PUBLISHER: The Business Research Company | PRODUCT CODE: 1429897
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429897
Oxygen concentrators are devices designed to extract nitrogen and oxygen from the ambient air, delivering pure oxygen to patients. They are primarily employed for providing oxygen to individuals with respiratory diseases.
The primary types of oxygen concentrators are portable and stationary. Portable oxygen concentrators are smaller, more mobile, cost-effective, and easily transportable from one location to another. Different technologies are utilized, including pulse dose, continuous flow, and others. These oxygen concentrators find application in various medical conditions such as chronic obstructive pulmonary disease (COPD), lung cancer, pneumonia, and other respiratory system diseases. They are utilized by hospitals, home care services, and other healthcare settings.
The oxygen concentrators market research report is one of a series of new reports from The Business Research Company that provides oxygen concentrators market statistics, including oxygen concentrators industry global market size, regional shares, competitors with an oxygen concentrators market share, detailed oxygen concentrators market segments, market trends and opportunities, and any further data you may need to thrive in the oxygen concentrators industry. This oxygen concentrators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The oxygen concentrators market size has grown strongly in recent years. It will grow from $2.25 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The expansion observed in the historical period can be attributed to the growth of emerging markets, a low-interest-rate environment, an increased prevalence of respiratory diseases, a rising elderly population, elevated pollution levels, the COVID-19 pandemic, and an increasing number of smokers in developing nations.
The oxygen concentrators market size is expected to see strong growth in the next few years. It will grow to $3.33 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be attributed to factors such as the increasing elderly population, a growing focus on home healthcare, improved healthcare access, and technological advancements. Key trends expected in this period include the development of smart oxygen concentrators, the rise of portable oxygen concentrators, an increase in partnerships and acquisitions, continuous technological advancements, the introduction of new payment plans, and a growing number of patent filings.
The growth of the oxygen concentrators market is propelled by the increasing prevalence of respiratory disorders worldwide. Chronic respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD) are widespread globally. In February 2023, the American Lung Association reported that over 34 million Americans are affected by chronic lung illnesses such as asthma or COPD. Furthermore, more than 25 million Americans, including over 4 million children, experience breathing difficulties due to asthma. Consequently, the rising incidence of respiratory disorders is a key factor driving the expansion of the oxygen concentrators market.
The global emphasis on home healthcare is a significant contributor to the growth of the oxygen concentrators market in the forecast period. Home health care services, designed for illnesses or injuries, are cost-effective, convenient, and as effective as hospital or skilled nursing facility care. Oxygen concentrators play a crucial role in home healthcare, providing additional oxygen for health conditions causing low oxygen levels. According to a survey by Interim HealthCare Inc. in 2021, 79% of seniors aged 65 and above expressed that their quality of life would significantly improve with home healthcare rather than in a hospital or nursing facility. The personalized nature of home health care, catering to individual needs, is gaining popularity, thereby contributing to the market's growth.
Companies in the oxygen concentrators market are increasingly investing in advanced technologies, including artificial intelligence and low-cost portable devices, to enhance functionality. The demand for portable, low-cost concentrators has risen, particularly during the pandemic. For instance, researchers at MIT's Electrochemical Energy Lab introduced a low-cost portable concentrator in March 2021, designed for places with limited infrastructure and high demand. Manufacturers such as Servotech Power Systems in India are producing noiseless, lightweight, and portable oxygen concentrator equipment, meeting patient needs and offering flexibility.
Smart concentrators with sensors, voice guidance, interconnected apps, and digital platforms are being offered by oxygen concentrator manufacturers. These smart devices enable the monitoring of usage patterns and measurement of peak respiratory flow rates. The digital connectivity allows patients to connect concentrators to mobile devices or computers, setting alarms for timely dosage. This helps improve patients' oxygen therapies, ensuring adherence to prescriptions and reducing emergency hospitalizations. In June 2021, Yuyu Teijin Medicare in South Korea launched Hai Sanso 5S, a smart oxygen concentrator with voice guidance, marking a significant advancement in patient care.
In May 2021, OxyGo LLC, a portable oxygen concentrator manufacturer, acquired LIFE Corporation, enhancing its services for compressed gas users. The acquisition allowed OxyGo to leverage LIFE Corporation's expertise in providing superior products and services in the field of oxygen-related equipment. Life Corporation, based in India, specializes in manufacturing portable emergency oxygen and CPR administration equipment.
Major companies operating in the oxygen concentrators market report are Inogen Inc., Koninklijke Philips N.V, Teijin Limited, Invacare Corporation, CAIRE Inc., O2 Concepts LLC, Nidek Medical Products Inc., Precision Medical Inc., Drive Devilbiss Healthcare Ltd., 3B Medical Inc., BPL, Eloxy Technology, Evox Oxygen Concentrators, Nanjing Everich Medicare Import & Export Co. Ltd., AngelBiss Medical Technology Co. Ltd., Hefei DX Medical Co. Ltd., Longfian Scitech Co. Ltd., Yokogawa United Kingdom Ltd., Noxerior, Air Liquide Sanita Service, Pure O2, Heinen + Lowenstein GmbH & Co. KG, DeVilbiss Healthcare GmbH, NGK Spark Plug Co. Ltd., Chart Industries Inc., White Martins, 3M Company, Pfizer, Baxter, Novartis, Johnson &Johnson, Bayer, GlaxoSmithKline, B Braun, Boehringer Ingelheim, Sanofi, Merck Group, West Pharmaceutical, Allergan, Catalent, Bilim Pharmaceuticals, H&T Press part, Hovione Technology, Sorrel Medical, Syqe Medical, Julphar, Novo Nordisk, Abbott Laboratories, Becton Dickinson, Siemens, Medtronic, Roche, Supera Anaesthesia Innovations, Linde PLC, ResMed
North America was the largest region in the oxygen concentrators market in 2023. Europe was the second-largest region in the oxygen concentrators market. The regions covered in the oxygen concentrators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the oxygen concentrators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The oxygen concentrators market consists of sales of Compressed gas systems, Portable oxygen concentrators (POCs), and Liquid oxygen systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Oxygen Concentrators Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oxygen concentrators market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oxygen concentrators? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The oxygen concentrators market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.