|
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.
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Key Market Challenges
Stringent
Government Rules
The expansion of the
medical device sector is being hindered by recent modifications to the FDA's
approval process in several nations. These changes, which aim to ensure patient
safety and product efficacy, have introduced additional complexities and hurdles
that companies must navigate. As a result, the process of bringing innovative
medical devices to market has become more challenging and time-consuming.
Moreover, the industry is
not only grappling with regulatory obstacles but also facing a shortage of
skilled specialists. The demand for experts in medical device development,
manufacturing, and regulatory affairs far exceeds the available talent pool. This
scarcity of skilled professionals further exacerbates the difficulties faced by
companies in bringing their products to market efficiently. In addition, the
limited understanding of advanced medical technologies among healthcare
professionals and the general public poses a potential detriment to the
industry's growth. It is crucial for both healthcare providers and patients to
stay informed and educated about the latest advancements in medical devices to
ensure their effective utilization and widespread adoption. The medical device
sector is navigating through a complex landscape, with regulatory changes,
talent shortages, and knowledge gaps posing significant challenges. Addressing
these issues will be vital for the industry's sustained growth and the timely
availability of innovative medical technologies to benefit patients worldwide.
Reimbursement
Procedures
The expensive price of the
product is one of the main obstacles that hinders the widespread use of oxygen concentrators.
In emerging economies, where disposable cash is limited and the price of the
product is higher compared to wealthier nations, the acceptance of oxygen concentrators
is significantly restricted. Furthermore, the market expansion for these oxygen
concentrators is facing additional challenges due to the president's stringent
restrictions and reimbursement guidelines, which further impede their adoption
and growth. As a result, many individuals in these emerging economies are
unable to afford oxygen concentrators, which limits their access to this
important technology. The high cost not only affects individual consumers, but
also restricts the adoption of oxygen concentrators in industries and
communities that could greatly benefit from their use.
Moreover, the stringent
restrictions and reimbursement guidelines imposed by the president have created
a regulatory environment that is unfavorable for the growth of the oxygen concentrators
market. This not only discourages potential buyers, but also adds complexity
and uncertainty for manufacturers and distributors. In order to overcome these
challenges and promote the widespread use of oxygen concentrators, it is
crucial to address the affordability issue by exploring cost reduction
strategies and alternative financing options. Additionally, advocacy efforts
and engagement with policymakers can help create a more favorable regulatory
environment that encourages the adoption and growth of these oxygen concentrators.
By addressing these
factors and working towards making oxygen concentrators more accessible and
affordable, we can overcome the barriers that hinder their widespread use and
unlock their potential to improve safety and efficiency in various industries
and communities.
Key Market Trends
Increasing
Prevalence of Chronic Respiratory Diseases
The global market for
oxygen concentrators is experiencing significant growth due to the increasing
number of patients in need. According to the World Health Organization, chronic
obstructive lung disease (COPD) ranks as the third leading cause of death,
responsible for 3.23 million fatalities. Research indicates a rising prevalence
of respiratory conditions, necessitating the use of oxygen for breathing.
Furthermore, the market's expansion is fueled by the demand for long-term
oxygen therapy (LTOT) and the growing number of asthma patients. In order to
meet the needs of all patients requiring oxygen concentrators, there is an
emphasis on providing accessible and affordable solutions, supported by
favorable government initiatives. These factors together are driving the
expansion of the market for oxygen concentrators, ensuring that patients
receive the vital support they need for improved quality of life.
Continuous
New Product Launches
The increasing adoption of
oxygen concentrators in developing countries, driven by rising incomes and
advancements in technology, is expected to create significant opportunities for
the oxygen concentrators market during the forecast period. With the global
prevalence of chronic obstructive pulmonary disease (COPD) on the rise,
particularly in countries like India and China, the demand for oxygen concentrators
is projected to soar. This growing demand is further bolstered by companies'
heightened investment in the production of continuous flow oxygen concentrators
and pulse flow oxygen concentrators, which will fuel market growth in the
coming years. As the need for respiratory support continues to increase, the oxygen
concentrators market is poised for substantial expansion, offering a promising
outlook for both manufacturers and patients alike.
Segmental Insights
Type Insights
Based on their type, oxygen concentrators can be
categorized into two main types: portable and stationary oxygen concentrators.
Among these, portable oxygen concentrators currently dominate the market,
accounting for the largest revenue share. This trend is expected to continue
during the forecast period, driven by the increasing prevalence of respiratory
conditions such as COPD, asthma, and pneumonia. The convenience and ease of use
offered by portable oxygen concentrators make them highly sought after,
especially with the growing demand for air travel. Moreover, the approvals from
the Federal Aviation Administration (FAA) for the use of portable concentrators
during flights further contribute to their popularity.
On the other hand, stationary medical oxygen
concentrators are expected to experience slower growth compared to their
portable counterparts. These devices are typically preferred by older
individuals who have limited mobility and require a constant and reliable
source of oxygen. The demand for stationary concentrators is particularly
significant in countries with large geriatric populations, where the prevalence
of respiratory conditions is higher. Additionally, stationary concentrators are
more affordable compared to portable ones, making them a popular choice in
underdeveloped and developing countries, where healthcare spending and overall
quality of life are still relatively low. Overall, the market for oxygen
concentrators is dynamic and evolving, with portable devices driving the growth
due to their versatility and convenience. However, the demand for stationary
concentrators remains steady, catering to the specific needs of certain patient
populations and regions.
