Oxygen MktAccording to Fairfield Market Research, The Portable Oxygen Kit Market is witnessing robust growth due to the increasing prevalence of chronic respiratory conditions such as COPD, asthma, emphysema, and chronic bronchitis. The aging population and unhealthy lifestyles are major factors contributing to the rise in these conditions, driving the demand for portable oxygen kits. Governments and regulatory bodies are actively working to educate the public about these conditions and the benefits of portable oxygen kits, further boosting market growth.
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Rising Awareness and Education Programs Fuel Market Expansion
Numerous initiatives and programs by government and local regulatory bodies aim to educate the public about chronic respiratory diseases like COPD. These programs emphasize the availability and advantages of portable oxygen kits and provide training for medical emergencies. As a result, businesses are introducing advanced portable oxygen kits to cater to the growing demand and expand their customer base.
In March 2022, GRS India, a startup certified by the Department for Promotion of Industry and Internal Trade (DIPP) in India, collaborated with the North East Centre For Technology Application and Reach (NECTAR) to develop the Oxygen Plus field-portable smart backpack emergency oxygen concentrator. This smartphone-based technology is easy to use and transport, making it a significant innovation in the portable oxygen kit market.
COVID-19 Impact on the Portable Oxygen Kit Market
The COVID-19 pandemic has had a profound impact on the global market for portable oxygen kits. The pandemic has affected millions of people worldwide, increasing the demand for oxygen kits. COVID-19 causes symptoms such as fever, coughing, and breathing difficulties, leading to a higher need for oxygen therapy. The shortage of oxygen cylinders during the pandemic highlighted the importance of portable oxygen kits, which allowed patients to manage their respiratory conditions at home.
The convenience of portable oxygen kits became evident as they enabled patients to avoid hospital visits for routine checks. Healthcare providers and experts began recommending portable oxygen kits for home use, especially during the peak of the pandemic when hospitals were overwhelmed. This shift significantly boosted the demand for portable oxygen kits.
Prevalence of Chronic Respiratory Diseases Drives Market Growth
The increasing prevalence of chronic respiratory diseases such as COPD, chronic bronchitis, and emphysema is a major driver of the portable oxygen kit market. Factors such as high air pollution, smoking, and aging contribute to the rising number of respiratory disease patients globally. Portable oxygen kits, which are small and lightweight, provide a significant improvement in the quality of life for patients requiring oxygen therapy.
The market is also driven by the growing number of elderly patients with respiratory issues who need respiratory support. The demand for portable oxygen kits for home use is increasing, further propelling market growth.
Growing Use of Portable Oxygen Kits in Aerospace and Automotive Industries
The aerospace and automotive industries are also contributing to the growth of the portable oxygen kit market. Portable oxygen kits are essential for pilots of unpressurized aircraft to prevent hypoxia at higher altitudes. They serve as a fallback for pressurized airplanes in case of pressurization issues. Military aircraft and spacecraft also require portable oxygen kits to ensure the safety of pilots and passengers.
The rising participation in adventure sports and the demand for portable oxygen kits in these activities are additional factors driving market growth. The versatility and necessity of portable oxygen kits in various industries are expected to fuel market expansion.
High Costs and Technological Challenges
Despite the positive growth trends, the portable oxygen kit market faces challenges such as the high cost of these kits. The development of lightweight, compact, and technologically advanced portable oxygen kits is necessary to overcome these challenges. Additionally, oxygen is flammable, and improper handling of portable oxygen kits can lead to life-threatening situations, posing a barrier to market growth.
Dominance of Home Application Category
The home application category holds the largest share of the portable oxygen kit market and is expected to continue dominating during the forecast period. Factors such as increasing consumer demand, the convenience of home-based oxygen therapy, and rising disposable incomes contribute to the growth of this segment. The elderly population’s need for quick and easy oxygen therapy and their preference for home healthcare solutions drive the demand for portable oxygen kits in home applications.
Regional Insights: North America and Asia Pacific
North America is expected to dominate the portable oxygen kit market due to the high prevalence of respiratory conditions, including those related to COVID-19. The region’s aging population and government initiatives, such as the Federal Aviation Administration’s (FAA) approval for using portable oxygen concentrators during air travel, further support market growth.
The Asia Pacific region is anticipated to experience stable revenue growth during the forecast period. Factors such as rapid urbanization, rising disease rates, and the COVID-19 pandemic’s impact on medical infrastructure drive the demand for portable oxygen kits in this region. Governments’ efforts to increase oxygen supply and address the high prevalence of respiratory illnesses also contribute to market expansion.
Competitive Landscape
The global portable oxygen kit market is competitive, with several key players driving innovation and market growth. In March 2022, GRS India unveiled a smartphone-powered portable oxygen kit to provide a cost-effective and reliable oxygen source for patients. Similarly, Bharat Aerosol Industries introduced the “Oxy Secure Booster” in December 2021, a portable oxygen pack that delivers 99 percent pure oxygen in emergencies.
Some prominent players in the market include INVACARE CORPORATION, O2 CONCEPTS, LLC, DeVilbiss Healthcare LLC, Chart Industries Inc., Inova Labs, Worthington Industries, Inc., Inogen Inc, NIDEK Medical Products, TEIJIN LIMITED, and Koninklijke Philips N.V.
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