during the pandemic, more than 500,000 COVID-19 patients from poor and middle-income nations required oxygen. This has significantly raised the market demand for portable oxygen kit. All these factors are anticipated to increase the portable oxygen kit market share growth in the pandemic time frame.
Global Portable Oxygen Kit Market Value Analysis
The portable oxygen kit is the smallest reusable and ecological equipment used to provide enough oxygen to patients suffering from chronic respiratory issues, remotely. The kit is travel friendly, convenient, and simple to use. The prevalence of chronic obstructive pulmonary disease (COPD) is on the rise among people, globally, and this trend, along with the rising number of smokers, worldwide, is likely to fuel the market for portable oxygen kits. The market for portable oxygen kits is expected to expand in the next years due to the prevalence of respiratory diseases brought on by tobacco smoke. Additionally, the need for portable oxygen kits will increase owing to rising geriatric population with respiratory who require regular medical oxygen supply without much travel. 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). A multi-modal, smartphone-based, field-portable oxygen gear that is simple to handle and transport may deliver a reliable and affordable oxygen supply to communities during catastrophes like the recent COVID 19 epidemic and other disasters including medical emergencies and high altitude-related issues.
However, the cost and scarcity of portable oxygen kits are expected to hinder industry expansion. Additionally, careless handling of portable oxygen kits behavior may result in harm and occasionally even death.[NM5] [A6] Also, if portable oxygen kits come into contact with a flame, they may explode and become hazardous and flammable. These factors may limit the portable oxygen kit market size growth in the forecast period.
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 to carry during travel which makes them more appealing for the respiratory disease patients to carry them at different locations. All these factors are likely to flourish portable oxygen kit market growth in the next few years.
Global Portable Oxygen Kit Market Size, Segmentation
The global Portable Oxygen Kit market is segmented based on end-use, and region.
The end-use segment is further divided into healthcare, home applications, aerospace & automotive, and others. Among these, home applications sub-segment is anticipated to have a dominant market share. The growth of this sub-segment is anticipated to be largely driven by factors such as rising consumer demand for portable oxygen kits, growing popularity among people for home based oxygen therapy to prevent their travel and inconvenience, and increasing demand portable medical devices. The major factors driving the segment also include an improving standard of living, growing affordability for expensive treatment options by people and an increase in the use of home-based therapy, particularly in developed regions.
The global Portable Oxygen Kit market in North America region is anticipated to have a dominant market share. The demand for portable oxygen kits in the region will rise as chronic respiratory disorders become more common. Rising healthcare costs and rapidly growing ageing population are both significant contributors to the regional market's overall expansion. These are the elements that are anticipated to fuel the portable oxygen kit market's expansion in the North American continent.
Key Players in the Global Portable Oxygen Kit Market:
Some of the leading Portable Oxygen Kit market players are
- Teijin Limited
- Koninklijke Philips N.V.
- Invacare Corporation
- Worthington Industries
- Inogen Inc.
- O2 Concepts
- DeVilbiss Healthcare
- Chart Industries
- Inova Labs Inc.
- NIDEK Medical Products Inc.
In December 2021, Bharat Aerosol Industries a Kerala based industry has launched “Oxy Secure Booster” a portable oxygen kit which act as first aid acre and provide immediate relief to patients in emergency with 99 percent pure oxygen. This product has shelf life of 2 years and it is light weight.