Portable Oxygen Concentrators Market Trends

Growth Drivers

• Increasing prevalence of chronic obstructive pulmonary diseases (COPD): The need for portable oxygen concentrators is increasing owing to the rise in the prevalence of COPD, the quick development and accessibility of different types of concentrators, and the availability of simple-to-use oxygen concentrators for medical treatment. Patients with COPD typically use portable oxygen cylinders for everyday tasks including housework, work, and shopping. The World Health Organization (WHO) reported that COPD was the third most common cause of mortality worldwide, affecting over 65 million individuals and accounting for 3 million deaths in 2019.

• Growing number of elderly people worldwide: The need for portable oxygen concentrators and the world's aging population is driving portable oxygen concentrators market expansion. For instance, according to data published in 2022 by WHO, the percentage of the elderly population in the world will almost triple from 12% to 22% between 2015 and 2050.  Furthermore, growing urbanization and increased levels of disposable income are the drivers of the market expansion for portable oxygen concentrators.

• Continuous release of new products: Leading companies are investing more in developing portable pulse and continuous-flow oxygen concentrators to cater to the rising demand. One such example is the launch of medical-grade oxygen concentrators by Servotech Power Systems in 2021 to help IIT Jammu and IISER Bhopal develop oxygen concentrators in India. Servotech has also extended its network of strategic alliances by working with these institutions. Concentrators for hospitals, foundations, medical facilities, commercial establishments, and other important stakeholders in need of the product will be supplied by Servotech.

Challenges

• Strict government regulations and procedures for reimbursement: Governments' strict guidelines and reimbursement practices may limit the general use of portable oxygen concentrators. Furthermore, modifications to the FDA's medical device approval procedure in numerous nations may limit portable oxygen concentrators market expansion to some degree throughout the projection period.

• Exorbitant price and scarcity of these devices: One of the obstacles to the widespread usage of portable oxygen concentrators is their cost. POC acceptability is low in emerging economies due to low disposable income and a greater product price compared to developed countries. Another problem is that these devices are not as easily accessible in remote areas and countries with undeveloped healthcare systems.