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

Report Overview

The global oxygen concentrators market size was estimated at USD 3.4 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. The growth is attributed to the rising prevalence of respiratory disorders such as COPD, asthma, and sleep apnea coupled with the increasing launch of technologically advanced devices. According to the Global Impact of Respiratory Disease study, around 200 million people suffer from COPD globally, and it causes 3.2 million deaths every year. Moreover, the growing preference for home-based therapy is anticipated to drive growth over the forecast period.

The COVID-19 pandemic had a limited positive impact on the market, driving increased demand for technologically advanced and cost-effective oxygen concentrators. For example, UNICEF distributed 62,046 concentrators to 104 nations worldwide in July 2021, with approximately 12,788 concentrators sourced from a Chinese trade company. The growing need for emergency treatment and prolonged care for lung diseases in children and adults further propels the industry.

Oxygen therapy has become a preferred choice for managing respiratory disorders, offering medical intervention for acute and chronic patient care. The rising adoption of portable oxygen concentrators also supports the market growth. For instance, in the U.S., the market penetration of portable oxygen concentrators increased from 8% in 2015 to 22% in 2021, as reported by U.S. Medicare claims data, indicating these devices' growing popularity and usage.

Regional governments offer reimbursement policies that cover the cost of POCs for patients with respiratory illnesses. For instance, according to Inogen's 10K form document for the fiscal year ending December 31, 2021, the international market (excluding the U.S.) is attractive for oxygen concentrators due to favorable reimbursement policies in certain countries such as the UK and France. In these countries, portable oxygen concentrators receive more favorable reimbursement than in the U.S.

Cost is crucial in the oxygen concentrator market, particularly in India, where it significantly influences device adoption. Competitors employ competitive pricing as a primary strategy. For example, in April 2021, Koninklijke Philips N.V. implemented a 7% price reduction on its oxygen concentrators in India, passing on the benefits of a government-custom duty reduction to customers. This resulted in a decrease in the maximum retail price (MRP) of their products. As of April 2021, the MRP of the company's oxygen concentrator is INR 68,120 (USD 940), down from INR 73,311 (USD 1,012) {exchange rate used (2021)- INR 1 = USD 0.0138}.

Product Insights

Based on product, the market is divided into two segments, namely, portable medical oxygen concentrators and fixed medical oxygen concentrators. In 2022, the fixed medical oxygen concentrators segment held the majority market share of 53.8%. This can be attributed to factors such as the growing geriatric population, a large base of long-term patients, and increasing demand for these devices in hospitals.

The portable medical oxygen concentrators segment is expected to experience the fastest CAGR of 7.0% during the forecast period. This growth is driven by increasing awareness of the benefits associated with the use of portable concentrators. There is a rising demand for portable medical oxygen concentrators due to the increasing number of mobile patients who require out-of-home solutions. According to Inogen's 10K form document for the fiscal year ended December 31, 2021, approximately 80% of U.S. long-term oxygen therapy users utilized ambulatory oxygen, while the remaining 20% were considered stationary. This data highlights the growing demand and utilization of portable medical oxygen concentrators.

Technology Insights

Based on technology, the market is segmented into continuous flow and pulse flow. The continuous flow segment accounted for the largest share of 56.7% in terms of revenue due to the growing prevalence of long-term respiratory disorders such as asthma, COPD, bronchiectasis, and chronic sinusitis. Moreover, continuous flow technology is also being utilized for residential and military applications, which avoids the hazard of storing oxygen under pressure.

The pulse flow segment is anticipated to showcase the fastest CAGR of 5.5% over the forecast period. The segment growth is attributed to its increasing preference among patients suffering from COPD owing to its wide applications in portable devices. According to WHO, around 3 million deaths were caused by COPD in 2019 across the globe and this number is expected to increase over the forecast period.

Application Insights

Based on application, the market is segmented into home care and non-homecare. The home care segment accounted for the largest share of 60.2% in 2022 and is anticipated to grow at the fastest CAGR of 6.3% over the forecast period. Technological advancements and the adoption of home therapy in developed countries contribute significantly to the market's revenue share.

The availability of a wide range of concentrators for home therapy also plays a crucial role. Furthermore, the presence of a sizable geriatric population in countries like Japan, Germany, Italy, and others is expected to drive market growth. Additionally, the expansion of healthcare insurance coverage for oxygen concentrators in many countries further fuels the growth of the market.

The non-homecare segment is expected to showcase moderate growth during the forecast period, owing to the increased adoption of oxygen therapy in hospitals and clinics. Additionally, the segment witnessed growth in 2020 due to the increased usage of oxygen therapy for hospitalized COVID-19 patients.

Regional Insights

North America dominated the market with a share of 38.2% in 2022 owing to its advanced healthcare infrastructure, high investment in R&D, availability of the latest technologies, and product launches. The Medicare penetration rate for Portable Oxygen Concentrators (POCs) in the U.S. has been significantly increasing, for instance in 2021 the POCs penetration was 22.0% whereas that of stationary was 17%, based on analyzed Medicare claims data.

This indicates a growing trend toward greater acceptance of POCs over fixed oxygen concentrators, driving the market growth. The growth is further driven by government support, such as the authorization of portable concentrators during air travel by the Federal Aviation Administration (FAA).

Asia Pacific is anticipated to witness the fastest CAGR of 5.9% during the forecast period. The growth of the regional market is attributed to the rising prevalence of respiratory diseases, the rapidly aging population, and an increasing focus on home healthcare. This growth is supported by the increasing adoption of portable oxygen concentrators.

Key Companies & Market Share Insights

The respiratory care market is poised for rapid expansion in the coming years. Key players are employing strategies such as introducing new products and expanding their service networks to attract customers and enhance their product offerings. For instance, in July 2022, OMRON Healthcare announced the launch of its portable oxygen concentrator's launch, catering to home care providers' needs in managing the therapy and lifestyle requirements of individuals with COPD and respiratory issues. This exemplifies the commitment of market participants to meet the evolving demands of healthcare professionals and patients by leveraging cutting-edge technologies in the respiratory care industry.

In the competitive oxygen concentrators market, Inogen accounts for a notable position in the U.S. market. Recent product recalls from other notable companies have further strengthened its position. For example, DeVilbiss Healthcare recalled the DeVilbiss 525 5-liter Oxygen Concentrator in December 2022 and the Go 2 Portable Oxygen Concentrator in November 2022, while Invacare Corporation recalled the Invacare Platinum 5NXG Oxygen Concentrator in December 2022.  Some prominent players in the oxygen concentrators market include:

• Inogen, Inc.

• Respironics (a subsidiary of Koninklijke Philips N.V.)

• Invacare Corporation

• Caire Medical (a subsidiary of NGK Spark Plug),

• DeVilbiss Healthcare (a subsidiary of Drive Medical).

• Invacare Corporation

• O2 Concepts

• Nidek Medical Products, Inc.

Oxygen Concentrators Market Report Scope

Global Oxygen Concentrators Market Report Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global oxygen concentrators market report based on product, application, technology, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Portable Oxygen Concentrators

  • Fixed Oxygen Concentrators

• Application Outlook (Revenue, USD Million, 2018- 2030)

  • Home Care

  • Non-homecare

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Continuous Flow

  • Pulse Flow

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE