Press release
Oxygen Concentrators Market to Reach $3.49 Bn by 2030 at 9.4% CAGR
Oxygen Concentrators Market
The global oxygen concentrators market is on a trajectory of substantial growth, with projections indicating an increase from USD 2.18 billion in 2023 to USD 3.49 billion by 2030, reflecting a compound annual growth rate (CAGR) of 9.4% during the forecast period.This surge is primarily driven by the escalating prevalence of respiratory disorders, technological advancements in medical devices, and the rising demand for home-based oxygen therapy.
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Competitive Landscape
The market is characterized by the presence of several key players striving to enhance their product offerings and expand their global footprint. Notable companies include Inogen Inc., Philips Respironics, Invacare Corporation, ResMed, and Drive DeVilbiss Healthcare. These industry leaders are focusing on innovations such as portable and energy-efficient oxygen concentrators to meet the evolving needs of patients and healthcare providers.
Regional Demand and Growth
United States: Opportunities in Oxygen Concentrator Market
In North America, particularly the United States, the oxygen concentrators market is experiencing robust growth. The market size was estimated at USD 1.3 billion in 2023 and is projected to grow at a CAGR of 5.4% from 2024 to 2030.
This growth is attributed to the increasing prevalence of respiratory conditions such as COPD and asthma, coupled with advancements in respiratory technology. Favorable reimbursement policies and rising healthcare expenditure further bolster the market. For instance, in February 2023, React Health acquired Invacare's Respiratory line, strengthening its market position and expanding its product portfolio.
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Asia Pacific: Growth Prospects in Oxygen Concentrators
The Asia Pacific region is emerging as a lucrative market for oxygen concentrators, with revenues reaching USD 787.9 million in 2023 and an expected CAGR of 5.9% from 2024 to 2030.This growth is driven by a rapidly increasing geriatric population and a high prevalence of respiratory diseases. Notably, India is anticipated to register the highest CAGR in the region during the forecast period. In March 2024, CAIRE Inc. inaugurated a state-of-the-art medical technology center in Chengdu, China, to better serve the Asia Pacific market, producing models like the Eclipse 5 portable oxygen concentrator.
Europe: Trends in Oxygen Concentrator Adoption
Europe maintains a significant share in the oxygen concentrators market, driven by a well-established healthcare infrastructure and increasing awareness of respiratory diseases. The region is witnessing a steady adoption of portable oxygen concentrators, catering to the needs of the aging population. Companies such as GCE Group and Linde PLC are prominent players contributing to market growth through continuous product innovation and strategic collaborations.
Middle East and Africa: Emerging Opportunities in Oxygen Therapy
The Middle East and Africa region are gradually recognizing the importance of oxygen therapy, with a focus on improving healthcare facilities and access to medical devices. The increasing prevalence of respiratory diseases and initiatives to enhance healthcare infrastructure present growth opportunities for oxygen concentrator manufacturers. Collaborations with local distributors and governments are essential strategies for market penetration in this region.
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Market Segmentation: In-Depth Analysis:
by Type
Portable
Stationary
by Technology
Pulse Flow
Continuous Flow
by Application
Chronic Obstructive Pulmonary Disease (COPD)
Asthama
Respiratory Distress
Others
by End-User
Hospitals
Home Care Settings
Ambulatory Surgical Centers and & Physician Offices
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Learn about the top players driving innovation in the Market :
North America
1. Caire Inc. (United States)
2. Drive Devilbiss Healthcare (United States)
3. O2 Concepts LLC (United States)
4. Besco Medical Co., LTD (United States)
5. ResMed (United States)
6. Dba DeVilbiss Healthcare (United States)
7. Smiths Medical, Inc. (United States)
8. Medical Depot, Inc. (United States)
9. Philips Respironics (United States)
10. Chart Industries, Inc. (United States)
11. Invacare Corporation (United States)
12. Inogen, Inc. (United States)
13. Supera Anesthesia Innovations (United States)
Europe
1. GCE Group (United Kingdom)
2. Linde PLC (United Kingdom)
Asia-Pacific
1. Foshan Keyhub Electronic Industries Co. Ltd. (China)
2. Teijin Limited (Japan)
3. Nidek Medical (Japan)
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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