PUBLISHER: Allied Market Research | PRODUCT CODE: 1179807
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179807
The global portable oxygen kit market share is envisioned to garner $35,819 million by 2031, growing from $18,658 million in 2021 at a CAGR of 7.0% from 2021 to 2031.
Portable oxygen kits provide oxygen therapy to people who suffer from breathing disorders like asthma and require medical oxygen supply at unpredictable times. It's similar to a home oxygen concentrator (OC), but smaller and more portable. Portable oxygen kits are used more frequently by people who have asthma and COPD (chronic obstructive pulmonary disease). Portable oxygen kits come in a variety of sizes and weights and are equipped with other accessories like nasal tubes and an oxygen mask.
Increased prevalence of respiratory diseases like emphysema, and chronic bronchitis among people due to their unhealthy lifestyle like smoking has accelerated the demand for oxygen which has further boosted the growth of portable oxygen kits in the market. Furthermore, growing demand for portable oxygen kit in home application due to rising COVID-19 cases, globally, along with rising need for clean oxygen is further projected to drive the portable oxygen kit market growth in forecast time period.
Technological advancements like the downsizing of medical equipment that make oxygen kits portable and travel-friendly is another factor contributing to the growth of the portable oxygen kit market share in near future.
Some factors adversely affecting the revenue growth of the market are high cost associated with the manufacturing of portable oxygen kits and lack of availability of this product in market due to high demand.
Major market players such O2 Concepts, Koninklijke Philips N.V, and others are coming up with different products to meet the increasing demand for portable oxygen kit in the market. For instance, in March 2022, GRS India, New Delhi-based startup introduced an oxygen portable kit powered by a smartphone. This smartphone-powered portable oxygen gadget aims to provide patients with a cost-effective and reliable oxygen source. Such technological advancements are responsible for providing growth opportunity for portable oxygen kit market size in the coming years.
COVID-19 has flu-like symptoms such as fever, coughing, and breathing difficulties. Breathing issues and low blood oxygen levels were among the signs that people frequently noted. The demand for oxygen cylinders increased dramatically as a result of the outbreak's severe oxygen shortage. These increased the need for transportable oxygen cylinders. Portable oxygen kits are used by patients who need supplementary oxygen because they are practical, lightweight, and simple to use. During the COVID-19 pandemic, these factors increased the demand for portable oxygen kits..
The key players profiled in the portable oxygen kit market analysis report include O2 Concepts, DeVilbiss Healthcare, Chart Industries, Inova Labs Inc., NIDEK Medical Products Inc., Teijin Limited, Koninklijke Philips N.V., Invacare Corporation, Worthington Industries, and Inogen Inc.
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