North America Oxygen Concentrators Market Size, Share & Trends Analysis Report By Product (Portable, Fixed), By Application, By Technology (Continuous Flow, Pulse Flow), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The North America oxygen concentrators market size was valued at USD 1.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.7% from 2021 to 2028. The ongoing COVID-19 pandemic is rapidly increasing demand for respiratory care products including concentrators. For instance, Invacare Corporation witnessed a 72.2% increase in sales of respiratory products in the fourth quarter of 2020 in North America owing to the COVID-19 pandemic. COVID-19 patients who do not require ventilator support can be treated with an oxygen concentrator. Moreover, COVID-19 patients can take oxygen therapy in the safety and comfort of their homes. The application of oxygen concentrators in the treatment of COVID-19 is a major reason for the sudden increase in demand in 2020.

An increasing number of cases of COPD is a major parameter driving the growth of the market. According to the American Lung Association, 14.9 million people were suffering from COPD in 2014 which increased to 16.4 million in 2018 in the U.S. Moreover, the geriatric population along with the burden of respiratory diseases is increasing rapidly. The geriatric population is prone to respiratory disorders including asthma, COPD, fibrosis, and pulmonary hypertension, which in turn is estimated to boost the market growth potential. As per the United Nations Department of Economic and Social Affairs (2015), the number of elderly people in Northern America is projected to grow by 41.0% over the next 15 years.

According to the National Health Expenditure Accounts (NHEA), healthcare spending in the U.S. increased by 4.6% in 2019 and was estimated at US$ 3.8 trillion. The per-person expenditure in 2019 was USD 11,582 and contributed to 17.7% of the GDP. Moreover, the healthcare expenditure in Canada was US$ 265.5 billion, according to the Canadian Institute of Health Information. The rise in healthcare spending is estimated to trigger the need for effective diagnosis and treatment of respiratory diseases. This, in turn, is estimated to reinforce the demand for oxygen concentrators.

Supporting initiatives by the public and private authorities is driving the market. For instance, as of February 2021, the World Health Organization has distributed 30,000 oxygen concentrators globally. In February 2021, 3B Medical announced that it will donate Aer X portable concentrator each month for the next six months. In March 2021, the U.S. Food and Drug Administration granted 510(k) clearance and marketing authorization for the X-PLO2R portable oxygen concentrator of Belluscura. Moreover, various associations such as the American Lung Association, and the National Heart, Lung, and Blood Institute (NHLBI), among others, are working towards increasing awareness of respiratory diseases such as COPD.

Moreover, key stakeholders operating the market are adopting various strategies, including mergers and acquisitions to gain a competitive advantage. This in turn is estimated to drive the growth of the market. For instance, in October 2018, NGK SPARK PLUG CO., LTD. acquired CAIRE Inc. in the U.S. to strengthen its product portfolio in the respiratory care and oxygen products segment. In October 2016, DeVilbiss announced that it had acquired DME brands from AMG Medical, which includes Hugo, Profilio, Airgo, and AquaSense, to market it in North America.

Product Insights

The portable segment dominated the market and held the largest revenue share of 51.6% in 2020. In addition, the portable segment is estimated to witness the fastest growth rate during the forecast period. This is owing to the high demand for lightweight and compact concentrators that can be used in different places including offices, airplanes, and shopping malls, among others. These devices offer benefits including 24/7 oxygen supply, enhanced exercise tolerance, increased stamina, freedom to travel, low maintenance, and easy to handle. High adoption rates of portable medical oxygen concentrators are estimated to drive segment growth in the near future. 

The fixed segment is estimated to witness slower growth as compared to the portable segment. It offers a stable oxygen source, higher delivery capacity, and is compatible with bed-ridden patients. The increasing geriatric population, the presence of a huge long-term patient base, and rising demand for fixed medical oxygen concentrators for bedridden patients in hospitals, home care centers, and long-term care centers are estimated to drive the segment over the forecast period.

Technology Insights

The continuous flow technology segment dominated the North American oxygen concentrators market and accounted for the largest revenue share of 51.5% in 2020. This is attributed to the easy availability of a large number of continuous flow oxygen concentrators, rapid technology development, and the growing prevalence of patients suffering from long-term respiratory disorders. Continuous flow technology is preferred in patients having minimal physical activity, having oxygen of requirement more than 5 LPM, or patients breathing majorly through the mouth. Moreover, continuous flow oxygen concentrators can be used with CPAP or BiPAP machines. Increasing adoption of CPAP or BiPAP devices along with oxygen concentrators by patients suffering from obstructive sleep apnea is driving the segment growth potential.

However, the pulse flow segment is expected to grow at a significant growth rate over the forecast period owing to its advantages such as lightweight, high mobility, and suitability for patients having an active lifestyle. These concentrators are ideal for treating respiratory conditions requiring low liters of oxygen delivered per minute. It is commonly used in portable medical oxygen concentrators, which, in turn, is estimated to drive the segment growth during the forecast period.

Application Insights

The home care segment dominated the market and held the largest revenue share of 64.9% in 2020. This is attributed to the increasing number of patients suffering from COPD along with the rising demand for home healthcare therapies. Moreover, as COPD is mainly diagnosed in middle-aged and older populations, therapies with home oxygen concentrators are prescribed by physicians for shortness of breath. The easy availability of a large number of efficient oxygen concentrators for homecare is driving the segment.  

The non-homecare segment witnessed a lucrative demand in 2020 due to the rapid spread of the COVID-19 pandemic. The sudden outbreak of COVID-19 has significantly increased the demand for oxygen therapy products, which in turn is estimated to drive the segment potential in the near future. Moreover, the increasing prevalence of respiratory disorders and the geriatric population is driving the segment growth. According to the Rural Health Information Hub, there were more than 46 million adults older than 65 years old in 2020 and this number is estimated to increase to 90 million by 2050 in the U.S.

Key Companies &  Market Share Insights

Key players are adopting various strategic initiatives to gain a competitive advantage in the market. For instance, in April 2019, Inogen launched Inogen One G5, a portable oxygen concentrator for home care settings or traveling. Some of the prominent players in the North America oxygen concentrators market include:

• Invacare Corporation

• Philips Healthcare

• AirSep Corporation

• DeVilbiss Healthcare

• Nidek Medical Products, Inc.

• Inogen, Inc.

• Inova Labs, Inc.

• O2 Concepts

North America Oxygen Concentrators Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research, Inc. has segmented the North America oxygen concentrators market report on the basis of product, application, technology, and region:

• Product Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Portable Medical Oxygen Concentrators

  • Fixed Medical Oxygen Concentrators

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Homecare

  • Non-Homecare

• Technology Outlook (Revenue, USD Million, 2016 - 2028)

  • Continuous Flow

  • Pulse Flow

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada