Oxygen Concentrators Market

The Global Oxygen Concentrator market is projected to grow exponentially by 2030, growing at a high CAGR from 2024 to 2030. The rising prevalence of respiratory diseases such as COPD, asthma, and the increasing geriatric population in need of long-term oxygen therapy have driven the oxygen concentrator market. Technological advancements in portable and energy-efficient concentrators, thereby increasing patient convenience and expanding market adoption, are also enhancing the market. Increased government initiatives to improve health care access and reimbursement policies are also boosting demand. The market is expected to grow in North America, driven by a high disease burden, robust healthcare infrastructure, and positive insurance coverage. In the U.S., home healthcare solutions have garnered significant investments. Europe has the increase in cases of chronic respiratory diseases, aging population, and positive healthcare policies for the market's growth. Germany, the UK, and France are the key contributors due to well-established medical device markets and rising awareness. Overall, the oxygen concentrator market will see steady growth with increasing medical needs, technological progress, and favourable regulatory support.

Driver: Increasing incidences of COPD and asthma

COPD and asthma are the most prevalent respiratory disorders in the world. As per the WHO, chronic obstructive pulmonary disease (COPD) is the fourth leading cause of death in US. Approximately 11.7 million adults in America are living with COPD. A leading cause of morbidity and mortality, COPD costs an estimated USD 50 billion annually (Source: American Lung Association). COPD is the fourth leading cause of death worldwide, causing 3.5 million deaths in 2021, approximately 5% of all global deaths. (Source: WHO). The number of undiagnosed COPD patients is high in regions and countries such as China, India, Brazil, and Eastern Europe.

According to the Asthma and Allergy Foundation of America (AAFA), in 2024 nearly 28 million people in US have asthma, which equals about 1 in 12 people. Nearly 23 million U.S. adults ages 18 and older have asthma. In asthma, morbidity and mortality remain prominent issues, and no treatment does not achieve disease normalization. By 2025, 100 million more asthmatic patients are expected to be registered globally. According to the European Respiratory Review, nearly 10 million people over 45 live with asthma. It is estimated that up to 1,000 people die from asthma every day.

Both COPD and asthma result in the narrowing of respiratory paths, making breathing difficult. Therefore, many patients with COPD and asthma require external ventilation and airway management. As a result, the growth in the number of patients suffering from COPD and asthma is expected to drive the demand for oxygen concentrators.

Restraint: Shortage of skilled medical workers

There are over 30,000 trained and certified pulmonologists in the US. Like other medical specialties, most of these workers are concentrated in urban and some suburban areas. Similarly, there are about 150,000 respiratory therapists in the country. They also often are concentrated in large cities. According to the Federal Bureau of Labor Statistics, the US requires more than 21% of the current respiratory therapists in the coming years.

A major concern that affects market growth is the scarcity of trained medical personnel to handle oxygen concentrators. Oxygen concentrators are equipment that need proper handling, monitoring, and maintenance for patients to receive the appropriate treatment. However, in many instances, the lack of trained medical staff, such as respiratory therapists or technicians, hinder proper patient education on the correct use of the devices, will result in improper usage, decreased efficiency, and potential health risks. Such lack of expertise would be more readily noticeable in remote or under-served areas. As demand for home healthcare devices increases, it will be more challenging to adapt and use oxygen concentrators properly without skilled professionals, which in turn will further limit the scope of growth of the market.

Opportunity: Growing geriatric population worldwide

Over the last few decades, the geriatric population has increased significantly worldwide. According to the WHO, in 2019, the number of people aged 60 and older was 1 billion. This number is expected to reach 1.4 billion by 2030 and 2.1 billion by 2050. The most common respiratory diseases in this population segment are respiratory tract infections, tuberculosis, chronic obstructive pulmonary disease, and bronchial asthma. Due to frequent comorbidities, respiratory care systems (such as ventilators) use is higher in this population segment.

To know about the assumptions considered for the study, Request for Free Sample Report

Source: World Health Organization (WHO)

Challenge: Low awareness and inadequate resources in emerging economies

Major respiratory diseases such as asthma and COPD remain highly underdiagnosed and undertreated despite their high prevalence. This is particularly evident in developing economies due to the low awareness about these diseases and the unavailability of adequate resources to diagnose these diseases. According to the WHO, over 90% of COPD and 80% of asthma deaths occur in low- and middle-income countries. Furthermore, COPD is one of the leading causes of global morbidity and mortality, yet its proper diagnosis is challenging. Community-based population studies conducted in Europe, Australia, North and South America, and Asia have revealed that approximately 10% to 12% of adults aged 40 years or above have evidence of persistent airflow limitation on spirometry. Still, only 20% to 30% of these subjects have been diagnosed with COPD. It is estimated that around 70% of COPD patients are underdiagnosed owing to the lack of awareness about the disease. Like COPD, asthma is also highly underdiagnosed and undertreated (around 50% of asthmatics).

Want to explore hidden markets that can drive new revenue in Oxygen Concentrators Market?

Unlock Insights

Scope of the Report

Recent Developments

• In October 2024, Inogen, Inc. launched Inogen Rove 4 Portable Oxygen Concentrator in the U.S. market. Offering innovative respiratory products for use in the homecare setting.
• In July 2023, VARON launched the VP-2 portable oxygen concentrator. This portable oxygen concentrator incorporates innovative technology and advanced features, aiming to provide efficient and reliable oxygen therapy to patients in need wherever they go.
• In February 2023, React Health acquired Invacare's Respiratory line, strengthening its market position and expanding its product offerings in the respiratory care segment.
• In January 2023, Inogen, Inc. received European Medical Device Regulation (EU MDR) certification from the British Standards Institution (BSI) for its portable oxygen concentrator products in the U.S. and EU markets.
• In July 2022, OMRON Healthcare launched the OMRON Oxygen Concentrator, a medical molecular sieve-based device providing a continuous supply of high-purity oxygen at 5 liters per minute, targeting home healthcare settings.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst