The Rising Global Market for Portable Oxygen Kits projected to reach $35.8 billion by 2031, growing at a CAGR of 7%
Portable Oxygen Kit Market Size, Share, Competitive
PORTLAND, OREGON, UNITED STATES, August 23, 2024 /EINPresswire.com/ -- The global market for portable oxygen kits1 has witnessed remarkable growth, with its valuation rising from $18.7 billion in 2021 to a projected $35.8 billion by 2031, driven by a CAGR of 7% from 2022 to 2031. This surge is fueled by the increasing prevalence of respiratory diseases and the growing demand for convenient and reliable oxygen solutions, particularly among the elderly and those with chronic respiratory conditions.
The Role of Portable Oxygen Kits in Healthcare
Portable oxygen cylinders have become essential medical devices, providing a lifeline to patients with respiratory challenges. Designed for ease of use, these kits enable patients to access vital oxygen therapy at home, reducing the need for frequent hospital visits. Portable oxygen kits come in various sizes, catering to different patient needs, from smaller, more frequently refilled units to larger cylinders that offer extended usage.
𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
1. TEIJIN LIMITED
2. NIDEK Medical Products
3. DeVilbiss Healthcare LLC
4. Inova Labs
5. Worthington Industries
6. Inogen Inc
7. O2 CONCEPTS
8. Chart Industries Inc.
9. INVACARE CORPORATION
10. Koninklijke Philips N.V.
𝐆𝐞𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/request-sample/A31520
Modern oxygen tanks have evolved from heavy, cumbersome steel models to lightweight, aluminum versions, making them more manageable and easier to transport. This transition has been pivotal in enhancing patient mobility and independence, especially for those who require constant oxygen support.
Challenges and Market Dynamics
Despite the benefits, the market faces challenges, including the high cost of portable oxygen kits and a lack of widespread awareness regarding their use. Technological advancements have made these devices more portable and accessible, but these innovations also contribute to higher prices. Additionally, inadequate training and awareness about the proper handling of portable oxygen kits could hinder market growth in the coming years.
Growing Demand Driven by Respiratory Diseases
The global rise in chronic respiratory diseases, such as asthma, chronic obstructive pulmonary disease (COPD), emphysema, and chronic bronchitis, is a significant factor driving the demand for portable oxygen kits. The aging global population and the associated increase in respiratory issues further accelerate this demand. As a result, the portable oxygen kit market2 is poised for sustained growth.
Government initiatives and public awareness programs are also playing a crucial role in promoting the use of portable oxygen kits. For example, in India, GRS India developed the Oxygen Plus field-portable smart backpack emergency oxygen concentrator with support from NECTAR, an autonomous organization under the Department of Science and Technology. This innovation represents a leap forward in making portable oxygen solutions more user-friendly and accessible.
Market Segmentation and Regional Insights
The global portable oxygen kit market is segmented based on end-use and region. The home application segment dominated the market in 2021, driven by the rising demand for home-based oxygen therapy among the elderly population. This trend is particularly strong in developed regions like North America and Europe, where technological advancements and rising living standards are boosting the adoption of portable oxygen kits for domestic use.
Regionally, North America is projected to lead the market during the forecast period, driven by the high prevalence of respiratory disorders and the impact of the COVID-19 pandemic. The region's aging population and government programs supporting the use of portable oxygen concentrators during air travel are also contributing to market growth.
The Road Ahead
The global portable oxygen kit market is set to expand significantly in the coming years, driven by technological advancements, increasing awareness, and the growing prevalence of respiratory diseases. As the market evolves, innovations in portable oxygen technology and strategic government initiatives will continue to shape its future, offering new opportunities for growth and development.
This dynamic market is not just about meeting current demands but also about anticipating future needs, ensuring that patients worldwide have access to life-saving oxygen therapy wherever they are.
𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A31520
David Correa
Allied Market Research
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1 https://www.alliedmarketresearch.com/portable-oxygen-kit-market-A31520
2 https://www.alliedmarketresearch.com/connect-to-analyst/A31520
