Number of pages: 100 | Report Format: PDF | Published date: June 13, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 3.37 billion |
Revenue Forecast in 2031 |
US$ 6.79 billion |
CAGR |
8.10% |
Base Year for Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Product Types, Technology, Application, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global medical oxygen concentrators market was valued at US$ 3.37 billion in 2022 and is expected to register a revenue CAGR of 8.10% to reach US$ 6.79 billion by 2031.
Medical Oxygen Concentrators Market Fundamentals
Medical oxygen concentrators are devices used to generate concentrated oxygen from ambient air. They are commonly used in medical settings, such as hospitals, clinics, and even home healthcare, to provide a reliable and continuous oxygen supply to patients with respiratory conditions or require supplemental oxygen therapy.
Medical Oxygen Concentrators Market Dynamics
The rising incidence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and pneumonia has led to an increased demand for oxygen therapy. According to the 2022 ‘Global Initiative for Chronic Obstructive Lung Disease’ report, an estimated of 200 million people suffers from COPD, and nearly 3.2 million people die each year due to this disease, making it the third-leading cause of death worldwide. Medical oxygen concentrators are crucial in providing supplemental oxygen to patients with these conditions, driving the market growth. The global population is aging, increasing the prevalence of age-related respiratory diseases. Elderly individuals are more prone to respiratory ailments, requiring oxygen therapy. The growing geriatric population is driving the demand for medical oxygen concentrators. Advancements in technology have led to the development of more efficient, user-friendly, and portable medical oxygen concentrators. For instance, in April 2022, CAIRE developed and launched the first portable oxygen concentrator, the LifeStyle, dramatically improving the quality of life for oxygen users worldwide. These technological advancements are increasing the adoption of oxygen concentrators in various healthcare settings. There is a growing trend towards home-based healthcare services, driven by factors such as convenience, cost-effectiveness, and the desire for patient comfort and independence.
Additionally, the COVID-19 pandemic has significantly increased the demand for oxygen therapy globally. Severe cases of COVID-19 often require oxygen support, and medical oxygen concentrators have played a critical role in providing supplemental oxygen to patients in both hospital and home settings during the pandemic. Improved awareness among patients, caregivers, and healthcare professionals about the benefits of oxygen therapy and the availability of medical oxygen concentrators has contributed to increased adoption. Education campaigns and initiatives by manufacturers, healthcare providers, and patient advocacy groups also play a key role in creating awareness about respiratory health and the importance of oxygen therapy.
In certain healthcare systems, reimbursement or insurance coverage for medical oxygen concentrators may be limited or non-existent. This can create financial barriers for patients who require oxygen therapy and impact the adoption of these devices. Although advancements oxygen concentrators require regular maintenance and filter replacements to ensure proper functioning. In resource-constrained settings or areas with limited technical support, obtaining timely maintenance and servicing can be challenging, leading to potential device malfunctions and reduced reliability. Medical oxygen concentrators face competition from other forms of oxygen delivery, such as liquid oxygen systems or compressed oxygen cylinders. Depending on the patient's needs and circumstances, alternative systems may be preferred or more suitable, limiting the demand for oxygen concentrators. Medical oxygen concentrators are subject to regulatory requirements and safety standards in different regions. Compliance with these regulations can be a challenge for manufacturers and may impact product availability and distribution.
Medical Oxygen Concentrators Market Ecosystem
The global medical oxygen concentrators market has been analyzed from the following perspectives: by product types, technology, application, and region.
Medical Oxygen Concentrators Market by Type
Based on the type, the global medical oxygen concentrators market is segmented into stationary and portable.
