Portable Oxygen Concentrators Market size was valued at USD 1.9 billion in 2023 and is poised to exceed USD 6.1 billion by the end of 2036, registering over 9.5% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of portable oxygen concentrators is estimated at USD 2.2 billion.
The rise in the prevalence of chronic respiratory disorders, such as asthma, chronic obstructive pulmonary diseases (COPD) and sleep apnea is a key factor boosting market growth. In 2020, the Centers for Disease Control and Prevention (CDC) published that, of U.S. adults, 27.2% had more than one chronic ailment, and more than half (51.8%) had at least one diagnostic chronic condition. Worldwide market prospects have been positively impacted by the increasing need for portable oxygen concentrators among patients with sleep apnea, owing to their convenient mobility.
Sales of portable oxygen concentrators are expected to grow as people with respiratory illnesses usually require additional oxygen to raise the oxygen content in their bloodstream and promote oxygen delivery to their tissues. Portable oxygen concentrators are used by non-pressurized airplanes, the glassblowing industry, and the skin care sector. The growth of the portable oxygen concentrators market is also expected to rise due to changing lifestyles, increasing affordability, and rising expenditure in healthcare systems.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
9.5% |
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Base Year Market Size (2023) |
USD 1.9 billion |
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Forecast Year Market Size (2036) |
USD 6.1 billion |
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Regional Scope |
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Technology (Continuous Flow, Pulse Flow)
The pulse flow segment is poised to capture about 68.1% portable oxygen concentrators market share during the forecast period. The segment is expanding due to the system's increased energy efficiency and longer battery life. Patients are also adopting pulse flow portable oxygen concentrators at a high rate since they are more convenient to carry, dependable, and provide oxygen just when needed. There are smaller portable oxygen concentrators with pulse flow that don't waste oxygen.
The segment is anticipated to expand quickly over the next several years due to its affordability and ease of use. The U.S. Census Bureau projects that by 2050, there will be 80 million older people living in the country. This can result in a strong demand for pulse-flow portable oxygen concentrators going ahead.
Indication (Chronic Obstructive Pulmonary Disease (COPD), Asthma, Sleep Apnea)
The asthma segment in the portable oxygen concentrators market is set to garner a notable share during the forecast period due to the rising prevalence of asthma and the availability of highly effective portable oxygen concentrators. In 2020, the Global Initiative for Asthma (GINA) stated that 1-18% of populations in different countries suffer from asthma, and the prevalence has been increasing globally. To cater to this, many key players are developing and launching novel and more effective products for asthma patients.
In May 2023, Drive DeVilbiss announced the launch of an oxygen concentrator 1060 AW especially for rural and semi-urban areas. This is a 10-liter capacity oxygen concentrator designed to cater to the needs of challenging cases of asthma and other breathing issues.
Our in-depth analysis of the portable oxygen concentrators market includes the following segments:
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Technology |
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Indication |
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Application |
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North America Market Statistics
The portable oxygen concentrators market in North America is anticipated to hold the largest with a share of about 40.3% by the end of 2036. The market’s growth is due to a well-established healthcare system, rising awareness of cutting-edge treatment options, and increasing rates of respiratory disorders such as asthma and COPD. According to research published by the CDC (2021), 14.2 million (6.5%) adult Americans had COPD as diagnosed by physicians.
The portable oxygen concentrators market is expanding in the U.S. due to significant R&D spending and new product launches. Additionally, there has been a notable rise in the medicare coverage rate of portable oxygen concentrators (POCs) in the U.S. According to an analysis of Medicare claims data, the penetration rate of POCs was 22.0% in 2021 while that of stationary was 17%. This suggests that POCs are becoming more widely accepted than stationary oxygen concentrators, which is further fueling the market's expansion.
APAC Market Analysis
Asia Pacific will also encounter huge growth in the portable oxygen concentrators market during the forecast period owing to rising COPD and asthma patients, improving healthcare infrastructure, and growing adoption of advanced devices including, portable oxygen concentrators. By 2030, healthcare spending in Asia-Pacific will be the fastest-growing globally, making up over 20% of total consumption.
Due to government infrastructure spending, urbanization, and economic growth, China is spending more on healthcare. Patients have easier access to concentrators and other medical devices in China owing to the increased healthcare spending and availability of advanced healthcare services. The amount spent on healthcare per person in 2022 was almost USD 6,044, up from roughly USD 5,440 in the year before.
The aging population, rising prevalence of respiratory diseases, and growing demand for in-home medical equipment are the main factors driving the portable oxygen concentrators market in Japan.
With their investment money and reasonable reimbursement guidelines, the government and private sector are encouraging market expansion in South Korea. Strategic moves like company mergers or acquisitions serve as platforms and foster the emergence of new market players.
The portable oxygen concentrators market competitive environment is defined by the existence of multiple major competitors competing for market share. These businesses work hard to create cutting-edge goods, widen their networks of distribution, and offer thorough after-sales service. These companies are adopting several strategies such as mergers and acquisitions, partnerships, joint ventures, and product launches to enhance their product base and maintain their market position.
Here are some key players operating in the portable oxygen concentrators market:
Author Credits: Radhika Pawar
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