Global Medical Oxygen Concentrators Market By Technology (Pulse Dose, Continuous Flow), By Product Type (Portable, Stationary), By Application (Chronic Obstructive Pulmonary Diseases, Respiratory Distress Syndrome, Asthma, Sleep Apnea, and Other Applications) By End Users (Hospitals, Clinics, Homecare Settings, and Other End-Users), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

The Global Medical Oxygen Concentrators Market size is expected to be worth around USD 5,417.0 Million by 2032 from USD 2,338 Million in 2022, growing at a CAGR of 9.00% during the forecast period from 2023 to 2032.

The market is driven by factors such as the global prevalence of respiratory disease, the growing number of COPD cases, and the growing elderly population. As a result, the global social segregation policies severely restricted hospitals and healthcare services, and the COVID-19 pandemic impacted the oxygen concentrator market. Moreover, geriatrics are more likely to have asthma, chronic obstructive lung disease (COPD), pneumonia, or other age-related respiratory conditions. The market growth may be impeded by the possibility of respiratory disease due to unclean or contaminated equipment and skin irritation.

Driving Factors

Rising number of chronic diseases

The growing number of geriatrics in developed countries drives demand for home care services. The forecast period will see a rise in demand for portable oxygen concentrators due to the rising number of patients with chronic obstructive lung disease (COPD) and respiratory illnesses resulting from unhealthy lifestyle choices such as smoking, pipes, and marijuana consumption.

Rise in advanced technologies

Advanced technology manufacturers also drive market growth use to produce oxygen concentrators. Companies are working to develop products that have higher efficacy and lower prices to meet the growing demand for portable oxygen concentrators. Servotech Power Systems, for example, announced in June 2021 the launch of a medical-grade oxygen concentrator. It also raised awareness about the product through collaboration with prestigious educational institutions such as IIT Jammu.

Restraining Factors

The high capital cost of CO2 capture will limit the growth of global medical oxygen concentrator markets. The oxygen demand is high, and large quantities are required for the product or system. Manufacturing involves several process cycles, including CO2 capture, which incurs high costs. Low acceptance of single-user and non-portable equipment will impede the market’s growth. This is due to the large size of oxygen systems.

Growth Opportunities

Rising cases of COPD and continuous new product launches

The market for portable oxygen concentrators is expected to grow in the coming years due to rising incomes and technological advances. The number of individuals with chronic obstructive lung disease (COPD) is increasing globally, especially in India and China. Global demand for portable oxygen concentrators is expected to rise. Increased investment by companies in continuous-flow portable oxygen concentrators and pulse-flow portable oxygen concentrators will fuel market growth.

Trending Factors

The increasing prevalence of chronic respiratory diseases boosts market growth.

The global market for medical oxygen concentrators expands with the number of patients. According to the World Health Organization, the third leading cause of death with chronic obstructive lung disease (COPD), which was the cause of 3.23 million deaths. According to research, an increasing number of people have respiratory conditions for which they require oxygen to breathe. Long-term oxygen therapy (LTOT) and asthma patients also contribute to the market’s expansion. The emphasis on providing oxygen concentrators to all patients who require them and favorable government initiatives are driving the expansion of the market for medical oxygen concentrators.

Technology Analysis

The continuous flow segment dominated the market owing to its reliability and consistent oxygen delivery

The market for medical oxygen concentrators is segmented based on technology into pulse dose and continuous flow. Among these types, the continuous flow segment is the most lucrative, with a 52.6% market share in the global medical oxygen concentrators market. This trend is expected to continue in the coming years. Continuous-flow oxygen concentrators provide a continuous and steady oxygen supply to the patient.

This is particularly important for individuals with chronic respiratory conditions requiring constant oxygen flow. Hence, the continuous flow oxygen concentrator has gained significant market share. The market’s growth is expected to be boosted by increased lifestyle habits such as smoking and alcohol consumption. Moreover can be attributed to increased chronic diseases such as cardiovascular, respiratory, and gastrointestinal disorders.

Product Type Analysis

Portable Medical Oxygen Concentrators Account for Largest Revenue

Based on product type, medical oxygen concentrators are segmented into portable and stationary oxygen concentrators. Portable medical oxygen concentrators accounted for the largest revenue share. The forecast period will increase the use of portable oxygen concentrators due to the rising prevalence of respiratory conditions such as COPD, asthma, and pneumonia. The portable concentrators market will be driven by increased air travel and the Federal Aviation Administration (FAA) approvals of portable concentrators.

It is expected that stationary medical oxygen concentrators will experience slower growth than portable devices. These medical devices are preferred by older individuals who have limited mobility. It is becoming more popular in countries with large geriatric populations. Stationary concentrators are also more affordable, which makes them more popular in underdeveloped and developing countries where healthcare spending and quality of life are still low.

