Market Trends of Global Portable Oxygen Concentrators Industry
This section covers the major market trends shaping the Portable Oxygen Concentrators Market according to our research experts:
Application in Asthma is Expected to Cover a Largest Market Share
One of the most common non-communicable diseases is asthma. It is a long-term condition that enlarges and irritates the airways of the lungs. In addition to limiting airways, asthma can result in nighttime coughing, wheezing, and dyspnea, which may make it difficult to get a decent night's sleep. When oxygen concentrators are used properly, respiratory health can ultimately be improved. Many persons with respiratory diseases like asthma or COPD receive treatments with oxygen therapy as a critical component of illness management. Asthma killed 46,1000 individuals in 2019 and afflicted 262 million people, according to World Health Organization data from 2021. It is the most prevalent chronic illness in kids. In a report published in November 2021 by the Canadian Pediatric Society titled "Managing an acute asthma exacerbation in children," the incidence of asthma was calculated to be 10% across Canada. Even so, it can reach 20% of kids and teenagers, including their native classmates. Children frequently attend the emergency room (ED), are admitted to the hospital, and miss school due to asthma flare-ups. These kids make up more than half of all asthmatic children's ED visits. Additionally, in Alberta, there was one child fatality for every 25,000 emergency department visits, or 10% of paediatric ED visits. The Asia-Pacific region experienced an increase in the prevalence of asthma-related symptoms over the previous 12 months, according to a study titled "Risk factors of asthma in the Asian population: a systematic review and meta-analysis" that was published in the Journal of Physiological Anthropology in December 2021. Given the rising trend in asthma incidence in the region, additional study into the disease-related risk factors specific to the Asia-Pacific region is anticipated to present potential to develop more efficient preventative, prognostic, and therapeutic techniques for managing asthma disease. Inogen Inc., a medical technology company, in April 2019 launched its revolutionary Inogen One G5 portable oxygen concentrator to the market. Inogen Inc. develops cutting-edge respiratory equipment for use in home healthcare settings. Portable oxygen concentrators can be easily carried and are helpful for asthma patients. Hence, the increasing prevalence of asthma and adoption of portable oxygen concentrators are expected to help in market grow.
North America is Expected to Dominate the Portable Oxygen Concentrators Market
North America is expected to hold a significant share in the market. The prevalence of respiratory disorders is high in North American countries. The Asthma and Allergy Foundation of America estimates that in 2020, almost 25 million Americans will have asthma. This equates to one in thirteen Americans, including 8% of adults and 7% of children. According to the same survey, 20 million American individuals aged 18 and older have asthma. As a result, portable oxygen concentrators are in high demand for treatments like oxygen therapy. Asthma is the most prevalent chronic illness in children and is a key noncommunicable disease (NCD) that affects both children and adults. The Asthma and Allergy Foundation of America (AAFA) estimates that around 1 in 13 Americans, or about 25 million people, had asthma in April 2022. According to the site stated above, 5.1 million American youngsters under the age of 18 suffer from asthma. According to the same source, adult females are more likely than adult males to have asthma. Asthma affects about 9.8% of adult females, compared to 6.1 percent of adult males. Because of this, treating patients with respiratory ailments frequently necessitates the use of portable oxygen concentrators, opening up market prospects for ventilators. Manufacturer of portable oxygen concentrators OxyGo LLC purchased LIFE Corporation in May 2021 for an unknown sum. Users of compressed gas can now access services from OxyGo thanks to this acquisition. By offering superior goods and services and leveraging the experience of LIFE corporation, the business can also increase its competence in oxygen. As a result, the area is expected to experience exponential expansion due to the presence of market-engaging variables.
