Medical Oxygen Concentrators Market Size

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.