The sudden outburst of COVID-19 has positively impacted the growth of the global portable oxygen kit market. The rising demand for oxygen kits from several parts of the world is fueling the growth of the market. Government schemes are immensely promoting the production of portable oxygen kits and are expected to offer lucrative opportunities for market players during the pandemic. The recent research report on the global portable oxygen kit market by Research Dive states the impact of COVID-19 pandemic on the current and future growth of the market. This report is an in-depth research formulated by analyzing major regional market conditions, key driving factors, and size & scope of the market.
Highlights of the Report
The unexpected outbreak of COVID-19 disease has shown a positive impact on the global portable oxygen kit market. According to the report, the global portable oxygen kit market had garnered a revenue of $1,372.6 million in 2018 and is expected to surpass $2,871.3 million by 2026, growing at a CAGR of 9.9% during the crisis period.
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The size of the market in the current scenario has reached $1,655.6 million due to the augmented use of high-grade portable oxygen kits in ambulances, hospitals, and home first-aid kits during this pandemic period.
Factors Impacting the Market Growth during the Covid-19 Pandemic
The global market is expected to experience momentous growth during the coronavirus crisis owing to the rising requirement and demand for oxygen kits for treating patients all over the world. Furthermore, the usage of advanced technologies in the portable oxygen kits is likely to boost the market growth post-COVID pandemic.
Current Market Transformation Due to Covid-19:
In the course of this pandemic, some of the key players in this market are offering portable oxygen kits at cheap prices for gaining customer’s trust and loyalty. For example, high-quality portable kits from renowned brands such as Devilbiss, Respironics (Philips), and Nidek are available at affordable prices ranging from $39.0 to $266.0 during this pandemic state. Such activities are anticipated to bring in rewarding opportunities for the market players after the end of the crisis period.
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Moreover, government bodies all over the world are supporting manufacturing companies for the production of oxygen kits. For instance, the Drug Controller General of India (DGCI) has legalized oxygen kit producers for the manufacturing of medical oxygen. Additionally, the UPPCB (Uttar Pradesh Pollution Control Board) has also relaxed the strict protocols for the manufactures of oxygen kits in the course of this pandemic period.
Future Scope of the Market:
As per the report the global portable oxygen kit market is projected to undergo substantial growth post-coronavirus pandemic. New players and some of the major players including Nidek Medical Products, Inc., Teijin Aramid B.V, Invacare Corporation., Koninklijke Philips N.V., Inogen, Inc., DeVilbiss Healthcare LLC, Worthington Industries, O2 CONCEPTS, LLC., Inova Labs Inc., and Chart Industries, Inc. are expected to have lucrative opportunities for market growth in the upcoming years.
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