OXYGEN CONCENTRATORS MARKET ANALYSIS

The global oxygen concentrators market is estimated to be valued at US$ 2.18 Billion in 2023 and is expected to exhibit a CAGR of 9.4% during the forecast period (2023-2030).

Analysts’ Views on Global Oxygen Concentrators Market:

Increasing organic strategies, such as the launch of portable oxygen concentrators, are expected to drive the market over the forecast period. For instance, in July 2022, OMRON Healthcare, one of the global leaders in home blood pressure monitoring and solutions for cardiovascular disease management, announced the launch of the OMRON Oxygen Concentrator, a medical molecular sieve-based oxygen concentrator providing a continuous supply of high-purity oxygen (5 L per minute) with more than 90% high concentration output.

Figure 1. Global Oxygen Concentrators Market Share (%), By Modality, 2023

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Global Oxygen Concentrators Market– Drivers

• Increasing organic strategies such as regulatory authority milestone: Increasing organic strategies, such as regulatory authority milestones, are expected to propel the growth of the global oxygen concentrators market over the forecast period. For instance, on January 10, 2023, Inogen, Inc., one of the medical technology company offering innovative respiratory products for use in the homecare setting, announced that it had passed regulatory milestones in the U.S. and Europe to support its line of portable oxygen concentrator solutions. Inogen acquired approval under the European Medical Device Regulation (EU MDR) from its notified authority, the British Standards Institution (BSI), in December 2022, allowing it to sell and market the Inogen One G4 and the improved Inogen One G5 portable oxygen concentrators in the EU.
• Increasing prevalence of chronic respiratory diseases: The increasing prevalence of chronic respiratory diseases is expected to increase the demand for oxygen concentrators, thereby driving the global oxygen concentrators market’s growth. For instance, on April 25, 2023, the Institute of Health Metrics and Evaluation published data according to which the prevalence of chronic respiratory diseases in 2019 was 454.6 Billion cases globally. While the prevalence of chronic respiratory diseases has increased by 39.8% from 1990 to 2019. Hence, this is expected to fuel the oxygen concentrators markets growth over the forecast period.

Figure 2. Global Oxygen Concentrators Market Share (%), By Region, 2023

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Global Oxygen Concentrators Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global oxygen concentrators market over the forecast period. North America is estimated to hold 33.5% of the market share in 2023. The global oxygen concentrators market is expected to witness significant growth in the coming years, driven by increasing inorganic strategies such as acquisition by key players, which is contributing to the growth of the oxygen concentrators market in the North America region. For instance, in May 2021, OxyGo LLC, one of the leaders in lightweight portable oxygen concentrators based in the U.S., announced that it had acquired LIFE Corporation, a manufacturer of medical devices that specializes in portable emergency oxygen and CPR administration equipment. This acquisition will help OxyGo LLC expand its oxygen expertise even further by providing the best products and services, thereby driving demand for oxygen concentrators in the U.S.

Global Oxygen Concentrators Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, are facing problems with the transportation of things from one place to another.

However, the COVID-19 pandemic had a positive impact on the global oxygen concentrators market, owing to the various inorganic strategies employed by the key players to fight COVID-19. For instance, in May 2021, Samsung India, a subsidiary of Samsung Electronics, donated 14,000 medical kits, 24 oxygen concentrators, and 150 oxygen cylinders to Karnataka, supporting its fight against the current surge of Covid-19. As a result of this support, Samsung Research & Development Institute Bangalore (SRI-B), the company's largest Research & Development facility outside of Korea, has donated 14 oxygen concentrators to charitable hospitals working towards COVID-19 relief.

Global Oxygen Concentrators Market Segmentation:

The global oxygen concentrators market report is segmented into by product type, by application, by end user, and by region.

• By modality , the market is segmented into portable and stationary. Out of which, the portable is expected to hold a dominant position in the global oxygen concentrators market during the forecast period, and this is attributed to the increasing launch of portable oxygen concentrators.
• By technology, the market is segmented into pulse flow and continuous flow. Out of which, pulse flow is expected to dominate the market over the forecast period, and this is attributed to the introduction of pulse flow portable oxygen concentrators in the market.
• By end user, the market is segmented into hospitals, home care, and ambulatory surgical centers. Out of which, hospital is expected to dominate the market over the forecast period, and this is attributed to the increasing number of installations of oxygen concentrators in hospitals.

