Market Size and Overview:

The estimated size of the worldwide Portable Oxygen Therapy Equipment Market is projected to increase from USD 5.05 billion in 2023 to USD 6.38 billion by 2030. Experiencing a robust Compound Annual Growth Rate (CAGR) of 6% from 2024 to 2030, this market is influenced by key factors propelling its expansion. The noteworthy contributors to the global Portable Oxygen Therapy Equipment Market's growth include the escalating incidences of obesity, hypertension, cardiovascular ailments, and various chronic conditions prevalent among individuals. In response to the heightened demand, prominent market players are consistently endeavoring to bridge the demand-supply gap within the anticipated time frame.

Oxygen therapy serves as a medical intervention for individuals facing challenges in naturally obtaining sufficient oxygen within their bodies. Given its vital role in various cellular metabolisms, tissue function, and overall physiological well-being, oxygen is indispensable for survival among nearly all living organisms. Consequently, individuals lacking adequate oxygen or experiencing medical conditions necessitate support through oxygen therapy, utilizing either oxygen cylinders or concentrators for both acute and chronic patient care.

The equipment for oxygen therapy comprises devices designed to deliver a secure source of oxygen-enriched air. These devices, tailored to the mobility needs of consumers, are available in stationary or portable forms based on patient requirements and environmental factors. They draw in ambient air, filtering out dust, bacteria, and other suspended particulate matter, facilitating normal breathing for patients.

Market Drivers:

The global demand for portable oxygen therapy equipment is driven by the escalating prevalence of chronic respiratory diseases:

The continual rise in chronic respiratory diseases, coupled with a growing preference for home healthcare settings, constitutes key drivers for the global portable oxygen therapy equipment market. This trend is particularly influenced by an aging population grappling with various chronic ailments requiring oxygen therapy support. Factors such as heightened air pollution levels and prevalent smoking habits contribute significantly to the surge in respiratory diseases, thereby fostering the demand for portable oxygen therapy equipment. Notably, statistics from the National Institutes of Health (NIH) indicate that 13 million adults in the U.S. suffer from Chronic Obstructive Pulmonary Disease (COPD), causing 120,000 annual fatalities. Moreover, the Global Asthma Network (GAN) reported nearly 334 million people worldwide affected by asthma in 2021.

Increased awareness of respiratory disorders in developed nations contributes to market growth:

Rising awareness, propelled by government initiatives and independent health organizations, has led to preventive measures, regular check-ups, screenings, and tests among the populace. Community-level support programs and counseling initiatives further contribute to the expanding market for portable oxygen therapy equipment.

Continuous technological innovations drive global market growth:

The industry's growth is spurred by ongoing technological advancements, introducing efficient oxygen devices and sources that enhance patient care. The rapid adoption of oxygen therapy is attributed to benefits such as controlled flow, efficient dosing, rapid response rates, and enhanced durability and reliability, collectively fostering industry expansion.

Market Restraints:

High installation costs and potential side effects impede market growth:

The substantial cost associated with oxygen therapy devices, coupled with potential side effects such as nasal dryness and skin irritation, acts as a significant hindrance to the growth of the Portable Oxygen Therapy Equipment Market during the forecast period.

Stringent regulatory guidelines pose challenges to market expansion:

Stringent regulatory guidelines imposed by governments globally present a formidable challenge to the growth of the portable oxygen therapy equipment market. Additionally, the emergence of low-cost alternatives from local manufacturers further restricts market growth rates.

Portable Oxygen Therapy Equipment Market – By Product:

The market for portable oxygen therapy equipment is categorized into two main segments based on the product:

• Oxygen Source Equipment:
  • Oxygen Concentrators
  • Liquid Oxygen Devices
  • Oxygen Cylinders
• Oxygen Delivery Devices:
  • Oxygen Masks
  • Nasal Cannulas
  • Venturi Masks
  • Non-rebreather Masks
  • Bag-valve Masks
  • Others

In 2022, the Oxygen Source Equipment segment held the majority of the market share and is expected to maintain its dominance over the analysis period. It is projected to grow with a CAGR of 8.2% from 2023 to 2030, driven by its high availability and utilization in the form of oxygen concentrators, cylinders, and liquid oxygen.

