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Global Portable Oxygen Kit Market Forecast
This study intends to unfurl the multiple facets of global market for portable oxygen kit. The insights offered in the report aid in market growth examination during the forecast period.
Growing Public Education and Awareness About COPD, and Other Chronic Respiratory Conditions Bode Well for Portable Oxygen Kit Market
As people become older and lead unhealthy lifestyles, chronic respiratory disorders such as asthma, emphysema, chronic obstructive pulmonary disease (COPD), and chronic bronchitis are becoming more common. The need for portable oxygen kits is also anticipated to increase as the number of older adults with respiratory conditions rises quickly, and the demand for oxygen kits has intensified.
Numerous government and municipal regulatory bodies have launched several projects and programs to educate the public about COPD, the availability of portable oxygen kits, their advantages, and training in case of a medical emergency. To meet the growing demand, businesses have thus begun introducing new and sophisticated portable oxygen kit sets in the portable oxygen kit market, eying expansion of their client base.
In March 2022, GRS India, a Department for Promotion of Industry and Internal Trade (DIPP) Government of India certified startup, worked with the North East Centre For Technology Application and Reach (NECTAR), a stand-alone entity of the Department of Science and Technology, to develop the Oxygen Plus field-portable smart bag pack emergency oxygen concentrator (DST). The field-portable oxygen equipment is smartphone-based technology that is easy to use and move from location to location.
On the growth of the portable oxygen kit market, all of these variables are projected to have a favorable effect. The high price of portable oxygen kits has hampered the market growth because of the lack of readily available portable oxygen kits and technical developments to make them portable and easily accessible. In the upcoming years, the market expansion is projected to be further inhibited by a lack of public knowledge regarding the right and careful management of portable oxygen kits.
A Look Back and a Look Forward - Comparative Analysis
The COVID-19 epidemic has greatly impacted millions of individuals globally and practically all businesses. The stress of the epidemic has impacted many people's mental health and general well-being. A viral illness called COVID-19 causes flu-like symptoms like fever, coughing, and breathing problems. Shortness of breath & low blood oxygen levels were common post-COVID symptoms. Supply of oxygen cylinders was severely constrained during the outbreak, and demand soared.
Patients found that portable oxygen cylinders were increasingly necessary as they allowed them to manage their respiratory conditions at home. Additionally, because this kit is practical, practical, and simple, individuals prefer to utilize it instead of going to hospitals for routine health checks. In addition, the number of infected patients unexpectedly rose during the COVID-19 epidemic, and hospitals were packed to capacity with no open beds. Therefore, to treat patients with chronic respiratory diseases, healthcare providers and experts began treating them at home and advised them on how to use portable oxygen cylinders. The demand witnessed a surge due to the pandemic, in turn pushing the prospects of the portable oxygen kit market.
Key Growth Determinants
Rapidly Surging Prevalence of Chronic Respiratory Diseases Drives Market Growth
In the anticipated time frame, the prevalence of patients with severe respiratory conditions such as COPD (chronic obstructive pulmonary disease), chronic bronchitis and emphysema is anticipated to propel the expansion of the portable oxygen kit market. Globally, the number of people suffering from respiratory diseases is growing exponentially due to various factors, including high air pollution, bad habits like smoking, and aging. A small, lightweight device that uses ambient air as feed can improve the quality of life for patients who need oxygen therapy to treat lung insufficiency.
The adsorption columns and the compressor are the two primary parts that impact the size and weight of an oxygen concentrator constructed utilizing Pressure Swing Adsorption (PSA) technology. The quality of life for people needing oxygen therapy to cure lung insufficiency can be significantly improved by a suitably small, lightweight, portable oxygen device that uses ambient air as feed. Furthermore, it is anticipated that an increase in the number of elderly patients with respiratory issues who require respiratory support and an increase in demand for portable oxygen kits for home usage will propel the market forward.\
Growing Use in Aerospace Industry will Accelerate Market Expansion
As portable oxygen kits are designed to provide a steady supply of oxygen when flying aircrafts, rising demand from the automotive and aerospace industries is anticipated to present several investment opportunities. A surge in adventure sports participation and the growth of the portable oxygen kit industry is also projected to fuel the expansion of the portable oxygen kit market. Unpressurized aircraft pilots must use a portable oxygen kit at higher altitudes to prevent hypoxia, a physiological condition in which the brain becomes sluggish from a lack of oxygen.
Portable oxygen kits are used by pressurized airplanes as a fallback in case of pressurization issues. Military aircraft and swift spacecraft must carry portable oxygen tanks since their high speeds can result in the pilot and passengers' bodies running out of oxygen, resulting in unconsciousness. These airplanes have portable oxygen kits installed as a result. The portable oxygen kit portable oxygen kit market growth will probably thrive due to all these causes.
Key Growth Barriers
Portable Oxygen Kit Market Continues to Face a Roadblock in Form of Higher Cost
The rising cost of oxygen kits is primarily challenging the market. Another barrier might be the advancement of technology in creating a portable oxygen kit substitute that is lightweight, compact, and fitted with cutting-edge electronics and applications like mobile connectivity, among many others. Additionally, oxygen is flammable, and if these portable oxygen kits are not handled properly, it could result in life-threatening situations.
Market Segmentation
Home Application Category Dominates as Consumer Demand Expands
The home application category held the largest portable oxygen kit market share, and it is anticipated that it will continue to rule the market during the forecast period. The expansion of this sub-segment is predicted to be majorly fueled by factors like expanding consumer demand for portable oxygen kits, increased acceptance of home-based oxygen therapy among patients to reduce travel and inconvenience, and rising demand for portable medical devices.
The segment's main drivers also include people's rising ability to pay for pricey treatment alternatives and a surge in the usage of home-based therapy, particularly in developed nations. The older population is growing, and they need oxygen therapy that is quick, easy, and convenient. The portable oxygen kit market is projected to be driven by increased demand for home healthcare oxygen therapy, the requirement for clean oxygen, and technological improvements such as simplifying these medical devices.
Regional Analysis
North America’s Portable Oxygen Kit Market Dominates with Higher Prevalence of Breathing Problems
Over the forecast period, it is anticipated that the North American portable oxygen kit market will account for the largest revenue share. This results from increased COVID-19 infections and the high prevalence of breathing problems that COVID-19 patients experience. Additionally, the region's fast-increasing senior population and the respiratory problems that come with becoming older are major drivers of North America's market.
The market here is also being helped by government initiatives, including the Federal Aviation Administration's (FAA) permission to use portable oxygen concentrators during air travel and the increased prevalence of severe chronic obstructive pulmonary disease caused by unhealthy lifestyles. These elements are anticipated to significantly impact the market opportunity during the forecasted period.
Asia Pacific Becomes a Key Market for Portable Oxygen Kits
On the other hand, the Asia Pacific portable oxygen kit market is anticipated to experience stable revenue growth throughout the forecast period. This can be ascribed to the region's quickly growing population, rising disease rates, and quick urbanization, all contributing factors to the demand for portable oxygen kits in Asia Pacific.
The COVID-19 pandemic had a significant impact on the Asian nations. The outbreak caused a shortage of medical oxygen due to inadequate medical facilities and infrastructure, which compelled governments to increase their supply. The market in the region has expanded partly due to the high prevalence of respiratory illnesses, and the rising elderly population.
Recent Industry Developments
Key Market Players
Global Portable Oxygen Kit Market is Segmented as Below:
By End User
By Region
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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