Technology Insights
Based on the technology, the continuous flow segment
dominates the market owing to its reliability and consistent oxygen delivery.
With a substantial market share of 52.6% in the global medical oxygen
concentrators market, the continuous flow segment is projected to maintain its
lucrative position in the coming years.
Continuous-flow oxygen concentrators play a crucial
role in providing a continuous and steady oxygen supply to patients,
particularly those with chronic respiratory conditions that require constant
oxygen flow. This uninterrupted oxygen delivery is of utmost importance in
managing their health and well-being. As a result, the continuous flow oxygen
concentrator has gained significant market share, driven by the growing
prevalence of chronic diseases such as cardiovascular, respiratory, and
gastrointestinal disorders. Furthermore, the market's growth is anticipated to
be further fueled by lifestyle habits such as smoking and alcohol consumption,
which contribute to an increased incidence of respiratory issues. The rising
demand for medical oxygen concentrators is a testament to the growing need for
effective respiratory care solutions in the face of these health challenges.
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Regional Insights
Due to its
well-established healthcare system, increasing awareness of advanced treatment
options, and rising prevalence of chronic obstructive pulmonary disease (COPD)
and other respiratory conditions, which necessitate reliance on oxygen concentrators
as the primary source of oxygen, North America emerged as the dominant player
in the global oxygen concentrators market in 2022. The advent of compact,
affordable, and oxygen concentrators has facilitated hassle-free travel for
patients. The region is anticipated to maintain its dominance in the
international market during the forecast period. Notably, the World Health
Organization predicts a rapid surge in COPD incidence by 2028, attributable to
a higher prevalence of smoking and an aging population.
The Asia Pacific market is
expected to witness significant growth throughout the forecast period, driven
by factors such as rising disposable income, increasing tobacco consumption,
growing COPD patient population, improved healthcare infrastructure, heightened
awareness and acceptance of advanced oxygen concentrators, and expanding aging
population. Furthermore, the increasing number of elderly individuals in the
Asia Pacific region is poised to propel the oxygen concentrators industry in
the near future.
Recent Developments
- In June 2022, Carire introduced the LifeStyle, a
portable oxygen concentrator, in the United States, significantly enhancing the
quality of life for oxygen users worldwide.
- In April 2022, ARYA BioMed Corp launched the ARYA
Portable Oxygen Concentrator in the United States. This lightweight device
boasts a robust battery-powered system that charges quickly.
- In April 2021, Exaltra, an Indian startup, unveiled an
innovative mini oxygen concentrator to address the oxygen shortage during the
second wave outbreak in March-April 2021. Priced between US$269.63 to
US$539.25, this mini concentrator was made available for purchase by healthcare
organizations, clinics, and individuals in-home care facilities.
- In October 2019, Precision Medical Inc. introduced a
new portable oxygen concentrator featuring a unique touch facility and an LCD
screen. With an extended battery life and easy battery-changing capability, it
offers a dual curve design for easy wearing or carrying from either side.
Key Market Players
- Koninklijke
Philips N.V.
- Invacare Corporation
- Teijin Limited
- Precision Medical, Inc.
- Drive DeVilbiss Healthcare LLC
- Nidek Medical Products Inc.
- Inogen Inc.
- NGK Spark Plug Co., Ltd.
- GCE Group
- Linde Healthcare
|
By Type
|
By Technology
|
By Flowrate
|
By Application
|
By End
User
|
By Region
|
|
|
- Continuous Flow
- Pulse Flow
- Continuous/Pulse Flow
|
- 0-5l/min
- 5-10l/min
- Above 10l/min
|
- COPD
- Lung Cancer
- Pneumonia
- COVID-19
- Others
|
- Hospitals & Clinics
- Ambulatory Care Centers
- Home Care
- Others
|
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
|
Report
Scope:
In this report, the Global
Oxygen Concentrators Market has been segmented into the following categories,
in addition to the industry trends which have also been detailed below:
- Oxygen Concentrators Market, By Type:
o
Portable
o
Stationary
- Oxygen Concentrators Market, By Technology:
o
Continuous Flow
o
Pulse Flow
o
Continuous/Pulse Flow
- Oxygen Concentrators Market, By Flow Rate:
o
0-5l/min
o
5-10l/min
o
Above 10l/min
- Oxygen Concentrators Market, By Application:
o
COPD
o
Lung Cancer
o
Pneumonia
o
COVID-19
o
Others
- Oxygen Concentrators Market, By End User:
o
Hospitals &
Clinics
o
Ambulatory Care
Centres
o
Home Care
o
Others
- Oxygen Concentrators Market, By Region:
o North
America
§ United
States
§ Canada
§ Mexico
o Europe
§ France
§ United
Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South
Korea
o South
America
§ Brazil
§ Argentina
§ Colombia
o Middle
East & Africa
§ South Africa
§ Saudi
Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive
Landscape
Company
Profiles: Detailed analysis of the major companies present in
the Global Oxygen Concentrators Market.
Available
Customizations:
Global Oxygen
Concentrators market report with the given market data, Tech Sci
Research offers customizations according to a company's specific needs. The
following customization options are available for the report:
Company
Information
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analysis and profiling of additional market players (up to five).
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