Medical Oxygen Concentrators Market Size, Share & Trends Analysis Report By Product Type (Portable, Fixed), By Application (Home Care, Non-homecare), By Technology, By Region, And Segment Forecasts, 2023 - 2030

Medical Oxygen Concentrators Market Size, Share & Trends Analysis Report By Product Type (Portable, Fixed), By Application (Home Care, Non-homecare), By Technology, By Region, And Segment Forecasts, 2023 - 2030

Medical Oxygen Concentrators Market Growth & Trends

The global medical oxygen concentrators market is expected to reach USD 13.9 billion by 2030, expanding at a CAGR of 6.3% from 2023 to 2030, according to a new report by Grand View Research, Inc.. Prevalence of respiratory disease, such as chronic bronchitis, asthma, perinatal hypoxia, and neonatal oxygen deprivation, is driving adoption of oxygen concentrators, and thereby driving the market growth. The spread of COVID-19 pandemic drastically increased the demand for oxygen products as oxygen is an important medicine for critical and severe COVID-19 patients. Oxygen concentrator, oxygen cylinder, home ventilators and home ICU support were in high demand in 2020. Additionally, access to oxygen supplementation has been an increasing challenge during the pandemic. In August 2020, Indian Institute of Science (IISc), developed portable oxygen concentrators to tackle growing demand for oxygen therapy during the pandemic. Thus, high requirement for oxygen therapy in COVID-19 patients is positively impacting market growth.

Easy availability of substantial number of products is significantly driving the market growth. Moreover, portable oxygen concentrators are rapidly gaining traction owing to its advantage such as flexibility. Portable concentrators offer reliability, durability, and functionality for delivering oxygen therapy at home and while travelling. It, in turn is driving adoption of portable oxygen concentrators.

Increasing prevalence of COPD is also contributing to the market growth. According to the Centers for Disease Control and Prevention, 9 million suffered from chronic bronchitis and 3.8 million from emphysema in 2018 in the U.S. Moreover, 3.8 million people in Canada have asthma and 2.0 million people have COPD in 2018, according to the Government of Canada. Thus, increasing demand for oxygen concentrators from COPD patients is estimated to drive market growth.

Moreover, key stakeholders are adopting various initiatives, such as improved customer service & patient experience, development of clinical evidence of effectiveness of oxygen concentrators and development of new oxygen concentrators. This in turn is supporting market growth potential. For instance, in July 2020, GCE introduced a series of stationary oxygen concentrators, including M50, EC-E100, and OC-E 80, for patients requiring long term oxygen therapy. In November 2019, Caire, Inc, launched Freestyle Comfort, a portable oxygen concentrator. It is equipped with autoSAT, a feature that ensures consistent delivery of oxygen bolus as per the user’s respiratory rate.

Medical Oxygen Concentrators Market Report Highlights

• Fixed oxygen concentrators emerged as the leading application segment in 2022, with a revenue share of 61% in the global market.
• The homecare emerged as the leading application segment in 2022, with a revenue share of 60% in the global market.
• Continuous flow technology segment emerged as the leading segment in 2022, with a revenue share of 53.5% in the global market.
• Amongst all the regions, North America accounted for the largest revenue share of 37.1% in 2022.

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