Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 3,224 Million

CAGR (2023-2028)

8.74%

Fastest Growing Segment

COPD

Largest Market

North America


Market Overview

Global Oxygen Concentrators Market has valued at USD 3,224 Million in 2022 and is anticipated to project impressive growth in the forecast period with a CAGR of 8.74% through 2028. A oxygen concentrators is a vital component of medical equipment that provides support to patients with low blood oxygen levels. Its purpose is to supply supplemental oxygen to patients, with a higher concentration than the atmosphere. This device receives air, purifies it, and delivers it to the patient. The operation of an oxygen concentrator is straightforward and easily understood. oxygen concentrators offer convenience, portability, safety, compactness, cost-effectiveness, and contribute to a reduced risk of heart attacks and respiratory illnesses. Furthermore, they promote improved mental clarity and overall mood.

Oxygen concentrators enable patients to travel with ease due to their lightweight nature, affordability, and enhanced efficacy. The significance of oxygen concentrators is evident in the global market, reflecting the lifestyle of patients. These devices are classified into continuous flow, pulse flow, and other types. Continuous flow units continuously emit oxygen, even during inhalation and exhalation. Pulse flow units detect inhalation and only deliver oxygen at that specific moment. While pulse dosages are suitable for many individuals, they may not be suitable for those with specific medical conditions.

For nocturnal or night shifts, doctors often recommend continuous flow machines, while pulse dose machines can be used throughout the day by many patients. Oxygen concentrators are utilized by patients with pulmonary disorders such as bronchitis, respiratory problems, lung cancer, and severe pneumonia. These devices can be used at home and in healthcare settings to fulfill the oxygen requirements of patients. Additionally, they are employed to generate oxygen-rich air in the atmosphere by extracting surrounding air, compressing it, purifying it, and eliminating nitrogen and other contaminants.

 

Key Market Drivers

Rising Incidences of Respiratory Diseases

The growing number of individuals diagnosed with respiratory diseases, such as lung cancer, chronic obstructive pulmonary disease (COPD), asthma, pulmonary fibrosis, and influenza, highlights the urgent need for effective oxygen therapy solutions. oxygen concentrators offer a breakthrough in medical technology by providing a convenient and versatile option for delivering oxygen to patients. This empowers individuals to manage their respiratory conditions more effectively, ultimately enhancing their overall quality of life.

The rising incidences of respiratory diseases have led to an increased demand for POCs in the healthcare market. These innovative devices not only help patients receive the oxygen they need outside of the hospital setting but also enable healthcare providers to extend their care beyond traditional boundaries. By facilitating home-based oxygen therapy, POCs reduce the burden on healthcare facilities, ensuring that patients can receive continuous care in the comfort of their own homes.

In addition to the numerous benefits for patients and healthcare providers, POCs also present a cost-effective solution. Unlike traditional oxygen therapy methods, which often require frequent cylinder refills or maintenance of stationary concentrators, POCs eliminate these inconveniences. This not only saves time and resources but also ensures a seamless and uninterrupted oxygen supply for patients, leading to improved treatment outcomes.

With their portability, convenience, and cost-effectiveness, POCs are revolutionizing the field of respiratory care. By meeting the demand for effective oxygen therapy solutions, POCs are making a significant impact on the lives of individuals with respiratory diseases, offering them newfound freedom, independence, and improved well-being.

Growing Preference for Home-Based Medical Care

Home-based medical care has emerged as a crucial aspect of modern healthcare, emphasizing the importance of oxygen concentrators that empower patients to receive treatment in the comfort of their own homes, without the need for hospitalization or frequent visits to clinics. In this context, oxygen concentrators have gained significant traction as a convenient and lightweight solution for delivering oxygen therapy to patients at home. The growing preference for home-based care has consequently led to a surge in the demand for POCs, as they offer a practical and efficient means of administering oxygen therapy outside of traditional healthcare settings.

Beyond the convenience and portability, they provide, POCs also hold the potential for substantial cost savings within healthcare systems. By enabling patients to receive oxygen therapy at home, POCs have the potential to reduce hospital stays, readmissions, and visits to emergency departments, thereby optimizing the allocation of healthcare resources. This cost-effectiveness is a key driving factor behind the integration of POCs into home-based care strategies, as healthcare providers recognize the value of leveraging these devices to enhance patient care and improve overall healthcare outcomes.

The emphasis on home-based medical care has underscored the need for portable medical devices, particularly POCs, that empower patients to receive treatment conveniently and effectively in their own homes. With their lightweight design and ability to deliver oxygen therapy outside of hospitals and clinics, POCs have become an indispensable tool in home-based care, offering not only enhanced patient comfort but also cost savings and resource optimization within healthcare systems.

Increasing Geriatric Population

The market is being driven by the aging population, which is prone to these ailments, as well as the growing demand for practical portable technology. The market for oxygen concentrators will also be significantly affected by the increase in everyday exposure to environmental pollutants. Furthermore, increasing urbanization and discretionary economic levels are the primary drivers fueling the expansion of the oxygen concentrators industry. Moreover, the increasing healthcare expenditures and evolving lifestyles of individuals are two other significant market factors that will further propel the market for oxygen concentrators.

As individuals age, their susceptibility to respiratory conditions such as chronic obstructive pulmonary disease (COPD), pneumonia, and other lung-related ailments increases. These conditions often necessitate long-term oxygen therapy to effectively manage symptoms and enhance the overall quality of life. Consequently, the growing geriatric population directly contributes to the heightened prevalence of respiratory diseases, resulting in an increased demand for oxygen concentrators as an indispensable medical device for oxygen therapy.

In addition to their medical importance, POCs offer the necessary mobility and portability that enable the elderly population to maintain an active lifestyle while receiving the vital oxygen support, they require. The desire for active aging among the geriatric population significantly drives the demand for POCs, as these devices empower them to fully engage in their desired activities, promoting independence and overall well-being. By providing a seamless integration of oxygen therapy into their daily routines, POCs play a crucial role in facilitating an enhanced quality of life for the aging population.

Rise in Advanced Technologies

 Manufacturers' use of advanced technologies in the production of oxygen concentrators is also driving market growth. By leveraging cutting-edge innovations, companies are able to develop oxygen concentrators with higher efficacy and lower costs, meeting the growing demand for oxygen concentrators. For instance, in June 2021, Servotech Power Systems made a significant impact in the market by introducing a medical-grade oxygen concentrator in India. To further boost sales for manufacturers, they collaborated with prestigious educational institutions such as IIT Jammu, raising awareness about their product and establishing a strong presence in the industry.

Furthermore, the market growth is fueled by investment funding and the implementation of appropriate reimbursement policies by both the government and private institutions. These initiatives provide a favorable environment for manufacturers to invest in research and development, leading to the creation of innovative and high-quality oxygen concentrators. Moreover, strategic activities such as mergers and acquisitions among organizations not only encourage collaboration but also create platforms for new market participants to enter and thrive in the industry.

In addition to these factors, the market expansion is expected to be driven by firms increasing their expenditure in the manufacturing of transportable pulse and continuous-flow oxygen concentrators. As the demand for oxygen concentrators continues to rise, manufacturers are investing more resources into developing and producing reliable and efficient devices. This trend is expected to contribute significantly to the overall growth and development of the market. Overall, the combination of advanced technologies, investment funding, reimbursement policies, and strategic activities is propelling the growth of the oxygen concentrator market. With continuous advancements and a focus on meeting the evolving needs of consumers, the market is poised for further expansion in the coming years.