Press Release

Oxygen Concentrators Market to Grow with a CAGR of 8.74% through 2028

Rise in demand for portable and homecare oxygen concentrators and growing preference for home-based oxygen therapy is expected to drive the Global Oxygen Concentrators Market growth in the forecast period, 2024-2028.

 

According to TechSci Research report, “Oxygen Concentrators Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Oxygen Concentrators Market stood at USD 3,224 million in 2022 and is anticipated to grow with a CAGR of 8.74% in the forecast period, 2024-2028. The market is influenced by factors such as the global prevalence of respiratory disease, the increasing number of COPD cases, and the growing elderly population.

Technological advancements, government spending, and economic stimulation by manufacturing enterprises in the development of home healthcare products are expected to drive market growth. Additionally, geriatrics are more susceptible to asthma, chronic obstructive lung disease (COPD), pneumonia, and other age-related respiratory conditions.

                                                                                             

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The increasing prevalence of chronic obstructive pulmonary disease, growing awareness of peripheral intravenous devices, and shifting public lifestyle choices are expected to drive the Oxygen Concentrators Market. Factors such as the rise in COPD, asthma, respiratory failure, and other respiratory problems contribute to the growing demand. Furthermore, technological advancements, increased healthcare spending, and economic stimulation have fostered the production of home healthcare products, leading to enhanced growth in the economy.

Other significant factors driving demand include improvements in the healthcare system, extensive research and development, and technological advancements. These factors are projected to further boost demand in the oxygen concentrator market. The landscape of this market is experiencing a significant transformation, driven by various factors that shape its trajectory. The increasing prevalence of respiratory diseases underscores the urgent need for effective solutions. Simultaneously, the industry is witnessing a wave of innovation with the introduction of advanced product offerings.

This pursuit of progress is evident in initiatives like the launch of the Oxlife Liberty by O2 Concepts in October 2022, which is set to revolutionize the oxygen therapy landscape. Such endeavors highlight the industry's commitment to pushing boundaries and improving patient care. The growth of the medical oxygen concentrator market is also propelled by an increase in indoor air pollutants and the rise in pollution from active smokers. The heightened exposure to air pollution can cause respiratory ailments in individuals. According to the American Lung Association's 2021 report, more than four in ten Americans live in areas with poor air quality. Additionally, more than 135 million people live in counties that received poor ratings for ozone or particle pollution in the "State of the Air" report.

Alongside these advancements, there is a growing preference for home-based oxygen therapy, which is expected to consistently fuel market growth over the forecast period. Furthermore, government initiatives and funding in healthcare infrastructure development are poised to amplify the demand for technologically advanced and cost-efficient oxygen concentrator devices. The integration of Internet of Things (IoT) technology into oxygen concentrators is reshaping the medical device landscape, offering a range of benefits that surpass traditional methods.

As innovation, changing preferences, and supportive policies continue to drive the market, the future holds promising prospects for oxygen concentrator manufacturers and patients alike. IoT-enabled oxygen concentrators, allowing for remote monitoring and management, enable healthcare providers to monitor patients' oxygen levels in real-time and adjust the flow rate, resulting in improved patient outcomes. Prominent players in the industry, including Inogen, Inc.; Respironics (a subsidiary of Koninklijke Philips N.V.); and Caire Medical (a subsidiary of NGK Spark Plug), are employing various strategies such as acquisitions, collaborations, expansions, and new product launches to extend the availability and geographical reach of their product offerings.

For instance, in February 2023, React Health, a specialist in medical device development, manufacturing, and distribution, successfully acquired Invacare's Respiratory line. This strategic acquisition enhances React Health's market position, expands its product portfolio, and enables it to serve a wider range of customers. Furthermore, the growing number of programs implemented by healthcare organizations to monitor and diagnose patients, along with the increasing demand for improved patient quality of life, contribute to the growth of the oxygen concentrators market. However, the availability of lower-cost alternatives from local manufacturers, strict regulatory guidelines causing delays in product approvals, and reductions in medical reimbursement rates for home oxygen therapy pose limitations to the growth of the global oxygen concentrators market.

