What is the global market size of the Oxygen Concentrators Market?

Global 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).

Global Oxygen Concentrators Market Size, Share, Growth Analysis, By Type(Portable, Stationary), By Technology(Pulse flow, continuous flow), By End-use(Hospitals, Home care settings) - Industry Forecast 2024-2031

Report ID: SQMIG35E2041 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 88 | Figures: 76

Global Oxygen Concentrators Market Insights

Oxygen Concentrators Market size was valued at USD 3.41 billion in 2019 and is poised to grow from USD 3.61 billion in 2023 to USD 6.06 billion by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).

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 Oxygen Concentrators Market Report Snapshots

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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. 'Koninklijke Philips N.V.', 'Invacare Corporation', 'Inogen, Inc.', 'Drive DeVilbiss Healthcare', 'Chart Industries, Inc.', 'GCE Group', 'Teijin Limited', 'Besco Medical Co., Ltd.', 'CAIRE Inc.', 'Nidek Medical Products, Inc.', 'O2 Concepts LLC', 'Precision Medical Inc.', 'ResMed Inc.', 'Yuwell-Jiangsu Yuyue medical equipment & supply Co., Ltd.', 'Precision Medical Devices, Inc.', 'OSI Systems, Inc.', 'AirSep Corporation', 'Intersurgical Ltd.', 'Longfian Scitech Co., Ltd.', 'Beijing North Star Co., Ltd.'

The spread of chronic diseases will surge the market growth rate during the forecast period. One of the primary factors driving the market's growth is the rising frequency of respiratory illnesses such as asthma. The market is growing due to the growing geriatric population who are prone to such disorders and the growing need for convenient portable gadgets.

Oxygen concentrators market is poised to witness significant growth in the next 2-3 quarters due to its large portfolio of respiratory devices. To meet the rapidly increasing global demand, the industry is increasing its mask manufacturing capacities by 10 times and ventilator manufacturing by 2-3 times. The industry has the capacity of manufacturing nearly 1 million devices annually, which will certainly help the company play a significant role to curb this situation.

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.

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Global Oxygen Concentrators Market Size, Share, Growth Analysis, By Type(Portable, Stationary), By Technology(Pulse flow, continuous flow), By End-use(Hospitals, Home care settings) - Industry Forecast 2024-2031

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