According to a new report by UnivDatos Market Insights, the Portable Oxygen Concentrators Market was valued at USD 2 Billion in 2023 by growing at a CAGR of ~8%. To enable growth and penetration in the portable oxygen concentrator industry, ongoing advancements in portable oxygen concentrator technology are necessary to enhance device alacrity, battery power, foldability, and convenience to the user. Also, manufacturers work on modern attributes to improve the patient’s comfort and ease of use. For example, on 5 July 2022, OMRON Healthcare revealed that the company expanded its line of portable oxygen concentrators, introducing the newest product. This concentrator employs medical molecular sieve technology to uninterruptedly deliver high-purity oxygen at a flow rate of 5 liters per minute. It provides an oxygen-enriched gas stream with a concentration above 90 percent.
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The ability to tailor treatments to individual needs and desired outcomes enhances patient satisfaction and drives market demand. Some of the most performed portable oxygen concentrators include:
· In February 2024, GCE Healthcare alternated the Zen-O and Zen-O lite POCs to meet the needs of those who depended on Philips. The Zen-O POC comes with pulse and continuous flow technologies and has an oxygen delivery rate of up to 2 liters per minute. At the same time, the main feature of the Zen-O lite is its ultra-lightweight and near-silent operation, which makes it approved for in-flight use.
· In August 2023, Inogen, Inc. declared that the Rove 6 portable oxygen concentrator would be available in the United States. With a purported eight-year anticipated service life, it is the perfect choice for patients seeking a POC that optimizes their range and flexibility for oxygen administration within a quiet, simple-to-operate, and easy-to-maintain system.
· In July 2023, Inogen, Inc., a medical technology company offering innovative respiratory products for use in the homecare setting, announced that the company has entered into a definitive agreement to purchase Physio-Assist SAS, a privately held company headquartered in France. The acquisition enables a global respiratory care company to evolve by adding a sizable, growing, and underserved airway clearance market opportunity.
According to the report, the impact of portable oxygen concentrator resources has been identified to be high for the North American area. Some of how this impact has been felt include:
North America held a dominant share of the market in 2023 owing to the surge in advanced technology and the healthcare industry in the region, which have both proven to have a positive effect on the market. The general accessibility, effectiveness, and ease of use of oxygen therapy equipment have further increased in importance for reasons such as the increasing prevalence of COPD & asthma, and other chronic obstructive pulmonary diseases, especially among the senior population. However, according to the National Center for Health Statistics in 2023, asthma is more common among adult females compared with males. In the United States, approximately 10.8% of females and 6.5% of males are affected by asthma. In addition, it is easier for the intended customers themselves to access transportable oxygen filters because of more liberal reimbursement policies in the U.S. and Canada.
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Conclusion
The portable oxygen concentrators market is on the threshold of creating an impressive growth rate, owing to demands, technology, and strategic partnerships. Providing patient-specific treatments increases patients’ satisfaction and the flow of the market demand. North America leads this growth due to enhanced technologies and good regional health policies. The trend within the industry toward continued technological development guarantees better results and experiences for the population affected by diseases.