Portable Oxygen Therapy Equipment Market – By Application:

The market is segmented into six categories based on application:

• COPD
• Asthma
• Cystic Fibrosis
• Respiratory Distress Syndrome
• Pneumonia
• Others

The COPD segment is expected to have a significant share in the global market due to the increasing geriatric population and the adoption of unhealthy lifestyles.

Portable Oxygen Therapy Equipment Market – By End-User:

The end-user segmentation includes two segments:

• Hospital
• Home Care

The Hospital segment dominates the global market, holding the largest share of revenue. This is attributed to the preference for hospitals by individuals seeking diagnoses, benefiting from the availability of more equipment and facilities for regular oxygen level monitoring.

Portable Oxygen Therapy Equipment Market – By region:

The market is geographically segmented into five regions:

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East and Africa

North America: North America currently holds the largest revenue share in the global portable oxygen therapy equipment market, maintaining its dominance during the forecast timeline. This is driven by increasing awareness of the health benefits associated with oxygen therapy in hospitals and a rising number of end-users. The U.S is expected to play a crucial role, witnessing a CAGR of 7.6% and reaching USD 2.4 Billion by 2030.

Asia-Pacific: Asia-Pacific is projected to experience the highest growth rate, primarily due to the increasing penetration of international players and surging research and development activities. The region's rapid growth is fueled by rising pollution, a growing prevalence of asthma patients, and an increase in chronic respiratory diseases. China is expected to exhibit the highest CAGR of 7.4%, while Japan is anticipated to grow rapidly with a CAGR of 6.3% during the forecasted years.

Portable Oxygen Therapy Equipment Market – Leading Companies:

The prominent players in the Portable Oxygen Therapy Equipment Market include:

• Philips Healthcare
• Linde Healthcare
• Chart Industries, Inc.
• Invacare Corporation
• Becton, Dickinson and Company
• Smiths Medical
• Drägerwerk AG & Co. KGaA
• Teleflex Incorporated
• Fisher & Paykel Healthcare Corporation Limited
• Taiyo Nippon Sanso Corporation
• Inogen, Inc.
• Heinen + Löwenstein GmbH & Co. KG
• DeVilbiss Healthcare
• Essex Industries, Inc.
• HERSILL, S.L.
• Weinmann Emergency Medical Technology GmbH + Co. KG
• Messer Medical Austria GmbH
• medicap homecare GmbH
• GCE Holding AB

COVID-19 Impact on the Portable Oxygen Therapy Equipment Market:

The COVID-19 pandemic significantly disrupted market dynamics across various sectors, particularly affecting the medical device market due to lockdown restrictions and challenges in supply chain management. Despite these challenges, the oxygen therapy equipment market experienced notable demand during the global health crisis, emerging as a critical necessity for severely ill patients with COVID-19 infections. The worldwide shortage of ventilators led to an increased demand for oxygen concentrators and cylinders.

To address the ventilator shortage, engineers and scientists devised makeshift devices, utilizing existing equipment such as oxygen concentrators, PAP devices, anesthesia machines, and manual resuscitators. Given that a considerable number of critical COVID-19 cases require some form of artificial ventilation, there was a significant upsurge in demand for portable oxygen concentrators. The market further benefited from the increased demand for technologically advanced devices during this period.

Recent Industry Developments:

• June 18, 2020: Vincent Medical Holdings Limited, a global respiratory medical device supplier, announced a supply agreement with TAMER Healthcare for the supply of InspiredTM O2FLO High Flow Respiratory Humidifier (“O2FLO”).
• April 03, 2019: Inogen, Inc. launched a lightweight and easy-to-carry portable oxygen concentrator, Inogen One G5.
• July 2021: Belluscura (BELL) finalized and signed a deal with a durable medical equipment provider for X-PLO2R™, a portable oxygen concentrator, expanding its product portfolio.

August 2019: OxyGo LLC announced the launch of a new product, a six-flow setting, bluetooth-enabled portable oxygen concentrator with the highest oxygen output per pound of weight in the market.