Global Portable Oxygen Concentrators Market Size

Portable Oxygen Concentrators Market Analysis

Portable Oxygen Concentrators Market is poised to grow at a CAGR 8.8% during the forecast period (2022 - 2027).

The COVID-19 pandemic had an effect on the market for portable oxygen concentrators as hospitals and healthcare services were drastically restricted as a result of social segregation policies implemented globally. The COVID-19 epidemic has put unprecedented pressure on the world's supply chains and the purchase of necessary medical goods. Included in this are oxygen concentrators, which can benefit newborns and COVID-19 patients everywhere. Millions of individuals worldwide were affected by COVID-19 due to the high frequency of the SARS-CoV-2 virus, which had a high infection rate. The high level of infection severity caused a global increase in demand for portable oxygen concentrators, which benefited the industry. Hypoxemia and respiratory failure are likely to result from COVID-19 pneumonia, needing endotracheal intubation and mechanical ventilation. Because of the pandemic, oxygen therapy for COVID-19 or other severely ill patients was required, necessitating the use of portable oxygen concentrators. Due to the rising demand for portable oxygen concentrates to treat COVID-19-infected patients, the Sudden Outbreak of COVID-19 had a beneficial effect on the market's growth. For instance, the United Nations International Children's Emergency Fund (UNICEF) reported in 2021 that oxygen concentrators played a crucial role in UNICEF's response to the COVID-19 pandemic by giving patients who were having trouble breathing life-saving oxygen. Thus, the pandemic's rising demand for portable oxygen concentrators drove the market's expansion.

Age-related illnesses are more common in the geriatric population but less so in the younger generation. Asthma, chronic obstructive pulmonary disease (COPD), pulmonary fibrosis, pneumonia, and other age-related respiratory disorders are all much more common in this population. Over the next few decades, there will likely be a demographic transition in the world, and the number of elderly people is likely to increase. In the "World Population Ageing 2020 Highlights" report from the UN Department of Economic and Social Affairs, it was stated that 727 million people worldwide would be 65 or older by that year. In 2050, it is anticipated to surpass 1.5 billion mark. The need for portable oxygen concentrators is anticipated to increase with growing geriatric population, which is more susceptible to respiratory and other ailments. Additionally, Saudi Arabia is undergoing a demographic change, according to estimates from HelpAge International and the UN Population Fund. Between 2020 and 2050, there will be a five-fold rise in the number of people aged 60 or over, from 2 million (or 5.9% of the total population) to 10.5 million (23.7 percent ). Additionally, according to data from the World Health Organization (WHO) released in October 2021, the population is ageing significantly more quickly than in the past. One in six persons globally is anticipated to be 60 years of age or older by 2030. As a result, it is anticipated that there will be 1.4 billion people over the age of 60 by 2050, up from 1 billion in the previous year. Product introductions is another driver of market expansion. For instance, as part of its "Pranvayu" programme, Yulu and the e-mobility provider began delivering medical-grade oxygen concentrates to COVID-19 patients at their doorsteps in May 2021. With the intention of expanding to major Indian cities, the effort was launched in Bengaluru with a first batch of 100 oxygen concentrators. Similarly, in June 2021, Servotech power systems were manufacturing oxygen concentrators at their facility near the Kundlu border, New Delhi, India. The Company planned to roll out 1,00,000 concentrators by March 2022. Hence these factors acted as driving factors for the growth of the market. However, the risk of respiratory diseases due to unclean and contaminated equipment and adverse effects such as skin irritation may help in hindering the growth of the market.