The global oxygen concentrators market is projected to grow at a CAGR of 13.79% during the forecast period to reach US$5.094 billion by 2026, from US$2.062 billion in 2019. Patients suffering from lung problems or lung diseases use oxygen concentrators to ensure a smoother flow of oxygen in the body. Aged people having aged-linked problems also use oxygen concentrators. Further, oxygen concentrators are used in hospitals during and after surgery when the patients’ body becomes weak and is unable to breathe in enough air. The prime reason which is driving the market growth during the forecasted period is predicted to be increasing cases of lung problems and lung diseases that will require the patient to take external help. Technological enhancement in the industry is predicted to open new market opportunities, hence driving significant growth.
Rising cases of lung problems and disease require the patient to take external help to breathe and hence increase the adoption of oxygen concentrators.
One of the prime reasons driving the market growth of oxygen concentrators is increasing instances of lung problems and diseases, which require the patient to take external/ artificial help. A report by World Health Organization (WHO) states that lung cancer is the leading cause of lung-linked deaths and takes away lives of more than 1.8 million people, worldwide, annually. Data from the American Cancer Society shows that fresh cases of lung cancers in the region are increasing at a significant rate with over 2.21 million new cases of lung cancer discovered in 2020. These cases further increased to over 2.35 million in 2021. Rising pollution coupled with increasing smoking and tobacco consumption has increased the chances of lung diseases, especially lung cancer. It is anticipated that the rise in diseases cases will surge the demand for oxygen concentrators during the forecasted period.
Portable oxygen concentrators will grow at the fastest rate during the forecasted period.
The global oxygen concentrator market is divided, based on type, as portable and fixed concentrators. during the forecasted period, portable concentrators are projected to increase at the fastest rate to attain a large share of the market. Portable oxygen concentrators are enhanced and compact, low-weight, easy-to-carry, oxygen-producing equipment which is gaining preference among patients suffering from lung problems. Owing to their compact size and low weight, portable oxygen concentrators are convenient to carry and give the user independence to move around, by carrying these concentrators in a backpack or through a trolley. Its compact structure requires less space, making it transportable. Further, portable concentrators have the capability to generate oxygen equal to the fixed concentrators, hence not sacrificing the quality.
The growing proportion of the aging population in the overall population demography is expected to increase the market demand for oxygen concentrators.
Another key factor that is anticipated to provide robust demand in the oxygen concentrator market is the growing proportion of the aged population in the overall demography. The World Bank Database shows that the aged population, preciously, people aged 65 and above, has increased from 523.579 million in 2010 to 722.133 million in 2020, accounting for around 9% of total demography. However, the United Nations predicts that this proportion will increase to 15% to around 1.5 billion people by 2050. It is expected that the increased aged population will surge the demand for oxygen concentrators and hence the market has a promising growth prospect.
Fixed concentrators are widely used in hospitals and ambulatory care centers; however, portable oxygen concentrators are calculated to dominate homecare settings.
The global oxygen concentrator market is segmented, based on the end-user industry, into hospital, ambulatory care centers, and home care settings. Fixed oxygen concentrators are widely used in hospitals and ambulatory care centers. In a hospital, fixed oxygen concentrators are placed alongside the bed of the patient, and are also used at the time of and after surgeries.
However, in a home care setting, portable oxygen concentrators are more preferred since they provide patient mobility. Furthermore, the rising medical prices for a patient coupled with the innovation in the industry and launch of portable concentrators has enabled the patients to cut short unnecessary hospital costs of bed and other accessories, by adopting a homecare setting with the help of portable concentrators.
The coronavirus pandemic rocketed the market of oxygen concentrators, booming the market size. The coronavirus is a respiratory virus that affects the breathing capability of the infected person who then requires external and/or artificial support to breathe. The outbreak of the virus skyrocketed the demand for oxygen concentrators for the infected persons.
|Market size value in 2019||US$2.062 billion|
|Market size value in 2026||US$5.094 billion|
|Growth Rate||CAGR of 13.79% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Technology, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Precision Medical Inc., Boost Oxygen LLC, Nidek Medical Products Inc., Philips Healthcare, Drive DeVilbiss international, Invacare Corporation, Chart industries, Inogen Inc, Summit Oxygen international, Oxygen Plus Inc., ABC Healthcare, O2 Concepts LLC, Teijin Limited, Supera Anesthesia Innovations|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What is the size of the global oxygen concentrator market?
A1. Oxygen Concentrators Market was valued at US$2.062 billion in 2019.
Q2. What will be the oxygen concentrator market size by 2026?
A2. The global oxygen concentrator market is projected to reach a total market size of US$5.094 billion by 2026.
Q3. What are the growth prospects for the oxygen concentrator market?
A3. The oxygen concentrators market is projected to grow at a CAGR of 13.79% during the forecast period.
Q4. What factors are anticipated to drive the oxygen concentrator market growth?
A4. The prime reason which is driving the oxygen concentrator market growth is predicted to be increasing cases of lung problems and lung diseases that will require the patient to take external help.
Q5. How is the global oxygen concentrator market segmented?
A5. The global oxygen concentrator market has been segmented by type, technology, end-user industry, and geography.