Hyderabad, India -- (SBWIRE) -- 02/26/2018 -- Carry Oxygen to everywhere with the Portable Oxygen Concentrators.

Portable Oxygen concentrators are utilized for the same purpose as regular oxygen concentrators that are used indoors but are smaller in dimensions to provide the ease of mobility. The main use of this equipment is to make travelling more comfortable for people undergoing oxygen therapy. Oxygen therapy is done when the patient is in need of higher levels of oxygen in comparison to the normal level in order to medical conditions like Cystic fibrosis and chronic obstructive pulmonary disease.

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The global portable oxygen concentrators market value is evaluated to be USD 1.25 Billion in 2017 and is estimated to reach USD 1.84 Billion by 2022 at a CAGR of 8%.

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According to a survey conducted by UN, the elderly population worldwide is evaluated to be 809.4 million and is expected to reach double its value by 2050. People who are over 70 years old are more susceptible to respiratory diseases like COPD, asthma, fibrosis, and pneumonic hypertension. This, in turn, would increase the demand for portable oxygen concentrators and thereby drive the market growth.

Initiatives that are designed to increase the awareness of respiratory devices and reimbursements on oxygen concentrators are likely to boost the market growth in the forecast period. Also, advancements in technology that make travelling more comfortable for patients suffering from respiratory diseases will drive the market growth.
However, lack of favorable approval guidelines from FDA and the high costs are the key hindering factors of the market.

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Geographically, North America is dominating the market and is expected to do so in the upcoming years owing to the rising number of patients with respiratory diseases and high investments in health care. Western Europe is expected to witness a major growth during the forecast period.

Some of the key players of portable oxygen concentrators market include Koninklijke Philips N.V., Inogen Inc., Chart Industries Inc., Resmed Inc., Invacare Corporation, Drive DeVilbiss Healthcare, Precision Medical Inc., Foshan Keyhub Electronic Industries Co. Ltd., O2 Concepts LLC, and GCE Group.

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