Portable Oxygen Concentrators Market Regional Analysis:
North America Market Insights
North America industry is predicted to account for largest revenue share of 40% by 2035. The market’s growth is due to a well-established healthcare system, rising awareness of cutting-edge treatment options, and increasing rates of respiratory disorders such as asthma and COPD. According to research published by the CDC (2021), 14.2 million (6.5%) adult Americans had COPD as diagnosed by physicians.
The portable oxygen concentrators market is expanding in the U.S. due to significant R&D spending and new product launches. Additionally, there has been a notable rise in the medicare coverage rate of portable oxygen concentrators (POCs) in the U.S. According to an analysis of Medicare claims data, the penetration rate of POCs was 22.0% in 2021 while that of stationary was 17%. This suggests that POCs are becoming more widely accepted than stationary oxygen concentrators, which is further fueling the market's expansion.
APAC Market Insights
Asia Pacific will also encounter huge growth in the portable oxygen concentrators market during the forecast period owing to rising COPD and asthma patients, improving healthcare infrastructure, and growing adoption of advanced devices including, portable oxygen concentrators. By 2030, healthcare spending in Asia-Pacific will be the fastest-growing globally, making up over 20% of total consumption.
Due to government infrastructure spending, urbanization, and economic growth, China is spending more on healthcare. Patients have easier access to concentrators and other medical devices in China owing to the increased healthcare spending and availability of advanced healthcare services. The amount spent on healthcare per person in 2022 was almost USD 6,044, up from roughly USD 5,440 in the year before.
The aging population, rising prevalence of respiratory diseases, and growing demand for in-home medical equipment are the main factors driving the portable oxygen concentrators market in Japan.
With their investment money and reasonable reimbursement guidelines, the government and private sector are encouraging market expansion in South Korea. Strategic moves like company mergers or acquisitions serve as platforms and foster the emergence of new market players.
