Global Portable Oxygen Kit Market to Generate $35,822.1 Million by 2031, Owing to Increasing Prevalence of Respiratory Diseases Across the Globe

Portable oxygen kit is a compact, refillable medical kit which provides medical oxygen to the patient. Portable oxygen kits are especially necessary to provide oxygen to patients suffering from respiratory diseases such as chronic obstructive pulmonary disease (COPD). Also, these kits are used in during outdoor adventurous activities such as mountaineering and outdoor deep-sea activities. Moreover, these kits are used by airplane pilots so as to get continual oxygen supply.

Forecast Analysis of the Market

In the recent years, there has been an increase in the prevalence of respiratory diseases which has led to an increase in the demand of portable oxygen kits. This growing demand for portable oxygen kits is expected to be the primary growth driver of the portable oxygen kit market in the forecast years. Along with this, growing healthcare expenditure across the globe is expected to push the portable oxygen kit market further. Also, increasing use of portable oxygen kits in aerospace industry is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, high cost of portable oxygen kits may restrain the growth of the market in the forecast period.

Regionally, the portable oxygen kit market in the North America region is expected to be the most dominant and projected to generate $12,179.52 million revenue in the forecast period. Presence of major market players and their constant efforts to increase their product development is anticipated to become the primary growth driver of the market in this region. Additionally, growing rates of COPD disease as well as rise in the number of elderly people in the region is expected to the push the market in this region further.

According to the report published by Research Dive, the global portable oxygen kit market is expected to gather a revenue of $35,822.1 million by 2031 and grow at 6.3% CAGR in the 2022–2031 timeframe. Some prominent market players include 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., and many others.

Covid-19 Impact on the Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The portable oxygen kit market, however, faced an extremely positive impact due to the pandemic. The nature of the Covid-19 disease is the primary reason behind the growth of the market. The Covid-19 virus affects respiratory system of the body as a result of which the oxygen demand of the body increases substantially. Hence as the number of patients infected with Covid-19 virus increased across the globe, the demand for portable oxygen kits grew, which helped the market surge in the pandemic years.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the portable oxygen kit market to flourish. For instance:

• In May 2021, OxyGo LLC, a leading lightweight oxygen concentrator manufacturer, announced the acquisition of Life Corporation, a leading manufacturer of medical devices and portable oxygen kits. With this acquisition, OxyGo is poised to become a leader in the portable oxygen kit industry as it will be able to fulfill the demands of the medical sector in a comprehensive way.
   
• In March 2022, GRS India, a New-Delhi based company, announced that it has developed and launched a smartphone-based portable oxygen kit. This product launch is expected to be a gamechanger as far as portable oxygen kit market is concerned and is predicted to help GRS India substantially to expand its foothold in the market in the coming period.
   
• In June 2022, Aerox Aviation Oxygen Systems, a leading manufacturer of aviation oxygen systems, announced the acquisition of Sky-Ox Aviation Oxygen, another portable oxygen systems manufacturer. The acquisition is expected to help Aerox Aviation Oxygen Systems as it will be able to cater to the demands of the aviation sector in a much more holistic way.