Medical Oxygen Concentrators Market Revenue to Attain USD 2.66 Bn by 2033

28 Oct 2024

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Table of Content

1. Medical Oxygen Concentrators Market Revenue and Trends 2. Market Overview 3. Highlights of the Medical Oxygen Concentrators Market 4. Medical Oxygen Concentrators Market Trends 5. Regional Insights 6. Medical Oxygen Concentrators Market Coverage 7. Market News

Medical Oxygen Concentrators Market Revenue and Trends

The global medical oxygen concentrators market revenue was valued at USD 1.57 billion in 2024 and is expected to attain around USD 2.66 billion by 2033, growing at a CAGR of 6% during the forecast period. The demand for medical oxygen concentrators is rising due to the increasing prevalence of respiratory diseases and the growing demand for home-based care. In addition, the rising number of patients with chronic respiratory conditions and the need for portable oxygen devices are boosting the market growth. 

Market Overview

Medical oxygen concentrators are portable devices used to deliver oxygen therapy in any setting other than hospital settings. The medical oxygen concentrators market is rapidly evolving with the rising technological advancements in medical devices. These innovative devices address the negative effects and fix certain issues associated with the oxygen flow. To maintain consistent oxygen saturation levels, new devices have recently been developed that automatically adjust oxygen stream rates to the needs of each patient. These devices further help to minimize mortality and morbidity, as well as the expense of healthcare.

Highlights of the Medical Oxygen Concentrators Market

• On the basis of technology, the continuous flow segment dominated the market with the largest share in 2023 due to its several benefits over other technologies, including reduced fatigue and better sleep quality. This technology is more efficient in delivering continuous oxygen flow. On the other hand, the pulse dose segment is projected to grow at a significant CAGR in the coming years. This is due to its ability to deliver oxygen according to the breathing and inhaling pattern of the patient.
• Based on type, the portable segment held the largest share of the market in 2023. Portable oxygen concentrators are extremely popular due to their simple and user-friendly features. They are more cost-effective than others. The rising demand for home-based care and the increasing awareness about self-care boost the adoption of portable oxygen concentrators, contributing to segmental growth.
• On the basis of application, the home care segment registered its dominance in 2023 and is projected to continue leading the market throughout the forecast period. Rising awareness about self-care has encouraged the adoption of portable oxygen concentrators. In addition, the growing need to reduce hospital visits contributes to segmental dominance.

Medical Oxygen Concentrators Market Trends

Rising instances of cardiovascular diseases: With the rising instances of cardiovascular diseases across the globe, the demand for oxygen concentrators is rising at a rapid pace. Patients with respiratory conditions like asthma and COPD often require oxygen therapy. However, portable oxygen concentrators allow them to take therapy in the comfort of their homes. In addition, the rising mortality rate of respiratory diseases significantly boosts the market. For instance, according to the WHO, cardiovascular diseases are among the leading causes of death.

Technological advancements in medical devices: Technological advancements in medical devices led to the development of cutting-edge oxygen concentrators that can monitor heart conditions remotely. This, in turn, boosts patient satisfaction and overall health outcomes.

Regional Insights

North America dominated the medical oxygen concentrators market in 2023. This is due to the availability of qualified healthcare professionals and the high frequency of chronic respiratory diseases. The rising advancements in healthcare technology led to advanced medical devices, including oxygen concentrators, contributing to regional market expansion. On the other hand, Asia Pacific is expected to witness rapid growth in the market in the coming years due to rising investments by manufacturers to develop cutting-edge oxygen concentrators and the rising prevalence of cardiovascular diseases. Moreover, rising healthcare expenditure contributes to market growth in the region.

Medical Oxygen Concentrators Market Coverage

Market News

• In January 2024, 02 Concepts announced an expansion of the continuous flow capabilities of its most advanced POC technology, the Oxlife LIBERTY. The Oxlife LIBERTY features the company’s proprietary DNA Technology. This intelligent, device-initiated cellular technology connects DMEs with device data for new levels of operating efficiency, asset management, and inventory control. 
• In March 2024, CAIRE, an oxygen supply manufacturer, started a new state-of-the-art medical technology center in Chengdu, China, to better serve its customers in the Asia Pacific region. The site will manufacture the company’s Eclipse 5 portable oxygen concentrator and the VisionAire 5 stationary oxygen concentrator, along with a range of select AirSep commercial oxygen concentrators.  

Market Segmentation

By Technology

• Pulse Dose
• Continuous Flow
• Others

By Product

• Fixed
• Portable

By Application

• Non-home Care
• Home Care

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