By Application Analysis

COPD Segment Is Dominating the Market

Based on application, the medical oxygen concentrators market is segmented into chronic obstructive pulmonary diseases, respiratory distress syndrome, asthma, sleep apnea, and other applications. In 2022, the chronic obstructive pulmonary diseases (COPD) segment was dominant and will continue to proliferate during the forecast period 2023-2032. According to the National Health Service report in 2019 that COPD can be caused by smoking and 9 out of 10 smokers can develop it. Owing to growing geriatric populations in developing countries and high levels of smoking among adults and adolescents, COPD holds the largest market share.

End-User Analysis

Among End-User Segments, Homecare Settings Dominate the Market with the Largest Market Share owing to rising demand for home-based oxygen therapy

Based on end-user, the market is segmented into hospitals, clinics, home care settings, and other users. With the largest market share of 56.4%, home care settings dominated the market for medical oxygen concentrators. The segment’s growth is expected to be driven by rising demand for home-based oxygen therapy and increasing demand for pure oxygen. The main factors driving this segment are an improving standard of living and increasing use of home-based therapy in developed countries such as North America and Europe. The segment growth is expected to be fueled by the presence of large elderly populations in countries like Germany, Japan, and Italy.

Key Market Segments:

By Technology

• Pulse Dose
• Continuous Flow

By Product Type

• Portable
• Stationary

By Application

• Chronic Obstructive Pulmonary Diseases
• Respiratory Distress Syndrome
• Asthma
• Sleep Apnea
• Other Applications

By End Users

• Hospitals
• Clinics
• Homecare Settings
• Other Users

COVID-19 Impact Analysis

The demand for oxygen concentrators in intensive care has increased during the COVID-19 pandemic.

The economy is impacted in three significant ways by COVID-19. It financially impacts financial markets and businesses disrupts distribution channels, and directly affects production and demand. Due to nationwide lockdowns, many nations, including Egypt, India, Saudi Arabia, and the United Arab Emirates, are having difficulty transporting drugs from one country to another. Due to the COVID-19 pandemic, there is a high demand for medical oxygen concentrators.

The lungs are affected by COVID-19, a respiratory illness. The oxygen level may drop in severe cases. As a result, during COVID-19, demand for additional oxygen increased. Liquid oxygen and oxygen concentrators can be used to raise the oxygen level. When there is a lack of liquid oxygen, oxygen therapy is provided with oxygen concentrators. Oxygen concentrators operate round-the-clock, whereas oxygen tanks must be refilled. There is a shortage of oxygen as a result of the rising demand.

Regional Analysis

North America held the largest market share of 32.4% of the total revenue. The region’s growth is attributed to the growing aging population, which is one of the significant factors driving the market’s growth. The UN published data showing over 70 million North Americans were over 60. Due to their weaker immune system and lower oxygen intake capacity, this demographic is more susceptible to respiratory disorders. The regional market is growing due to government initiatives such as the Federal Aviation Administration (FAA), which allows portable oxygen concentrators to be used during air travel. Asia Pacific is expected to be the most lucrative region in the coming years.

The rapid increase in the geriatric population and the prevalence of lung diseases are key factors driving this region’s market growth. According to estimates, one in four region residents will reach 60 by 2050. The more developed economies in the region have seen a significant improvement in living standards and health. The forecast period will see regional market growth due to the following factors: an increase in life expectancy, increased healthcare spending, and greater awareness of available technologies.

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis:

Emerging key players are focused on various strategic policies to develop their respective businesses in foreign markets. Market leaders are investing a lot in R&D to expand their product lines. This will allow the medical oxygen concentrator market to grow. Market participants are taking various strategic initiatives to expand their global footprint, such as new product launches, contract agreements, mergers, and acquisitions. They also collaborate with other organizations. Medical oxygen concentrator manufacturers must provide cost-effective products to survive and expand in a highly competitive market.

Market Key Players:

With the presence of several local and regional players, the medical oxygen concentrator market is fragmented. Market players are subject to intense competition from top players, particularly those with strong brand recognition and high distribution networks. Moreover, companies have gained various expansion strategies, such as partnerships and product launches, to stay on top of the market.

Listed below are some of the most prominent Medical Oxygen Concentrators industry players.

• Invacare Corporation
• Philips Healthcare
• AirSep Corporation
• DeVilbiss Healthcare
• Nidek Medical Products, Inc.
• Inogen, Inc.
• Inova Labs, Inc.
• O2 Concepts
• Other Key Players

Recent Developments:

• In December 2022: The company, Inogen, Inc. (US) received approval from the US Food and Drug Administration for its Rove series portable oxygen concentrators.
• In November 2022: Drive DeVilbiss Healthcare (US) launched the iGo2 Portable Oxygen Concentrator (POC), which automatically adjusts the oxygen dosage.

Report Scope: