Oxygen Concentrators Market Size, Outlook, Opportunities, Competitive Analysis and Market Forecast 2024-2031

Global Oxygen Concentrators Market is segmented By Product (Portable Oxygen Concentrators, Stationary Oxygen Concentrators, Others), By Technology (Pulse Flow, Continuous Flow, Others), By End-User (Hospitals, Ambulatory Surgical Centers, HomeCare, Others), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

The Global Oxygen Concentrators Market reached US$ 1.7 billion in 2023 and is expected to reach US$ 2.8 billion by 2031, growing at a CAGR of 6% during the forecast period 2024-2031.

An oxygen concentrator is a device that concentrates the oxygen from a gas supply (typically ambient air) by selectively removing nitrogen to supply an oxygen-enriched product gas stream. They are used industrially, to provide supplemental oxygen at high altitudes, and as medical devices for oxygen therapy. Oxygen concentrators are used widely for oxygen provision in healthcare applications, especially where liquid or pressurized oxygen is too dangerous or inconvenient, such as in homes or portable clinics, and can also provide an economical source of oxygen in industrial processes, where they are also known as oxygen gas generators or oxygen generation plants. 

Two methods in common use are pressure swing adsorption and membrane gas separation. Some people, especially athletes, use an oxygen concentrator when they visit high-altitude areas. When we work out, we breathe harder because our body is trying to get more oxygen to our lungs. Our lungs supply oxygen that your body uses to function.

Market Scope

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Market Dynamics: Drivers

Increasing prevalence of respiratory disorders

The demand for the oxygen concentrators market is driven by multiple factors. The rising prevalence of respiratory disorders propels the market growth. Furthermore, the demand for oxygen concentrators will be fueled by technological advancements and government initiatives. For instance, according to healthdata.org, 1 in 20 people globally suffers from chronic respiratory disease (CRD). East Asia and South Asia had the highest rates of CRD mortality. Low-middle and low Socio-demographic Index (SDI) countries had the highest age-standardized rates of CRD deaths. New findings on chronic respiratory disease (CRD) now show it is the third leading cause of death globally, accounting for approximately 4 million deaths worldwide in 2019. 

Nearly 80% of CRD deaths were caused by chronic obstructive pulmonary disease (COPD). According to the study, nearly 460 million people, or slightly more than one in every 20 people, suffered from CRDs in 2019. Asthma was diagnosed in approximately 60% of these people (approximately 262 million), making it the most common CRD. Since 1990, the number of new cases of CRDs has increased by 49.0%, owing primarily to population growth. The age-standardized incidence rate, on the other hand, has decreased by 5.3%.

For instance, according to an article published by the Economic Times in May 2023, asthma is a long-term respiratory disease that inflames and narrows the airways in the lungs. The prevalence of asthma is increasing globally, affecting approximately 339 million people, with an additional 100 million individuals projected to be at risk.

Restraints

Factors such as adverse effects and risks related to high costs associated with the product and stringent regulatory requirements for the approval of new technologies are expected to hamper the market.

Market Segment Analysis

The oxygen concentrators market is segmented based on product, technology, end-user, and region.

Portable oxygen segment concentrators accounted for approximately 48% of the global oxygen concentrators market share

The global portable oxygen concentrators segment is expected to hold the largest market share over the forecast period. In this segment, the development of government regulation, and technological developments would drive this market. 

For instance, in January 2024, Belluscura, a medical device developer focused on lightweight and portable oxygen enrichment technology, received approval from the Singapore Health Sciences Authority to distribute the X-PLOR portable oxygen concentrator in Singapore.

Moreover, in January 2023, OxyGo, makers of portable oxygen concentrators, launched a new sleep line, complete with a CPAP, BPAP, PAP accessories, and a web-based adherence portal. The cloud provider portal gives providers secure web access to manage and monitor patient data. Providers will also have the ability to share data and statistics with physicians and other healthcare professionals. The portal works with 1st-generation OxyGo CPAP and BPAP models via card-to-cloud and will also connect with the newly available 2nd-generation wifi models.

Market Geographical Analysis

North America accounted for approximately 47.5% of the global oxygen concentrators market share 

North America region is expected to hold the largest market share over the forecast period. The rising incidence of respiratory disorders, and growing awareness among people, in this region, help to propel the market.

For instance, according to health.gov, respiratory diseases affect millions of people in the United States. More than 25 million people in the United States have asthma. Strategies to reduce environmental triggers and make sure people get the right medications can help prevent hospital visits for asthma. In addition, more than 16 million people in the United States have COPD (chronic obstructive pulmonary disease), which is a major cause of death. Strategies to prevent the disease — like reducing air pollution and helping people quit smoking — are key to reducing deaths from COPD.

For instance, in June 2024, Novair and American Oxygen announced a strategic partnership to develop and market ionic oxygen generators, set to revolutionize the oxygen market. As part of this strategic partnership, Novair will acquire an equity stake in American Oxygen, and the partners will set up a joint venture dedicated to the manufacture of ionic oxygen generators.

Market Segmentation

By Product

• Portable Oxygen Concentrators
• Stationary Oxygen Concentrators
• Others 

By Technology

• Pulse Flow
• Continuous Flow
• Others

By End-User

• Hospitals
• Ambulatory Surgical Centers
• Homecare
• Others

By Region

• North America 
• The U.S.
• Canada
• Mexico 
• Europe
• Germany
• U.K.
• France
• Spain
• Italy
• Rest of Europe 
• South America 
• Brazil
• Argentina
• Rest of South America 
• Asia-Pacific 
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific 
• Middle East and Africa

Market Competitive Landscape

The major global players in the global oxygen concentrators market include Invacare Corporation, ResMed, O2 Concepts, Merck KGaA, Teijin Limited, GCE Group, Inogen Inc., Caire Inc., Precision Medicine Group, Koninklijke Philips N.V among others. 

Key Developments

• In January 2022, a UK-based manufacturer of anaesthesia equipment OES Medical is joining the ABHI UK Pavilion at Arab Health 2022 to launch a new mains-powered ICU ventilator to support hospitals manage oxygen demand. The company’s Gemini-G100 is an electrically driven piston ICU ventilator with an integrated oxygen concentrator for use in intensive care. The device has been designed for use in settings/situations where high-pressure oxygen gas supplies are problematic. The Gemini-G100 uniquely does not place any demand on the oxygen supply within the hospital as it only requires mains electrical power. For hospitals, it minimizes reliance on deliveries of oxygen, particularly during peak demand.
• In August 2023, VGM & Associates signed a new vendor agreement with O2 Concepts. With O2 Concept's innovative POC portfolio and revolutionary DNA platform, we enhance our ability to meet the evolving needs of VGM members and patients. This partnership is a step forward in our commitment to delivering exceptional respiratory solutions.

Why Purchase the Report?

• To visualize the global oxygen concentrators market segmentation based on product, technology, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of global oxygen concentrators market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The oxygen concentrators market report would provide approximately 51 tables, 54 figures, and 181 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies