by Oxygen concentrators are medical devices that separate and deliver oxygen from ambient air. These concentrators remove nitrogen from room air to deliver a medicinal flow of oxygen to patients suffering from chronic obstructive pulmonary disease (COPD) and other respiratory conditions. Oxygen concentrators are a cost-effective alternative to oxygen cylinders as they provide continuous oxygen supply without needing refills. The growing geriatric population and increasing prevalence of respiratory diseases such as COPD have boosted the demand for oxygen concentrators. The home healthcare segment is also driving significant adoption as concentrators allow patients to receive oxygen therapy conveniently at home.
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. Rising cases of respiratory diseases and increasing preference for home healthcare are fueling demand for oxygen concentrators. Key players are expanding their geographical presence and enhancing their product portfolios through mergers & acquisitions to leverage growth opportunities.
Growing demand in the market: The global rise in COPD and other chronic lung diseases is driving significant demand for long-term oxygen therapy using concentrators. Various government initiatives are also promoting home healthcare adoption which is benefiting the oxygen concentrators market. Furthermore, focus on cost containment in the healthcare system is encouraging the uptake of concentrators as they reduce costs associated with oxygen cylinder refills and transportation.
Global expansion of market: Leading manufacturers are expanding their international footprints through strategic collaborations and acquisitions. This allows them to access new growth markets. Certain players are also enhancing their product offerings with advanced portable concentrators to capitalize on the popularity of home-based oxygen therapy. Regulatory approvals in emerging nations will further aid international expansion plans of key concentrator players.
Market key trends
The development of innovative portable oxygen concentrators is a key trend seen in the market. These compact and lightweight devices can easily fit into briefcases which enhances mobility for users. Some models offer up to 8–10 hours of battery backup and oxygen storage to allow patients to travel without needing heavy oxygen cylinders or frequent AC power. Ongoing R&D in materials and designs is leading to even more sleek and powerful portable concentrators. This trend is expected to boost uptake in the home healthcare segment.
Porter’s Analysis
Threat of new entrants: Low capital requirements makes threat moderate.
Bargaining power of buyers: Large number of players gives buyers more bargaining power.
Bargaining power of suppliers: Due presence of substitutes keeps supplier power low.
Threat of new substitutes: Emerging technologies like wearable oxygen concentrators pose threat.
Competitive rivalry: Intense competition among established players keeps prices low.
Geographically, North America holds the highest market share in terms of value due to high prevalence of COPD and other respiratory diseases. The region is expected to witness a CAGR of 15% during the forecast period. Asia Pacific region is the fastest growing market for oxygen concentrators. Increasing healthcare expenditure and rising geriatric population contribute to the growth. China and India are witnessing rapid industrialization which leads to rising air pollution and higher incidence of respiratory issues.
