Oxygen concentrators are medical devices used to deliver oxygen therapy by separating the oxygen from ambient air and supply it to patients who require a higher level of oxygen. They are extensively used to treat chronic respiratory conditions such as chronic obstructive pulmonary disease (COPD) and cystic fibrosis. The need for home-based oxygen therapy has increased significantly owing to the growing number of respiratory disease cases. Oxygen concentrators provide a cost-effective solution for long-term oxygen therapy compared to oxygen cylinders.

The Global Oxygen Concentrators Market is estimated to be valued at US$ 2.52 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Oxygen Concentrators Market are Hitachi Ltd., Ion Beam Applications S.A, Mevion Medical Systems, Mitsubishi Electric Corporation, Provision Healthcare, ProTom International, Sumitomo Heavy Industries, Varian Medical Systems, Optivus Proton Therapy, Inc., and Advanced Oncotherapy plc.

The rising geriatric population, growing preference for home-based treatment, and technological advancements in oxygen concentrator devices are some of the key opportunities in the market. Manufacturers are focusing on developing portable oxygen concentrators to increase mobility and convenience for patients.

Globally, North America dominates the oxygen concentrators market. However, the Asia Pacific region is anticipated to witness the highest growth during the forecast period owing to increasing healthcare expenditure and rising prevalence of chronic respiratory diseases in developing countries such as India and China. Major players are expanding their presence in emerging markets through acquisitions and collaborations.

Market Drivers

The increasing COPD and respiratory disease burden globally is a major driver for the market. According to the WHO, COPD is now the third leading cause of death worldwide. It is estimated that over 380 million people suffer from COPD globally. The growing geriatric population will also augment the demand as older people have a higher risk of respiratory diseases.

Market Restraints

High product and therapy costs pose a significant challenge for market growth. Oxygen concentrators are relatively expensive, making therapy unaffordable for many in developing nations. Moreover, the need for large capital investments to establish oxygen production plants hampers exponential capacity boosting. Reimbursement issues related to home medical equipment also restrain market revenue.

Segment Analysis

The portable oxygen concentrators sub segment dominates the oxygen concentrators market. Portable oxygen concentrators are increasingly gaining preference over stationary concentrators due to convenience and mobility offered. These devices enable oxygen dependent patients to remain mobile and make routine activities like travelling easier. Furthermore, technological advancements have made portable concentrators more compact and lightweight without compromising on oxygen purity and flow.

Global Analysis

The North America region accounts for the largest share in the global oxygen concentrators market currently. Presence of advanced healthcare infrastructure and large patient pool of chronic respiratory diseases in countries like the United States is driving the market. Furthermore, favorable reimbursement policies for home healthcare devices are encouraging the adoption of portable oxygen concentrators. The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to growing medical tourism, increasing healthcare spending, and rising incidence of respiratory issues caused by pollution and lifestyle changes in emerging economies like China and India. Rapid infrastructure development and improving access to healthcare across small towns and rural areas will further aid the oxygen concentrators market in Asia Pacific.

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