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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