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portable oxygen kit Industry
PORTLAND, OR, UNITED STATES, November 18, 2024 /EINPresswire / -- The global portable oxygen kit
market has experienced significant growth, valued at $18.7 billion in 2021 and projected to reach $35.8 billion by 2031, growing at a CAGR of 7% from 2022 to 2031. This market's expansion is driven by increasing respiratory diseases, advancements in portable oxygen technology, and rising demand for home-based oxygen therapy.
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Key Highlights
Market Overview
.Purpose and Design: Portable oxygen kits are essential medical devices designed for patients with respiratory issues or low blood oxygen levels. They reduce hospital visits by enabling home-based oxygen therapy.
.Versatile Sizes: These kits come in varying sizes, from compact units for frequent refills to larger ones for extended use, tailored to patient needs.
Growth Drivers
.Rising Prevalence of Respiratory Diseases:
.Chronic illnesses like asthma, COPD, emphysema, and bronchitis are increasing due to aging populations and unhealthy lifestyles.
.The geriatric population's demand for oxygen kits is rapidly growing.
.Technological Advancements:
.Lightweight, aluminum-based designs have replaced older, bulkier steel models.
.Innovations such as smart, portable oxygen concentrators enhance usability and portability.
Challenges
.Cost Barriers: High production and technological development costs make these kits expensive, limiting affordability.
.Awareness Gaps: Many users lack knowledge about proper handling, posing risks to safety and usability.
Regional Insights
.North America: Dominates the market, driven by:
.High prevalence of respiratory conditions.
.Supportive policies, such as FAA's authorization of portable oxygen concentrators during air travel.
.Post-COVID-19 respiratory care needs.
.Europe: Growth is fueled by increasing adoption of home oxygen therapy, particularly in aging populations.
.Asia-Pacific: Rising healthcare infrastructure and growing awareness about oxygen therapy present significant growth opportunities.
Innovations and Trends
.Companies are focusing on developing advanced and user-friendly oxygen kits.
.Example: In 2022, GRS India launched a smartphone-compatible portable oxygen concentrator, combining technology and portability.
Key Market Players
.O2 Concepts
.DeVilbiss Healthcare
.Chart Industries
.Koninklijke Philips N.V.
.Inogen Inc.
Market Segmentation
.By End-Use:
.Home Applications: Largest segment due to increasing adoption of portable kits for domestic use by elderly patients.
.Healthcare: Widely used in hospitals and clinics for respiratory treatments.
.Aerospace & Automotive: Portable oxygen kits are vital for aviation and emergency transport.
.By Region:
.North America leads, followed by Europe, Asia-Pacific, and LAMEA.
Future Outlook
The portable oxygen kit market is set to grow significantly, driven by increasing healthcare needs and technological advancements. Efforts to improve affordability and awareness will further bolster market growth in the coming decade.
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Key Takeaways
.Projected Growth: Market to double in size by 2031.
.Regional Strength: North America remains the most lucrative region.
.Opportunities: Innovations like smartphone integration and portable designs offer new market avenues.
.Challenges: Addressing affordability and user education is crucial for sustained growth.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.