Oxygen Concentrators Market size was valued at USD 3.64 billion in 2023 and is set to cross USD 7.21 billion by 2036, expanding at more than 5.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of oxygen concentrators is evaluated at USD 3.8 billion.
The growth of the market can be attributed to the growing prevalence of chronic obstructive pulmonary diseases (COPDs), introduction of new technologies in concentrators to improve quality care and rise in demand for miniaturized oxygen concentrators around the globe. According to the World Health Organization (WHO), 251 million people in the world suffer from COPD. Around 3.17 million deaths are caused by this disease every year. Along with these, increasing elderly population globally, and government initiatives to educate citizens about COPD and its management are expected to offer lucrative opportunities to the market growth in the coming years. Furthermore, the sales of oxygen concentrators have witnessed a boom as a result of COVID-19 outburst. The manufacture and imports of these products are also projected to witness a notable surge in the forthcoming months to combat shortage of oxygen supply in several countries.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.4% |
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Base Year Market Size (2023) |
USD 3.64 billion |
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Forecast Year Market Size (2036) |
USD 7.21 billion |
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Regional Scope |
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The market is segmented by product into portable and fixed oxygen concentrators, out of which, the portable segment is anticipated to hold the largest share in the oxygen concentrators market on account of rising occurrence of diseases such as asthma, pneumonia and other respiratory disorders, and high adoption of these concentrators in countries with high geriatric population. Additionally, increasing number of air passengers is also assessed to fuel growth of this market segment in the future. As per the data provided by the World Bank, the total number of air passengers are observing a hike since the last 5 years. In 2019, the number was reported to be 4.397 billion. Moreover, on the basis of end users, the segment for homecare settings is projected to witness the largest market share owing to the increasing demand for home healthcare-based oxygen therapies and improvement in standard of living in developed countries.
Our in-depth analysis of the global market includes the following segments
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By Technology |
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By Product |
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By End-User
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On the basis of geographical analysis, the oxygen concentrators market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is estimated to hold largest revenue share by 2036, on the back of rapid rate of increase in geriatric population, growing usage of advanced technologies in the healthcare sector and escalating emphasis to maintain health standards in the region. Another report by WHO depicts that 9.8% of the total population of South East Asia consisted of people aged 60 years or above. This statistic is calculated to increase up to 13.7% by the end of 2030.
North America Market Analysis
Moreover, North America is assessed to occupy the largest market share during the forecast period, which can be credited to the implementation of government initiatives authorizing the usage of portable oxygen concentrators during air travel, high healthcare spending and growing incidences of sedentary lifestyle in the region.
· May, 2021: Philips reduced the price of oxygen concentrators by 7% in the Indian market, being one of the first companies in the country to act on the customs benefits announced on April, 27.
· March, 2020: DeVilbiss revealed the addition of 5 Liter Compact Concentrator to their family of oxygen concentrators that is claimed to provide unmatched performance, patient safety, and ease of use.
Author Credits: Radhika Pawar
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