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Medical Oxygen Concentrators Market Predicted to Reach USD 4.80 billion By 2030, Growing at a CAGR of 5.90% | Invacare Corporation, Inogen, Inc., Charted Industries, Inc.
Medical Oxygen Concentrators Market
The Medical Oxygen Concentrators Market is experiencing rapid growth driven by the increasing prevalence of respiratory diseases and the rising demand for home healthcare solutions. Medical oxygen concentrators are essential devices that extract oxygen from ambient air, concentrating it for therapeutic use by patients with respiratory conditions such as chronic obstructive pulmonary disease (COPD), asthma, and pneumonia. These devices offer a convenient and cost-effective alternative to traditional oxygen cylinders, providing continuous oxygen therapy to patients in various settings, including hospitals, clinics, and home environments. With advancements in technology, modern oxygen concentrators are becoming more portable, lightweight, and energy-efficient, enhancing patient mobility and comfort.
The medical oxygen concentrators market was valued at USD 1.15 billion in 2021 and is expected to rise from USD 1.37 billion in 2022 to USD 4.80 billion by 2030, with a compound annual growth rate (CAGR) of 5.90% during the forecast period (2022- 2030).
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Moreover, the COVID-19 pandemic has further underscored the importance of medical oxygen concentrators in supporting patients with severe respiratory complications, driving unprecedented demand for these devices worldwide. As healthcare systems focus on improving access to respiratory care and reducing hospital readmissions, the Medical Oxygen Concentrators Market is poised for sustained growth, offering reliable and scalable solutions to meet the evolving needs of patients and healthcare providers in the management of respiratory disorders.
Market Players:
Key players in the Medical Oxygen Concentrator Market are:
Invacare Corporation (US)
Inogen, Inc. (US)
Charted Industries, Inc. (US)
Koninklijke Philips N.V. (Netherlands)
Drive DeVilbiss Healthcare (US)
Medtronic plc (Ireland)
GCE Group (Sweden)
Nidek Medical Products, Inc. (US)
ResMed (US)
Teijin Limited (Japan), among others
Medical Oxygen Concentrators Market Segmentation
The global medical oxygen concentrators market is divided into five segments: product, technology, indication, end user, and region.
The market is divided into two product segments: portable oxygen concentrators and stationary oxygen concentrators.
The market is segmented into two segments based on technology: continuous flow and pulse dose.
The market has been classified by indication, including chronic obstructive pulmonary disease, asthma, sleep apnea, and others.
The market has been divided into four end user categories: homecare, travel, hospitals and clinics, and others. Home oxygen concentrators provide convenience and make it easier and safer for patients to accomplish their daily activities, contributing to the homecare segment's domination over the next six years.
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Medical Oxygen Concentrators Market Regional Insights
The Global Medical Oxygen Concentrators Market is divided into four regions: the Americas, Europe, Asia-Pacific, and the Middle East and Africa. Based on region, the Americas is expected to dominate the market during the forecast period due to the presence of favorable government initiatives, reimbursement policies, and major market participants developing home healthcare care services, as well as increased adoption of portable oxygen concentrators for homecare needs. Higher value contributors headquartered in the US include Philips Healthcare, Invacare Corporation, AirSep Corporation, ResMed, and Precision Medical, Inc. Furthermore, government measures, such as the presence of the Federal Aviation Administration (FAA), which allows the use of portable concentrators during air travel, contribute to the Americas' dominant position.
Europe would follow the Americas in terms of revenue over the predicted period, as the German government has launched a number of programs to reduce pollution and enhance public health. In November 2018, the German government announced a five-point plan to decrease plastic waste.
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During the forecast period, the Asia-Pacific market would grow at a faster rate. This is due to rising COPD and asthma prevalence, increased healthcare spending, increased awareness of cutting-edge oxygen concentrator technologies, rising adoption of portable units, increased disposable income, and changing diet patterns and lifestyles that lead to disease development. In 2016, The Lancet journal reported that the prevalence of COPD in India was 4.2% and asthma was 2.9%. COPD prevalence in India is greater than the global norm, as are disability-adjusted life-years (DALYs) per person with COPD or asthma.
The Middle East and Africa have the smallest share of the worldwide medical oxygen concentrator market. Furthermore, the Middle Eastern area would hold the majority of the market share due to the development of the Arab countries' healthcare systems and medical infrastructure.
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