Oxygen Concentrators Market to Reach USD 2.8 Billion by 2031, Growing at 6% CAGR; North America Leads with 38% Share | Key Players: Koninklijke Philips, Inogen, ResMed, Invacare, O2 Concepts, and Caire Inc.

Market Overview

The Global Oxygen Concentrators Market reached US$ 1.7 billion in 2023 and is projected to grow to US$ 2.8 billion by 2031, registering a CAGR of 6% during the forecast period 2024-2031. An oxygen concentrator is a device that extracts and concentrates oxygen from ambient air by selectively removing nitrogen, producing an oxygen-enriched gas stream. These devices are widely utilized across medical, industrial, and high-altitude applications.

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Medical Applications:
In healthcare, oxygen concentrators provide supplemental oxygen for patients with respiratory disorders, hypoxia, or chronic lung diseases. They are particularly valuable in homecare settings, portable clinics, and regions where liquid or pressurized oxygen is unsafe or inconvenient. Portable and stationary concentrators improve patient mobility, safety, and ease of use compared to traditional oxygen cylinders.

Recent Developments:

✅ January 2026 - Global: A leading medical device manufacturer unveiled a next‐generation stationary oxygen concentrator with enhanced energy efficiency and modular scalability for hospital and industrial use, enabling seamless integration with smart facility management systems.

✅ December 2025 - North America: A major respiratory care company launched a dual‐mode oxygen concentrator capable of automatically switching between continuous flow and pulse dose delivery, improving flexibility for diverse patient needs in home and clinical settings.

✅ October 2025 - Europe: An established healthcare technology firm introduced a compact, ultra‐quiet oxygen concentrator optimized for homecare, featuring improved noise dampening and longer‐life compressors to enhance user comfort.

✅ August 2025 - Asia‐Pacific: A regional oxygen therapy solutions provider expanded production capacity for portable and stationary concentrators to meet rising demand in emerging markets, alongside localized service and support networks.

✅In August 2023, VGM & Associates signed a new vendor agreement with O2 Concepts. With O2 Concept's innovative POC portfolio and revolutionary DNA platform, we enhance our ability to meet the evolving needs of VGM members and patients. This partnership is a step forward in our commitment to delivering exceptional respiratory solutions.

Mergers & Acquisitions:

✅ January 2026 - North America: A leading medical device conglomerate acquired a specialist oxygen concentrator manufacturer to expand its product portfolio in both portable and stationary oxygen solutions and strengthen its presence in homecare markets.

✅ November 2025 - Europe: A major respiratory care company completed the acquisition of a regional oxygen therapy device provider, enhancing manufacturing capacity and distribution networks across European markets.

✅ August 2025 - Asia-Pacific: A global healthcare technology firm acquired an innovative startup specializing in advanced compressor and membrane technologies, accelerating development of high-efficiency oxygen concentrators.

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Key Players:
Invacare Corporation | ResMed | O2 Concepts | Merck KGaA | Teijin Limited | GCE Group | Inogen Inc. | Caire Inc. | Precision Medicine Group | Koninklijke Philips N.V.

Key Highlights with Market Share:

• Invacare Corporation - Holds a 12.0% share, offering a wide range of portable and stationary oxygen concentrators with strong global distribution and after-sales support.

• ResMed - Holds an 11.5% share, integrating oxygen therapy devices with digital health platforms for remote monitoring and patient management.

• O2 Concepts - Holds a 9.2% share, specializing in portable oxygen concentrators with advanced battery life and lightweight designs.

• Merck KGaA - Holds an 8.7% share, focusing on industrial and medical oxygen concentrator solutions, particularly for biopharmaceutical applications.

• Teijin Limited - Holds a 7.8% share, providing innovative oxygen therapy devices for homecare and clinical use with emphasis on reliability and comfort.

• GCE Group - Holds a 7.0% share, offering both portable and stationary oxygen concentrators, catering to medical and industrial applications.

• Inogen Inc. - Holds a 13.0% share, known for lightweight, portable devices with long battery life and user-friendly designs, driving adoption in homecare markets.

• Caire Inc. - Holds a 10.5% share, delivering a wide range of oxygen concentrators, including home, portable, and hybrid models.

