Oxygen Concentrators Market Outlook On The Basis Of Product (Portable, Fixed), By Application (Home Care, Non-homecare), By Technology, By Region, And Segment Forecasts, 2024 - 2030

 

San Francisco, 31 January 2024: The Report Oxygen Concentrators Market Size, Share & Trends Analysis Report By Product (Portable, Fixed), By Application (Home Care, Non-homecare), By Technology, By Region, And Segment Forecasts, 2024 - 2030

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.

This is attributed to rising prevalence of respiratory disorders such as chronic obstructive pulmonary disease (COPD), asthma, and sleep apnea coupled with increasing launch of technologically advanced devices. According to the Global Impact of Respiratory Disease study, around 200 million people suffer from COPD globally, resulting in 3.2 million deaths every year. Moreover, growing preference for home-based therapy is anticipated to drive market growth from 2024 to 2030.

COVID-19 had a limited positive impact on the market, driving increased demand for technologically advanced and cost-effective oxygen concentrators. For example, UNICEF distributed 62,046 concentrators to 104 nations worldwide in July 2021, with approximately 12,788 concentrators sourced from a Chinese trade company. Growing need for emergency treatment and prolonged care for lung diseases in children and adults further propels the industry.

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Oxygen therapy has become a preferred choice for managing respiratory disorders, offering medical intervention for acute and chronic patient care. Rising adoption of portable oxygen concentrators also supports the market. For instance, in the U.S., the market penetration of portable oxygen concentrators increased from 8% in 2015 to 22% in 2021, as reported by U.S. Medicare claims data, indicating these devices' growing popularity and usage.

Oxygen Concentrators Market Report Highlights

• Based on product, fixed medical oxygen concentrators segment held the largest revenue share of over 53.2% in 2023, owing to its increasing demand among patients suffering from breathing problems
• Based on application, home care segment dominated the industry with a revenue share of over 60.9% in 2023, owing to the increasing adoption of Long-Term Oxygen Therapy (LTOT) devices in home settings
• Based on technology, continuous flow segment held the largest revenue share of over 56.6% in 2023. This is attributed to the growing prevalence of long-term respiratory disorders such as asthma, COPD, bronchiectasis, and chronic sinusitis
• North America dominated the global market with a market share of over 38.1% in 2023, owing to the presence of advanced healthcare infrastructure, high investment in R&D, availability of the latest technologies, and product launches

Moreover, regional governments offer reimbursement policies that cover the cost of POCs for patients with respiratory illnesses. For instance, according to Inogen's 10K form document for the fiscal year ending December 31, 2021, the international market (excluding the U.S.) is attractive for oxygen concentrators due to favorable reimbursement policies in certain countries such as the UK and France. In these countries, portable oxygen concentrators receive more favorable reimbursement than in the U.S.

Cost is crucial in the oxygen concentrator industry, particularly in India, where it significantly influences device adoption. Competitors employ competitive pricing as a primary strategy. For example, in April 2021, Koninklijke Philips N.V. implemented a 7% price reduction on its oxygen concentrators in India, passing on benefits of a government-custom duty reduction to customers. This resulted in a decrease in maximum retail price (MRP) of their products. As of April 2021, the MRP of the company's oxygen concentrator is INR 68,120 (USD 940), down from INR 73,311 (USD 1,012) {exchange rate used (2021)- INR 1 = USD 0.0138}.

Oxygen Concentrators Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 3.7 billion
Revenue forecast in 2030	USD 5.1 billion
Growth rate	CAGR of 5.3% from 2024 to 2030
Base year for estimation	2023
Historical data	2018 - 2022
Forecast period	2024 - 2030

The oxygen concentrators industry is highly competitive, with Inogen as a notable player in the U.S. market holding a dominant position. It competes with both portable oxygen concentrator manufacturers and long-term oxygen therapy providers, such as Respironics (a subsidiary of Koninklijke Philips N.V.), React Health (Respiratory Product Line from Invacare Corporation), Caire Medical (a subsidiary of NGK Spark Plug), and DeVilbiss Healthcare (a subsidiary of Drive Medical).

List of Key Players in the Oxygen Concentrators Market

• Inogen, Inc.
• Respironics (a subsidiary of Koninklijke Philips N.V.)
• React Health (Respiratory Product Line from Invacare Corporation)
• Caire Medical (a subsidiary of NGK Spark Plug),
• DeVilbiss Healthcare (a subsidiary of Drive Medical).
• O2 Concepts
• Nidek Medical Products, Inc.