Portable oxygen concentrators dominate the global market with a significant revenue share. There is a growing preference for home-based healthcare services, driven by factors such as convenience, cost-effectiveness, and the desire for patient comfort and independence. Portable oxygen concentrators allow patients to receive oxygen therapy while being mobile and maintaining their daily activities outside the hospital or clinic. This device provides the flexibility and freedom for patients to travel, socialize, and engage in daily life, contributing to their popularity. Advanced features like long battery life, Bluetooth connectivity for remote monitoring, and noise reduction have made portable concentrators more appealing to patients and healthcare providers. For instance, ARYA BioMed Corp launched the ARYA Portable Oxygen Concentrator in the United States in April 2022. The ARYA portable oxygen concentrator is extremely light and boasts a powerful battery-powered system that charges fast. Additionally, the global population is aging, and the prevalence of chronic respiratory diseases, such as COPD and asthma, is also increasing. Elderly individuals and those with chronic respiratory conditions often require oxygen therapy. Portable oxygen concentrators offer a practical solution for these patients, as they allow them to receive oxygen therapy while maintaining an active lifestyle. Portable oxygen concentrators have advantages over traditional oxygen delivery systems like compressed or liquid oxygen cylinders. It also eliminates the need for regular refilling or delivery of oxygen cylinders, making them more convenient for patients.
Medical Oxygen Concentrators Market by Technology
Based on the technology, the global medical oxygen concentrators market is segmented into pulse flow and continuous flow.
Pulse flow dominates the global market with the largest revenue share. Pulse flow oxygen concentrators are designed to deliver oxygen only when the patient inhales. This delivery method helps conserve oxygen and ensures that the oxygen is utilized more efficiently. It is particularly beneficial for patients with intermittent oxygen needs or those who do not require a continuous supply of oxygen. Pulse flow concentrators are generally more compact and lightweight compared to continuous flow concentrators. This makes them highly suitable for portable use and allows patients to be mobile while receiving oxygen therapy. Additionally, pulse flow concentrators tend to have longer battery life, allowing patients to use them for extended periods without needing to recharge. Pulse flow concentrators deliver oxygen in synchronization with the patient's breathing pattern. This synchronization enhances patient comfort, as the oxygen is delivered when it is most needed during inhalation. It also helps reduce discomfort caused by excessive dryness or irritation of the nasal passages. Pulse flow concentrators are often more cost-effective compared to continuous flow concentrators. They generally consume less power and require smaller and less expensive oxygen concentrator units. This makes them a more affordable option for patients, especially in home healthcare settings. Flow concentrators are suitable for a wide range of patients, including those with mild to moderate respiratory conditions. They can be used for various oxygen therapy applications, such as ambulatory use, sleep therapy, and general supplemental oxygen therapy.
Medical Oxygen Concentrators Market by Application
Based on the application, the global medical oxygen concentrators market is segmented into asthma, chronic obstructive pulmonary disease (COPD), respiratory distress, and others.
The chronic obstructive pulmonary disease segment dominates the global market with a prominent revenue share. COPD is a prevalent respiratory condition characterized by airflow limitation and breathing difficulties. It is a leading cause of morbidity and mortality worldwide, with a significant burden on healthcare systems. The high prevalence of COPD drives the demand for medical oxygen concentrators as a primary treatment modality for patients with severe COPD who require supplemental oxygen therapy. Long-term oxygen therapy is a well-established treatment for COPD patients with chronic respiratory failure and severe hypoxemia. Oxygen therapy improves survival, reduces symptoms, and enhances the quality of life for COPD patients. Medical oxygen concentrators are the primary devices used to deliver long-term oxygen therapy to COPD patients in homecare settings. COPD is often associated with aging, and the global population is increasingly aging. The risk of developing COPD rises with age, and elderly individuals are more likely to require long-term oxygen therapy. As the aging population expands, the demand for medical oxygen concentrators to manage COPD is expected to rise correspondingly. Oxygen concentrator technology has evolved significantly, developing more efficient, user-friendly, and portable devices. Modern medical oxygen concentrators offer enhanced features such as advanced oxygen delivery modes, remote monitoring capabilities, longer battery life, and improved portability. These advancements have improved the management of COPD patients and contributed to the dominance of medical oxygen concentrators in this segment. There is a growing emphasis on home-based care and self-management for COPD patients. Homecare settings equipped with medical oxygen concentrators allow COPD patients to receive oxygen therapy in the comfort of their own homes, reducing the need for hospital visits and improving overall patient satisfaction. The convenience, cost-effectiveness, and patient-centric approach of home-based care contribute to the dominance of medical oxygen concentrators in the COPD segment. Many healthcare systems provide reimbursement or insurance coverage for medical oxygen concentrators for COPD patients who meet specific criteria for LTOT. These reimbursement policies and insurance coverage make medical oxygen concentrators more accessible and affordable for COPD patients, further driving their dominance in the market.
