PUBLISHER: Grand View Research | PRODUCT CODE: 1404757
PUBLISHER: Grand View Research | PRODUCT CODE: 1404757
The global oxygen concentrators market size is anticipated to reach USD 5.1 billion by 2030, registering a CAGR of 5.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is driven by several factors, including increasing incidence of respiratory diseases, introduction of advanced product offerings, expanding business operations, and a growing preference for home-based oxygen therapy. For instance, in October 2022, O2 Concepts launched Oxlife Liberty, a cutting-edge technology set to transform the oxygen therapy landscape. This demonstrates the industry's commitment to innovation. In addition, the market is expected to benefit from rising demand for portable oxygen concentrators due to a growing preference for home-based oxygen therapy. This trend is projected to fuel market growth from 2024 to 2030.
Rising government support, such as funding and initiatives for the development of healthcare infrastructure is anticipated to drive the demand for technologically advanced and cost-efficient devices over the forecast period. In addition, integration of Internet of Things (IoT) technology into oxygen concentrators has transformed the medical device industry, offering several advantages over traditional methods. By allowing for remote monitoring and management, IoT-enabled oxygen concentrators enable healthcare providers to monitor patients' oxygen levels in real-time and adjust the flow rate, leading to improved patient outcomes. This is expected to impel the market growth from 2024 to 2030.
Furthermore, prominent players in the industry, including Inogen, Inc., Respironics (a subsidiary of Koninklijke Philips N.V.), and Caire Medical (a subsidiary of NGK Spark Plug), are employing various strategies such as acquisitions, collaborations, expansions, and new product launches to extend the availability and geographical reach of their product offerings. For instance, in February 2023, React Health, a specialist in medical device development, manufacturing, and distribution, successfully acquired Invacare's Respiratory line. This strategic acquisition enhances React Health's market position, expands its product portfolio, and enables it to serve a wider range of customers.