USD 3.41 billion
Report ID: SQMIG35E2012 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 88 | Figures: 76
Oxygen Concentrators Market size was valued at USD 3.41 billion in 2021 and is poised to grow from USD 3.61 billion in 2022 to USD 6.06 billion by 2030, growing at a CAGR of 5.9% in the forecast period (2023-2030).
Oxygen concentrators are extensively used in industrial and medical devices for oxygen therapy. Two methods in common use are pressure swing adsorption and membrane gas separation. Oxygen concentrators are used by patients for pulmonary disorders such as bronchitis, emphysema, lung cancer, and acute pneumonia.These can be used at home as well as in clinical settings to support the patient oxygen needs.
The market growth is driven by the rising prevalence of respiratory disorders, rapid growth in the geriatric population, high prevalence of tobacco smoking, preference towards home-based oxygen therapy, and technological advancements.
However, the availability of low-cost alternatives by local manufacturers, stringent regulatory guidelines causing delays in product approvals, and Medicare reimbursement rate cuts for home oxygen therapy are restraining the growth of this market to a certain extent.
US Oxygen Concentrators Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.41 billion
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Oxygen Concentrators Market is segmented into type, technology, end user, and region. By type, the Oxygen Concentrators Market is segmented into portable and stationary. By technology, the Oxygen Concentrators Market is segmented into pulse flow and continuous flow. By end user, the Oxygen Concentrators Market is segmented into hospitals, home care settings, and Ambulatory Surgical Centers and & Physician Offices. By region, the Oxygen Concentrators Market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Oxygen Concentrators Market Analysis by Type
Portable medical oxygen concentrators accounted for the largest revenue share in 2021. Growing prevalence of respiratory disorders, such as asthma, COPD, and pneumonia, is expected to boost the usage of portable oxygen concentrators over the forecast period.
Increasing the number of air travellers and rising approvals for portable concentrators from the Federal Aviation Administration (FAA) are expected to drive the portable concentrators segment.
Oxygen Concentrators Market Analysis by Technology
Continuous flow accounted for the largest revenue share of 87% in 2021. Rapid technology advancement related to new product development is expected to boost the use of medical oxygen concentrators.
Ongoing use of respiratory equipment for oxygen therapy is anticipated to boost the segment growth. Elderly population and bedridden patients are the main targeted groups for continuous flow oxygen concentrators.
In addition, the devices are not fitted with any breath detection technology, hence they are cheaper as compared to pulse flow technology.
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North America dominates the global oxygen concentrators market share because of the well-established healthcare infrastructure and increasing awareness about advanced treatment methods in this region. Rising minimally invasive procedures will flourish the market growth rate in this region.
Asia-Pacific is expected to grow during the forecast period of 2022 to 2028 due to the rising prevalence of chronic diseases such as Asthma and COPD and the development of the healthcare sector in this region.
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Oxygen Concentrators Market Driver
Increased Awareness and Accessibility of Technologically Advanced Resources to Boost Market Growth
Oxygen Concentrators Market Restraint
High Cost and Lack of Skilled Professionals to Hinder Market Growth
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Global oxygen concentrators market is fragmented in nature. The market is witnessing the presence and entrance of various global and regional players to cater to rising oxygen demand. Players in the market are adopting various strategies such as mergers and acquisitions, collaborations, and R&D activities to stay ahead in the competition.
Oxygen Concentrators Market Top Player’s Company Profiles
Oxygen Concentrators Market Recent Developments
Players will Invest in Product Portfolio Expansion to Gain an Edge Over Others
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global oxygen concentrators market analysis, the market will gain prominence in coming years due to increased FDA approvals for medical gas equipment and an increase in preference for home healthcare settings.
Players in the market might face challenges in terms of the high cost associated with the product. However, better quality and services can aid in staying ahead in the competition.
|Market size value in 2021||USD 3.41 billion|
|Market size value in 2030||USD 3.61 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Oxygen Concentrators Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oxygen Concentrators Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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