Oxygen Concentrators Market Projected To Raise At USD 5.1 Billion By 2030


 San Francisco, 13 Aug 2024: The Report Oxygen Concentrators Market Size, Share & Trends Analysis Report By Product (Portable, Fixed), By Application (Home Care, Non-homecare), By Technology, By Region, And Segment Forecasts, 2024 - 2030

The global oxygen concentrators market size is anticipated to reach USD 5.1 billion by 2030, registering a CAGR of 5.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is driven by several factors, including increasing incidence of respiratory diseases, introduction of advanced product offerings, expanding business operations, and a growing preference for home-based oxygen therapy. For instance, in October 2022, O2 Concepts launched Oxlife Liberty, a cutting-edge technology set to transform the oxygen therapy landscape. This demonstrates the industry's commitment to innovation. In addition, the market is expected to benefit from rising demand for portable oxygen concentrators due to a growing preference for home-based oxygen therapy. This trend is projected to fuel market growth from 2024 to 2030.

Rising government support, such as funding and initiatives for the development of healthcare infrastructure is anticipated to drive the demand for technologically advanced and cost-efficient devices over the forecast period. In addition, integration of Internet of Things (IoT) technology into oxygen concentrators has transformed the medical device industry, offering several advantages over traditional methods. By allowing for remote monitoring and management, IoT-enabled oxygen concentrators enable healthcare providers to monitor patients' oxygen levels in real-time and adjust the flow rate, leading to improved patient outcomes. This is expected to impel the market growth from 2024 to 2030.

Furthermore, prominent players in the industry, including Inogen, Inc., Respironics (a subsidiary of Koninklijke Philips N.V.), and Caire Medical (a subsidiary of NGK Spark Plug), are employing various strategies such as acquisitions, collaborations, expansions, and new product launches to extend the availability and geographical reach of their product offerings. For instance, in February 2023, React Health, a specialist in medical device development, manufacturing, and distribution, successfully acquired Invacare's Respiratory line. This strategic acquisition enhances React Health's market position, expands its product portfolio, and enables it to serve a wider range of customers.

Access Research Report of Oxygen Concentrators Market @ https://www.grandviewresearch.com/industry-analysis/medical-oxygen-concentrators-market

Oxygen Concentrators Market Report Highlights

  • Based on product, fixed medical oxygen concentrators segment held the largest revenue share of over 53.2% in 2023, owing to its increasing demand among patients suffering from breathing problems
  • Based on application, home care segment dominated the industry with a revenue share of over 60.9% in 2023, owing to the increasing adoption of Long-Term Oxygen Therapy (LTOT) devices in home settings
  • Based on technology, continuous flow segment held the largest revenue share of over 56.6% in 2023. This is attributed to the growing prevalence of long-term respiratory disorders such as asthma, COPD, bronchiectasis, and chronic sinusitis
  • North America dominated the global market with a market share of over 38.1% in 2023, owing to the presence of advanced healthcare infrastructure, high investment in R&D, availability of the latest technologies, and product launches

Oxygen Concentrators Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 3.7 billion

Revenue forecast in 2030

USD 5.1 billion

Growth rate

CAGR of 5.3% from 2024 to 2030

Base year for estimation

2023

Historical data

2018 - 2022

Forecast period

2024 - 2030

List of Key Players in the Oxygen Concentrators Market

  • Inogen, Inc.
  • Respironics (a subsidiary of Koninklijke Philips N.V.)
  • React Health (Respiratory Product Line from Invacare Corporation)
  • Caire Medical (a subsidiary of NGK Spark Plug),
  • DeVilbiss Healthcare (a subsidiary of Drive Medical).
  • O2 Concepts
  • Nidek Medical Products, Inc.

Access Press Release of Oxygen Concentrators Market @ https://www.grandviewresearch.com/press-release/global-medical-oxygen-concentrators-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon

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