Global Oxygen Concentrators Market- Cross Sectional Analysis:

Non-profit organizations are involved in various increasing inorganic strategies, such as partnerships to provide the portable oxygen concentrators, which is also expected to boost demand oxygen concentrators in Asia Pacific region. For instance, In June 2021, O2 Concepts, one of the leading manufacturers of oxygen concentrators, launched the Oxlife Independence portable oxygen concentrator. Known for its durability and reliability, it was designed to meet the needs of active users who require oxygen therapy while on the move.

Global Oxygen Concentrators Market: Key Developments

In March 2022, GRS India, a Department for Promotion of Industry and Internal Trade (DIPP) of the Government of India, designed Oxygen Plus, the field-portable smart bag-pack emergency oxygen concentrator. The product, suitable for easy transportation in the hilly terrains of the North East, will be manufactured at the North East Centre for Technology Application and Reach (NECTAR).

In April 2019, Inogen launched Inogen One G5, a lightweight portable oxygen concentrator that offers users greater freedom and mobility. It features extended battery life and various flow settings, making it suitable for a wide range of oxygen therapy needs.

In August 2020, GCE Healthcare, one of the subsidiaries of GCE Group, introduced the Zen-O Lite portable oxygen concentrator. The concentrator is known for its simplicity, weighing only 5.5 pounds and offering up to 1050 ml/min of oxygen flow.

In May 2021, GiveIndia, a non-profit organization in India,  announced its partnership with the Ola Foundation, a not-for-profit organization working on empowering women and vulnerable groups and communities across the urban-rural continuum, to provide consumers with oxygen concentrators for free through the Ola app. With up to 10,000 concentrators, Ola and GiveIndia will scale it up across the nation in the upcoming weeks.

Such launches are estimated to propel the segment's growth during the forecast period.

Global Oxygen Concentrators Market: Key Trends

• Introduction of oxygen concentrators with advanced technology: The introduction of oxygen concentrators with advanced technology in the market is expected to drive growth of the global oxygen concentrators market over the forecast period. For instance, on July 19, 2023, VARON, one of the leading oxygen concentrator manufacturer, announced the launch of a new member of the VP series, the VP-2, a portable oxygen concentrator that incorporates innovative technology and advanced features. The VP-2 has user-friendly controls, a replaceable battery, and additionally a dual oxygen supply mode to traditional pulse flow oxygen supply when no inhalation is detected, which automatically releases oxygen every 3 seconds.

Global Oxygen Concentrators Market: Restraint

• Recall of Oxygen Concentrator: The recall of oxygen concentrators is expected to hinder market growth over the forecast period. For instance, in October 2020, Invacare Corporation, a manufacturer and distributor of home and long-term care medical products, announced the recall of the Invacare PerfectO2 V Oxygen Concentrator, intended for patients with respiratory disorders requiring supplemental oxygen. The reason for the recall was breakdown of the sound abatement washer and metal-on-metal wear inside the pressure equalization (P.E.) valve assembly in the concentrator, which may lead to failure that can result in self-extinguishing fires or cap explosions.

Key players are focusing on developing advanced oxygen concentrators that are safe and cost-,effective which is expected to drive market growth over the forecast period.

Global Oxygen Concentrators Market - Key Players

Major players operating in the global oxygen concentrators market include Inogen Inc., Invacare Corporation, OxygenToGo, LLC, Koninklijke Philips N.V., ResMed Inc., Drive DeVilbiss Healthcare LLC, Precision Medical, Inc., Besco Medical Co. Ltd., O2 Concepts, LLC, and GCE Group.

*Definition: An oxygen concentrator is a medical device designed to extract and concentrate oxygen from the surrounding air. It provides a continuous and reliable source of oxygen for individuals who have low oxygen levels in their blood, typically due to respiratory conditions like chronic obstructive pulmonary disease (COPD), asthma, or other chronic lung disorders.