Oxygen Concentrators Market is Anticipated to Witness High Growth Owing to Increasing Prevalence of Chronic Respiratory Diseases
Oxygen Concentrators Market is Anticipated to Witness High Growth Owing to Increasing Prevalence of Chronic Respiratory Diseases
The Global Oxygen Concentrators Market is estimated to be valued at US$ 2.52 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.

The oxygen concentrators market involves production and distribution of oxygen concentrators - medical devices that concentrate oxygen from ambient air. Oxygen concentrators absorb nitrogen from ambient air through pressure swing adsorption technology to deliver concentrated oxygen to patients. Concentrators provide a cost-effective alternative to oxygen cylinders and are widely used for home-based oxygen therapy for COPD, asthma and other respiratory illnesses. Easy portability, low maintenance and continuous oxygen supply make concentrators a preferred choice for patients requiring long-term oxygen therapy.

The Global Oxygen Concentrators Market is estimated to be valued at US$ 2.52 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the oxygen concentrators market are Hitachi Ltd., Ion Beam Applications S.A, Mevion Medical Systems, Mitsubishi Electric Corporation, Provision Healthcare, ProTom International, Sumitomo Heavy Industries, Varian Medical Systems, Optivus Proton Therapy, Inc., and Advanced Oncotherapy plc. The growing demand for portable concentrators from home healthcare sector is boosting the market. Technological advancements such as bluetooth connectivity, integrated oxygen sensors and lithium-ion battery technology are enhancing product efficacy.

Market trends:

1. Rising adoption of innovative concentrators - Companies are developing novel concentrators with advanced features such as built-in pulse oximeters, integrated oxygen sensors and bluetooth connectivity for remote monitoring.

2. Increasing preference for portable concentrators - Portable oxygen concentrators weighing less than 5 kg are gaining popularity as they offer better mobility.

Market Opportunities:

1. Expanding homecare sector in emerging nations - Growing medicare expenditure on home healthcare in developing countries will augment oxygen concentrator sales.

2. Rising cases of COPD and other respiratory diseases - Increasing risk factors such as smoking, air pollution and aging populations are leading to spike in respiratory illnesses, driving overall market growth.

Impact of COVID-19 on Oxygen Concentrators Market

The COVID-19 pandemic significantly accelerated the demand for oxygen concentrators owing to the rapid surge in coronavirus cases globally. As the virus attacks the respiratory system, there was a major spike in requirement for oxygen support from concentrators. Homecare providers stocked up on units to meet the rising home therapy needs of patients. Portable concentrators emerged as a preferred solution for hospitals facing capacity issues. Manufacturers ramped up production by operating round the clock to address the sudden spike in orders from both institutional and individual customers. However, restrictions on international trade and transportation bottlenecks affected the supply chain of key components in the initial months. With vaccination drives underway, demand is stabilizing from peak pandemic levels. However, the post-Covid scenario is likely to see sustained usage of these units for respiratory support of recovering patients and management of long-term symptoms.

Geographical Regions with Highest Value Concentration of Oxygen Concentrators Market

North America accounts for the largest share of the oxygen concentrators market in terms of value, owing to the high incidence of chronic respiratory diseases in the United States, presence of prominent players, and adequate reimbursement policies for home healthcare services in the region. Within North America, the United States represents the major market due to supportive healthcare infrastructure and awareness about oxygen therapy use cases. The Asia Pacific region is expected to witness the fastest growth during the forecast period due to rising healthcare expenditure, growing geriatric population, and increasing pollution levels leading to respiratory issues in highly populated countries like China and India.

Fastest Growing Region for Oxygen Concentrators Market

The Asia Pacific region is poised to emerge as the fastest growing market for oxygen concentrators during the forecast period. Factors such as rising healthcare spending, prevalent lifestyle diseases, rapidly growing geriatric population, increasing environmental pollution, and improving access to medical insurance are propelling the demand for respiratory care devices including oxygen concentrators. Furthermore, high penetration of portable concentrators to address the homecare needs is supporting market growth. Countries like India, China and Japan are estimated to be the major revenue generators for oxygen concentrator manufacturers. With improving standards of living and infrastructure, respiratory treatments are gaining priority in national healthcare agendas, presenting opportunities for market players.

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