July 16, 2024

Oxygen Concentrators Market is Estimated to Witness High Growth Owing to Increasing Demand for Portable Devices

Oxygen concentrators are medical devices used to deliver purified oxygen to patients suffering from respiratory diseases like COPD and emphysema. They work by filtering out nitrogen from room air and delivering a continuous flow of oxygen to the user through a nasal cannula or mask. They offer portability and do not require cumbersome oxygen tanks, making them an ideal choice for home healthcare. Rapid advancements are being seen in the miniaturization of concentrator components which is enabling the development of more compact portable concentrators.

The Global Oxygen Concentrators Market is estimated to be valued at US$ 2.52 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the oxygen concentrators market are Hitachi Ltd., Ion Beam Applications S.A, Mevion Medical Systems, Mitsubishi Electric Corporation, Provision Healthcare, ProTom International, Sumitomo Heavy Industries, Varian Medical Systems, Optivus Proton Therapy, Inc., and Advanced Oncotherapy plc.

The market is expected to witness significant growth opportunities due to the increasing demand for home-based oxygen therapy solutions driven by the ongoing COVID-19 pandemic. Significant investments are being made by players to develop advanced portable oxygen concentrators with wireless monitoring capabilities.

Rapid advancements are being witnessed in concentrator technologies with the integration of sensor devices, lithium-ion batteries and Bluetooth enabling the development of smart oxygen concentrators with remote patient monitoring abilities.

Market Drivers

One of the key drivers of growth in the oxygen concentrators market is the rising geriatric population which is more prone to respiratory diseases like COPD. It is estimated that by 2050, 16% of the world’s population will be over 65 years of age driving the need for long-term oxygen therapy.

The market is also benefiting from the increasing preference for home healthcare driven by its cost-effectiveness as compared to hospital stays. Oxygen concentrators allow patients to receive oxygen treatment comfortably at home while recovering.

Current Challenges in Oxygen Concentrators Market

The oxygen concentrators market is currently facing challenges due to the ongoing COVID-19 pandemic. The rising number of COVID-19 cases across the globe has significantly boosted the demand for oxygen concentrators. However, the supply is unable to keep up with this sudden spike in demand. Several countries are struggling to procure enough oxygen concentrators to treat COVID-19 patients experiencing severe symptoms. The restrictions on international trade and transport during the pandemic have disrupted supply chains, creating shortages. Moreover, the pandemic has overburdened healthcare systems. With more patients requiring oxygen therapy, managing the demand and maintaining service has become difficult. On the production front, ramping up manufacturing to meet huge demand has been a challenge for most players in a short period of time. Additionally, ensuring rigorous safety and quality standards during accelerated production is another issue.

SWOT Analysis

Strength: Oxygen concentrator technology offers a portable solution for delivering oxygen without depending on bulky liquid oxygen tanks. It allows patients mobility and independence.

Weakness: Oxygen concentrators require electricity to function and the backup power during outages is limited. They also need routine maintenance checks and cleaning.

Opportunity: The COVID-19 pandemic has significantly increased the requirement for oxygen concentrators globally. It has opened growth opportunities for manufacturers to expand production and cater to rising demand.

Threats: Disruption of global supply chains due to the pandemic can threaten supply reliability. Competition from local and regional manufacturers also poses threat.

Geographical Regions with Highest Market Value

North America currently accounts for the largest share of the oxygen concentrators market in terms of value. This is attributed to the growing prevalence of respiratory diseases like COPD in the region. Moreover, advanced healthcare infrastructure and high concentration of market players have also supported market growth.

Fastest Growing Geographical Region

Asia Pacific region is poised to witness the fastest growth during the forecast period. Factors such as rising COVID-19 cases, increasing health awareness, growing geriatric population, and improving access to healthcare are driving the oxygen concentrators market in Asia Pacific countries like China, India, and Japan. Growing medical tourism is another key aspect fueling regional market expansion.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it