 

The Global Oxygen Concentrators Market is segmented into type, technology, flowrate, application, end user, regional distribution, and company.

Based on type, portable oxygen concentrators are expected to experience the highest growth rate during the projected period. The global market for oxygen concentrators is segmented into portable and fixed concentrators based on type. Portable concentrators are anticipated to witness rapid growth, capturing a significant market share. These advanced and compact oxygen-producing devices are increasingly preferred by patients with respiratory conditions. With their compact size and lightweight design, portable oxygen concentrators offer convenience and mobility, allowing users to carry them in a backpack or using a trolley. Despite their smaller form factor, portable concentrators are capable of delivering oxygen at the same quality as fixed concentrators, ensuring no compromise in performance.

 

Based on region, North America segment is expected to grow during the forecast period. North America is projected to dominate the market for oxygen concentrators, holding a substantial share. The prevalence of respiratory disorders is notably high in North American countries. According to the Asthma and Allergy Foundation of America, it is estimated that nearly 25 million Americans will have asthma in 2020, equating to approximately one in thirteen Americans, including 8% of adults and 7% of children. Moreover, the same survey indicates that there are 20 million American adults aged 18 and older living with asthma. Consequently, there is a significant demand for oxygen concentrators for oxygen therapy treatments. Asthma is the most prevalent chronic illness in children and a significant noncommunicable disease (NCD) affecting both children and adults. The Asthma and Allergy Foundation of America (AAFA) estimates that approximately 25 million people, or 1 in 13 Americans, had asthma as of April 2022. Additionally, the site mentioned earlier reports that 5.1 million American children under the age of 18 suffer from asthma. Furthermore, adult females are more likely to have asthma compared to adult males, with approximately 9.8% of adult females and 6.1% of adult males being affected. Consequently, the use of oxygen concentrators is often necessary for treating patients with respiratory conditions, thereby creating market opportunities for ventilators. In May 2021, OxyGo LLC, a manufacturer of oxygen concentrators, acquired LIFE Corporation for an undisclosed amount. This acquisition enables users of compressed gas to access services provided by OxyGo. Additionally, by offering superior products and services and leveraging the expertise of LIFE Corporation, OxyGo can enhance its competence in the field of oxygen. Therefore, the region is expected to witness significant growth due to the presence of market-engaging factors.

 

Major companies operating in Global Oxygen Concentrators Market are:

  • Koninklijke Philips N.V.
  • Invacare Corporation
  • Teijin Limited
  • Precision Medical, Inc.
  • Drive DeVilbiss Healthcare LLC
  • Nidek Medical Products Inc.
  • Inogen Inc.
  • NGK Spark Plug Co., Ltd.
  • GCE Group
  • Linde Healthcare

 

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“The market is primarily driven by the increasing environmental pollution caused by carbon dioxide (CO2) emissions. Additionally, the growing demand for POCs by travelers and mountaineers in oxygen-deficient areas is another significant factor contributing to market growth. Technological advancements have also played a crucial role in fueling market expansion. Manufacturers are continuously innovating to develop lightweight, compact, and user-friendly devices that offer improved portability and convenience for patients, further driving market growth. Furthermore, the growing investment in healthcare infrastructure worldwide is propelling market expansion. Moreover, the rising demand for oxygen concentrators for patients with sleep apnea, due to their ease of mobility, is creating a positive market outlook globally.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Oxygen Concentrators Market Segmented By Type (Portable v/s Stationary), By Technology (Continuous Flow, Pulse Flow, Continuous/Pulse Flow), By Flowrate (0-5l/min, 5-10l/min, Above 10l/min), By Application (COPD, Lung Cancer, Pneumonia, COVID-19, Others), By End Users (Hospitals & Clinics, Ambulatory Care Centres, Home Care, Others), By Region and Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Oxygen Concentrators Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Oxygen Concentrators Market.


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