Medical Oxygen Concentrators Market by End User
Based on the end user, the global medical oxygen concentrators market is segmented into hospitals & clinics, ambulatory surgical centers, homecare settings, and others.
Homecare setting accounts for 61.02% of revenue shares in the global market. There is a global trend towards home-based healthcare services driven by factors such as convenience, cost-effectiveness, and the desire for patient comfort and independence. Homecare settings allow patients to receive medical care, including oxygen therapy, in the comfort of their own homes. Medical oxygen concentrators are a key component of homecare settings, providing a reliable and continuous supply of oxygen to patients who require oxygen therapy. The global population is aging, and there is a higher prevalence of chronic respiratory diseases, such as chronic obstructive pulmonary disease (COPD) and asthma, among elderly individuals. These patients often require long-term oxygen therapy. Homecare settings equipped with medical oxygen concentrators enable elderly patients and those with chronic respiratory conditions to receive oxygen therapy without the need for frequent hospital visits or admissions. Homecare settings with medical oxygen concentrators provide patients with a sense of security, independence, and convenience, leading to higher patient satisfaction and adherence to therapy.
Medical Oxygen Concentrators Market by Region
Based on the region, the global medical oxygen concentrators market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominates the global market with nearly 37.42% of revenue shares. North America has a well-developed healthcare infrastructure, including advanced hospitals, clinics, and home healthcare settings. The availability of robust healthcare facilities and systems contributes to the dominance of the region in the medical oxygen concentrators market. North America has a relatively high prevalence of chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and other respiratory conditions. These conditions often require oxygen therapy, creating a substantial demand for medical oxygen concentrators in the region. For instance, according to the Asthma and Allergy Foundation of America,’ approximately 1 in 13 Americans suffered from asthma, which is about 25 million people. Similarly, nearly 5 million American children suffered from asthma in 2021. The North American population is aging, and the elderly population is more prone to respiratory illnesses and chronic conditions requiring oxygen therapy. With a larger proportion of the population in the age group that requires oxygen therapy, the demand for medical oxygen concentrators is higher in North America. According to Administration on Aging (AoA), part of the Administration for Community Living, an operating division of the U.S. Department of Health and Human Services, in the U.S., the population age 65 and older were calculated to be around 54.1 million in 2019. They represented nearly 16% of the population. Furthermore, the number of older Americans has increased notably by 14.4 million (or 36%) since 2009, compared to an increase of 3% for the under-65 population. The availability of cutting-edge technology and continuous research and development efforts contribute to the dominance of North America in the market. A growing trend of home healthcare services in North America is driven by factors such as cost-effectiveness, convenience, and patient preference.
Competitive Landscape
The prominent players operating in the global medical oxygen concentrators market are:
Strategic Developments
An oxygen concentrator is a device that provides oxygen therapy to patients at substantially higher concentrations than that of ambient air. It keeps the level of oxygen in their blood stable.
Koninklijke Philips N.V., Chart Industries Inc., Invacare Corporation, and Inogen Inc. are some of the major market players in the global medical oxygen concentrators market.
Limitations in technical areas and competition from alternative oxygen delivery systems are some of the restraints obstructing the growth of the global market.
The portable oxygen concentrators segment dominates the global medical oxygen concentrators market.
The increasing prevalence of respiratory diseases and the growing geriatric population are some of the major factors driving the global market
*Insights on financial performance are subject to the availability of information in the public domain