• Precision Medicine Group - Holds a 5.5% share, focusing on integrated respiratory therapy solutions and patient-centered oxygen management technologies.

• Koninklijke Philips N.V. - Holds a 15.8% share, offering technologically advanced oxygen concentrators with smart monitoring, energy efficiency, and connectivity features.

Market Segmentation:

By Product:
The Oxygen Concentrators Market is segmented into Portable Oxygen Concentrators (POCs), Stationary Oxygen Concentrators, and Others. Portable Oxygen Concentrators dominate with 55% share, driven by rising demand for home-based therapy, mobility, and travel convenience. Stationary Oxygen Concentrators account for 35%, widely used in hospitals, clinics, and long-term care facilities for patients requiring higher oxygen flow. Others (10%) include hybrid systems, modular concentrators, and industrial oxygen generation units catering to niche medical and non-medical applications.

By Technology:
Technologically, the market is divided into Pulse Flow, Continuous Flow, and Others. Pulse Flow devices hold 60%, due to energy efficiency, lighter weight, and suitability for mobile and homecare use. Continuous Flow systems account for 35%, preferred for severe respiratory conditions or hospital use where consistent oxygen delivery is critical. Others (5%) include hybrid and advanced membrane-based concentrators offering variable oxygen delivery and specialized industrial applications.

By End-User:
In terms of end-users, HomeCare dominates with 50% share, reflecting growing adoption of self-administered oxygen therapy and mobile healthcare solutions. Hospitals account for 40%, providing oxygen therapy for inpatients, emergency care, and critical respiratory management. Ambulatory Surgical Centers (ASCs) hold 10%, leveraging oxygen concentrators for perioperative and post-operative respiratory support, particularly in outpatient procedures and day-care settings.

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Regional Insights:

North America dominates the market with a 38% share, led by the United States and Canada. High prevalence of COPD, asthma, and sleep apnea, along with advanced home healthcare services, reimbursement policies, and well-established distribution networks, drives strong demand. The region also benefits from the presence of key manufacturers and early adoption of technologically advanced oxygen concentrators.

Europe holds a 28% share, with countries like Germany, the UK, France, and Italy leading adoption. Growth is supported by aging populations, government support for chronic care management, and increasing awareness of home-based oxygen therapy. Europe also has a strong focus on energy-efficient and smart oxygen concentrators for hospitals and homecare.

Asia-Pacific represents 22% and is the fastest-growing region, driven by rising prevalence of respiratory disorders, expanding healthcare infrastructure, and increasing affordability of oxygen therapy devices. Countries such as China, India, Japan, and South Korea are witnessing growing awareness and adoption of homecare and mobile oxygen therapy solutions.

Market Dynamics:

Drivers:
The global oxygen concentrators market is primarily driven by the rising prevalence of respiratory disorders. Chronic respiratory diseases (CRDs), including chronic obstructive pulmonary disease (COPD) and asthma, are increasing worldwide due to aging populations, urbanization, and environmental factors. Globally, 1 in 20 people suffers from a CRD, with East Asia and South Asia reporting the highest mortality rates. In 2019, CRDs were the third leading cause of death, responsible for approximately 4 million deaths, with nearly 80% caused by COPD.

The total number of people affected by CRDs reached 460 million in 2019, with asthma being the most prevalent, impacting around 262 million people. Since 1990, new CRD cases have increased by 49%, driven primarily by population growth, although the age-standardized incidence rate has slightly decreased by 5.3%. Asthma alone affects approximately 339 million people globally, with an additional 100 million projected at risk, highlighting a growing demand for effective oxygen therapy solutions.

Restraints:
Despite strong growth drivers, the market faces certain challenges:

High Costs: Advanced portable and stationary oxygen concentrators can be expensive, limiting accessibility in low- and middle-income regions.

Regulatory Hurdles: Stringent approval requirements for new technologies and devices can slow product launches and market entry.

Potential Adverse Effects: Incorrect or unsupervised use of oxygen therapy can lead to risks such as oxygen toxicity or respiratory complications, necessitating careful patient monitoring and limiting self-use adoption in some cases.

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