by Oxygen concentrators are medical devices used to deliver concentrated oxygen to patients suffering from respiratory failure or hypoxemia. They work by filtering nitrogen from ambient air to increase the oxygen concentration delivered to patients through nasal cannulas or masks. With the rising prevalence of chronic respiratory diseases like COPD and asthma globally, the need for long term oxygen therapy at home is increasing. Oxygen concentrators provide a convenient and affordable solution for patients to receive continuous oxygen therapy within the comfort of their homes. The Global Oxygen Concentrators Market Size is estimated to be valued at US$ 2.7 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing prevalence of chronic respiratory diseases is one of the major trends driving the oxygen concentrators market. As per the 2019 Global Burden of Disease Study, COPD is now the third leading cause of death globally. It is estimated that over 332 million people suffer from COPD worldwide. With growing pollution levels and aging population, the incidence of COPD and other respiratory diseases is expected to further rise in the coming years. As a majority of COPD patients require long term oxygen therapy, this is expected to significantly drive the demand for oxygen concentrators during the forecast period. As concentrators allow for portable and continuous oxygen supply at an affordable cost compared to oxygen cylinders, they are increasingly becoming the preferred mode of therapy globally.
SWOT Analysis
Strength: Oxygen concentrators offer portability and do not require sizable oxygen tanks, making them convenient for home use. They can deliver a continuous supply of oxygen as long as they remain plugged in.
Weakness: Oxygen concentrators require a power source to function and the delivery of oxygen can be disrupted during power outages. They also require routine maintenance and filter replacement.
Opportunity: Growing geriatric population and rising pollution levels have increased the risk of respiratory diseases, driving the demand for long-term oxygen therapy devices like concentrators. Home-based care is also gaining prominence.
Threats: Significant price reductions of portable oxygen cylinders and emergence of alternative oxygen delivery methods can challenge market growth. Stringent regulatory norms also impose compliance challenges.
Key Takeaways
The global oxygen concentrators market is expected to witness high growth.
Regional analysis: Asia Pacific is poised to dominate market growth over the forecast period. This can be attributed to rising air pollution, growing healthcare infrastructure and increasing healthcare spending in developing countries of China and India. There is also a shift towards home-based oxygen therapy in the region.
Key players operating in the oxygen concentrators market are Invacare Corporation, Inogen, Koninklijke Philips N.V., ResMed, CAIRE, O2 Concepts, Inova Labs, DeVilbiss Healthcare, Nidek Medical, and Drive DeVilbiss Healthcare. Invacare Corporation is one of the leading manufacturers and has a wide geographic presence. Philips Respironics is another major player focusing on expanding into developing Asian markets through acquisitions and partnerships.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
