Global Portable Oxygen Kit Market Expected to Surpass $35,822.1 Million and Grow at 6.3% CAGR in the 2022-2031 Timeframe |[250-Pages] Study by Research Dive
The global portable oxygen kit market is expected to grow by 2031 due to increasing prevalence of respiratory diseases. Home applications sub-segment is expected to be the most dominant. Market in the North America region to be highly lucrative.
NEW YORK, March 3, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Portable Oxygen Kit Market by End User (Healthcare, Home Application, Aerospace & Automotive, and Others), and Regional Analysis (Europe, North America, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031".
According to the report, the global portable oxygen kit market is predicted to register a revenue of $35,822.1 million by 2031, growing at a healthy CAGR of 6.3% during the forecast period 2022-2031.
Dynamics of the Market
Drivers: In the last few years, there has been a growth in the incidence of respiratory diseases across the globe which has led to an increase in demand for portable oxygen kits. This increase in demand is predicted to boost the portable oxygen kit market in the forecast period. Additionally, growing healthcare expenditure across the globe is expected to drive the market forward.
Opportunities: Over the years, the aerospace industry has seen a massive surge in demand for portable oxygen kits which is expected to offer numerous growth opportunities to the market. Along with this, increasing prevalence of respiratory diseases such as COPD is predicted to take the market higher.
Restraints: According to market analysts, high cost of portable oxygen kits, however, may become a challenge in the growth trajectory of the portable oxygen kit market.
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Covid-19 Impact on the Market
Since the outbreak of Covid-19 pandemic, strict lockdowns and travel restrictions were put in place by various governments across the world. This negatively impacted several industries and businesses causing disruptions in supply chains and manufacturing processes. The portable oxygen kit market, however, has been an exception. The nature of the Covid-19 infection is such that its severely affects the respiratory system which is why the need for oxygen increases. Hence the spread of Covid-19 across the globe led to an increase in demand for portable oxygen kits which helped the market grow in the pandemic years.
Segments of the Market
The report has fragmented the portable oxygen kit market into a few segments based on end-use and regional analysis.
- By end-use, the home applications sub-segment is predicted to garner the highest revenue by 2031. Increasing elderly population and their requirement for easy, timely and, convenient oxygen therapy is anticipated to push the growth rate of this sub-segment higher.
- By regional analysis, the portable oxygen kit market in the North America region is estimated to be the most dominant and generate $12,179.52 million in the forecast period. Growing prevalence of COPD and increasing elderly population are expected to be the two main factors behind the growth of the market in this region.
Prominent Market Players
Some prominent market players are
- O2 Concepts
- NIDEK Medical Products Inc.
- Invacare Corporation
- DeVilbiss Healthcare
- Teijin Limited
- Worthington Industries
- Chart Industries
- Koninklijke Philips N.V.
- Inogen Inc.
- Inova Labs Inc.
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth.
For example, in January 2022, NOVAIR, a leading manufacturing company of on-site gas production systems, announced the acquisition of OGSI, a leading manufacturer of medical and industrial oxygen systems. This acquisition is predicted to help NOVAIR substantially as it will be able to meet the demands of the market in a better way.
The report also sums up various crucial facets including financial performance of the global market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Portable Oxygen Kit Market:
- Portable Oxygen Kit: A Medical Device that Has an Ability to Offer Continued Respiratory Support
- Global Portable Oxygen Kit Market to Generate $35,822.1 Million by 2031, Owing to Increasing Prevalence of Respiratory Diseases Across the Globe
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