Medical Oxygen Concentrators & Oxygen Cylinders Market Size, Share, Growth Analysis, By Product(Portable and Stationary Oxygen Concentrators), By End-user(Hospitals, Home Healthcare Settings) - Industry Forecast 2024-2031

Medical Oxygen Concentrators & Oxygen Cylinders Market size was valued at USD 4.39 billion in 2022 and is poised to grow from USD 4.60 billion in 2023 to USD 6.59 billion by 2031, at a CAGR of 4.6% during the forecast period (2024-2031).

Key competitors in the medical oxygen concentrators and oxygen cylinders market are engaged in fierce competition as they try to meet the growing demand for respiratory care equipment. Leading companies in the field, such as Philips Respironics, Inogen, Invacare, and DeVilbiss Healthcare, concentrate on innovation to provide novel, lightweight, and easy-to-use oxygen cylinders and concentrators that improve patient mobility and convenience. Furthermore, mergers, acquisitions, and strategic alliances are typical methods for growing a market. The market is expanding due to rising awareness of respiratory conditions and the value of home oxygen therapy. However, entrance obstacles for new entrants are created by strict regulatory requirements and quality standards. As healthcare systems worldwide prioritize respiratory care infrastructure, the competition in the medical oxygen equipment sector is expected to remain robust, fostering innovation and accessibility for patients in need. 'Inogen - United States', 'Salter Labs - United States', 'Invacare Corporation - United States', 'DeVilbiss Healthcare - United States', 'Philips Respironics - United States', 'Drive DeVilbiss Healthcare - United States', 'Medtronic - Ireland', 'Nidek Medical Products - Japan', 'O2 Concepts - United States', 'Teijin Limited - Japan', 'Precision Medical - United States', 'AirSep Corporation - United States', 'Koninklijke Philips N.V. - Netherlands', 'GCE Group - United Kingdom', 'Hokai Medical Instruments Co., Ltd. - China', 'Linde Group - Germany', 'BOMImed Inc. - Canada', 'Oxygen Care - India', 'Longfian Scitech Co., Ltd. - China', 'Chart Industries - United States'

The need for oxygen cylinders and medical oxygen concentrators has surged due to the aging population and growing worldwide population. Medical oxygen cylinders and concentrators can provide patients with assisted oxygen during surgical operations. Other uses of these devices can be seen in multiple forms of illness treatment. Illnesses like asthma and COPD (chronic obstructive pulmonary disease) are greatly helped thanks to this market’s products.

Shift towards Portable and Home-based Solutions: The creation and use of portable and home-based medical oxygen concentrators has become increasingly popular. With the help of these gadgets, patients can get oxygen therapy at home or on the go with ease and flexibility. Patients who need long-term oxygen therapy due to chronic respiratory disorders will benefit most from this trend. The development of more portable oxygen concentrators that are lightweight, efficient, and compact has been made possible by technological developments.

North America accounted for the greatest market for oxygen cylinders and medical oxygen concentrators, with the United States holding the primary position. The region's supremacy was aided by its highly developed healthcare system, high rate of chronic respiratory illnesses, and solid distribution networks.