The global oxygen concentrators market is estimated to be valued at US$ 3.5 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2032. Oxygen concentrators are medical devices used to deliver oxygen to individuals who need higher concentrations of oxygen than available in ambient air for medical purposes such as chronic obstructive pulmonary disease (COPD), asthma, and cystic fibrosis treatment. Oxygen concentrators work by concentrating oxygen from ambient air through an electronic process called pressure swing adsorption. The device separates nitrogen from atmospheric air through zeolite and delivers a controlled flow of concentrated oxygen to patients at higher concentrations between 80-95% pure oxygen. This significantly helps patients reduce respiratory effort to breathe and improves lung function. The global oxygen concentrators market growth is driven by increasing prevalence of chronic respiratory diseases worldwide and growing geriatric population.
Market Dynamics:
As highlighted in the heading, increasing cases of respiratory diseases like COPD, asthma, and lung infections are expected to drive the Global Oxygen Concentrators Market Size. According to WHO, over 65 million people worldwide have moderate to severe COPD. Cigarette smoking is the primary risk factor, along with environmental factors such as outdoor air pollution and occupational dusts. Oxygen concentrators are required by most COPD patients during exacerbation or worsening of symptoms to increase delivery of oxygen to tissues. There is also a global rise in asthma cases due to increasing air pollution levels, allergen exposure, and obesity rates. Asthma is one of the major causes of hospitalization and emergency room visits. Oxygen concentrators enable quicker recovery and relieve symptoms of asthma attacks.
Segment Analysis
The global oxygen concentrators market is dominated by the portable segment which holds around 70% share of the overall market. The dominance of portable oxygen concentrators is due to increasing prevalence of chronic obstructive pulmonary disease (COPD) and other respiratory diseases among elderly population globally. Portable oxygen concentrators offer mobility and independence to patients suffering from respiratory diseases as compared to stationary oxygen concentrators.
PEST Analysis
Political: The oxygen concentrators market is positively impacted by favorable government regulations and reimbursement policies for oxygen therapy equipment in many countries. Various initiatives are being taken by governments to increase awareness about respiratory diseases.
Economic: Rising healthcare expenditure and improving economic conditions in emerging nations is fueling the demand for oxygen concentrators. Additionally, growing geriatric population prone to respiratory disorders is driving the need for long-term oxygen therapy globally.
Social: Increasing pollution levels, changing lifestyle habits leading to rising prevalence of respiratory illnesses like COPD and asthma has enhanced the social importance of oxygen concentrators. Growing medical tourism in developing nations is also boosting the market.
Technological: Continuous technological advancements such as introduction of portable oxygen concentrators with improved oxygen purity levels, longer battery backup and lightweight design have enhanced patient compliance to oxygen therapy. Development of oxygen concentrators integrated with oxygen cylinders, pulse oximeters and nebulizers is further propelling the market growth.
Key Takeaways
The global oxygen concentrators market is expected to witness high growth at a CAGR of 13% during the forecast period of 2022-2028.
Regional analysis: North America dominated the oxygen concentrators market and is expected to maintain its lead during the forecast period as well. This can be attributed to presence of major players, rising incidence of respiratory disorders, growing geriatric population and favorable reimbursement policies in the region.
Key players: Key players operating in the oxygen concentrators market are Invacare Corporation, Inogen Inc., Nidek Medical Products Inc., Koninklijke Philips NV, Devilbiss Healthcare LLC. Industry players are involved in new product launches and mergers & acquisitions to strengthen their market position. For instance, Inogen launched Inogen One G5 in 2019 with longer battery life and higher oxygen capacity.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author – Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile