The global oxygen concentrators market was estimated to be USD 3.58 billion in 2023 and is expected to reach at USD 6.33 billion by 2034 with a CAGR of 5.32% during the forecast period 2024-2034. Increasing occurrence of respiratory conditions such as chronic obstructive pulmonary disease (COPD), asthma, & sleep apnea, rising inclination towards home-based treatment, growing demand for economical oxygen concentrators, escalating requirement for emergency & extended care for lung ailments in both children & adults, surge in the approval of novel devices by regulatory bodies and rising introduction of technologically advanced oxygen concentrator devices are the factors propelling the market growth.
Rising introduction of technologically advanced oxygen concentrators devices is predicted to boost the market growth during the forecast period. For instance, in July 2022, OMRON Healthcare, a prominent figure in home blood pressure monitoring and cardiovascular disease management solutions worldwide, introduced the OMRON Oxygen Concentrator. This medical device utilizes molecular sieve technology to deliver a consistent flow of high-purity oxygen at a rate of 5 liters per minute, with a concentration output exceeding 90%.
By product, fixed oxygen concentrators was the highest revenue-grossing segment in the global oxygen concentrators market in 2023 owing to the growing elderly population, a substantial number of long-term patients, and hospitals are experiencing a rising demand for these devices. Additionally, portable oxygen concentrators is predicted to grow at the fastest CAGR during the forecast period owing to the surge in awareness regarding the advantages of portable concentrators, growing population of mobile patients in need of solutions outside of traditional healthcare settings, and regulatory bodies are increasingly approving these devices. For instance, in December 2022, The US Food and Drug Administration has approved Inogen Inc.'s Rove Series portable oxygen concentrators.
By technology, continuous flow was the highest revenue-grossing segment in the global oxygen concentrators market in 2023 owing to the increasing occurrence of persistent respiratory conditions such as asthma, bronchiectasis, COPD, & chronic sinusitis, rising adoption of continuous flow technology for residential and military purposes, which eliminates the need to store oxygen under pressure, thereby reducing associated hazards. Additionally, pulse flow segment is predicted to grow at the fastest CAGR during the forecast period owing to its increasing preference among patients suffering from COPD owing to its broad utilization in portable devices and the growing introduction of advanced equipment. For instance, in April 2022, ARYA BioMed Corp has introduced the ARYA Portable Oxygen Concentrator in the United States. This portable oxygen concentrator is exceptionally lightweight and features a robust battery-powered system that rapidly charges.
By application, home care was the highest revenue-grossing segment in the global oxygen concentrators market in 2023 owing to the growing trend towards home therapy, supported by an extensive array of concentrators designed for home use, expanding elderly population, increasing availability of healthcare insurance coverage for oxygen concentrators, and surge in the introduction of innovative devices. For instance, in June 2022, Caire has introduced the LifeStyle portable oxygen concentrator in the United States, significantly enhancing the quality of life for oxygen-dependent individuals globally. Additionally, non-homecare is predicted to grow at the fastest CAGR during the forecast period owing to rise in the adoption of oxygen therapy within hospitals & clinics, ongoing technological advancements, and increase in the number of patients seeking admission to hospitals.
North America region is anticipated for the highest revenue share during the forecast period owing to the advanced healthcare infrastructure, substantial investment in research & development, rising number of product introductions, growing inclination towards the wider acceptance of portable oxygen concentrators (POCs), and increasing number of mergers and acquisitions among industry participants. For instance, in February 2023, React Health, a firm focused on creating, producing, and delivering medical devices for addressing sleep-disordered breathing and offering oxygen therapy, has effectively purchased Invacare's Respiratory line. This strategic acquisition will empower React Health to strengthen its market presence and broaden its product selection to serve a wider clientele. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising incidence of respiratory diseases, surge in aging population, growing emphasis on home healthcare, and increasing adoption of portable oxygen concentrators, supported by government initiatives aimed at introducing new medical devices. For instance, in March 2022, GRS India, under the Department for Promotion of Industry and Internal Trade (DIPP) of the Government of India, has developed Oxygen Plus, a field-portable smart bag-pack emergency oxygen concentrator. Specifically designed for convenient transport in the mountainous regions of the North East, the product will be produced at the North East Centre for Technology Application and Reach (NECTAR).
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Rising introduction of technologically advanced oxygen concentrators devices is predicted to boost the market growth during the forecast period. For instance, in July 2022, OMRON Healthcare, a prominent figure in home blood pressure monitoring and cardiovascular disease management solutions worldwide, introduced the OMRON Oxygen Concentrator. This medical device utilizes molecular sieve technology to deliver a consistent flow of high-purity oxygen at a rate of 5 liters per minute, with a concentration output exceeding 90%.
By product, fixed oxygen concentrators was the highest revenue-grossing segment in the global oxygen concentrators market in 2023 owing to the growing elderly population, a substantial number of long-term patients, and hospitals are experiencing a rising demand for these devices. Additionally, portable oxygen concentrators is predicted to grow at the fastest CAGR during the forecast period owing to the surge in awareness regarding the advantages of portable concentrators, growing population of mobile patients in need of solutions outside of traditional healthcare settings, and regulatory bodies are increasingly approving these devices. For instance, in December 2022, The US Food and Drug Administration has approved Inogen Inc.'s Rove Series portable oxygen concentrators.
By technology, continuous flow was the highest revenue-grossing segment in the global oxygen concentrators market in 2023 owing to the increasing occurrence of persistent respiratory conditions such as asthma, bronchiectasis, COPD, & chronic sinusitis, rising adoption of continuous flow technology for residential and military purposes, which eliminates the need to store oxygen under pressure, thereby reducing associated hazards. Additionally, pulse flow segment is predicted to grow at the fastest CAGR during the forecast period owing to its increasing preference among patients suffering from COPD owing to its broad utilization in portable devices and the growing introduction of advanced equipment. For instance, in April 2022, ARYA BioMed Corp has introduced the ARYA Portable Oxygen Concentrator in the United States. This portable oxygen concentrator is exceptionally lightweight and features a robust battery-powered system that rapidly charges.
By application, home care was the highest revenue-grossing segment in the global oxygen concentrators market in 2023 owing to the growing trend towards home therapy, supported by an extensive array of concentrators designed for home use, expanding elderly population, increasing availability of healthcare insurance coverage for oxygen concentrators, and surge in the introduction of innovative devices. For instance, in June 2022, Caire has introduced the LifeStyle portable oxygen concentrator in the United States, significantly enhancing the quality of life for oxygen-dependent individuals globally. Additionally, non-homecare is predicted to grow at the fastest CAGR during the forecast period owing to rise in the adoption of oxygen therapy within hospitals & clinics, ongoing technological advancements, and increase in the number of patients seeking admission to hospitals.
North America region is anticipated for the highest revenue share during the forecast period owing to the advanced healthcare infrastructure, substantial investment in research & development, rising number of product introductions, growing inclination towards the wider acceptance of portable oxygen concentrators (POCs), and increasing number of mergers and acquisitions among industry participants. For instance, in February 2023, React Health, a firm focused on creating, producing, and delivering medical devices for addressing sleep-disordered breathing and offering oxygen therapy, has effectively purchased Invacare's Respiratory line. This strategic acquisition will empower React Health to strengthen its market presence and broaden its product selection to serve a wider clientele. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising incidence of respiratory diseases, surge in aging population, growing emphasis on home healthcare, and increasing adoption of portable oxygen concentrators, supported by government initiatives aimed at introducing new medical devices. For instance, in March 2022, GRS India, under the Department for Promotion of Industry and Internal Trade (DIPP) of the Government of India, has developed Oxygen Plus, a field-portable smart bag-pack emergency oxygen concentrator. Specifically designed for convenient transport in the mountainous regions of the North East, the product will be produced at the North East Centre for Technology Application and Reach (NECTAR).
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Product, Technology, and Application
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of Top 10+ Major Market Players
Segmentation: Oxygen Concentrators Market Report 2023 - 2034
Oxygen Concentrators Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Fixed Oxygen Concentrators
- Portable Oxygen Concentrators
Oxygen Concentrators Market Analysis & Forecast by Technology 2023 - 2034 (Revenue USD Bn)
- Pulse Flow
- Continuous Flow
Oxygen Concentrators Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Non-Home Care
- Home Care
Oxygen Concentrators Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Oxygen Concentrators Market: Product Estimates & Trend Analysis
8. Oxygen Concentrators Market: Technology Estimates & Trend Analysis
9. Oxygen Concentrators Market: Application Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Oxygen Concentrators Market
12. Europe Global Oxygen Concentrators Market
13. Asia Pacific Global Oxygen Concentrators Market
14. Latin America Global Oxygen Concentrators Market
15. MEA Global Oxygen Concentrators Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- DeVilbiss Healthcare (a subsidiary of Drive Medical).
- Inogen Inc.
- O2 Concepts
- Nidek Medical Products Inc.
- Caire Medical (a subsidiary of NGK Spark Plug)
- Respironics (a subsidiary of Koninklijke Philips N.V.)
- React Health (Respiratory Product Line from Invacare Corporation)
