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Medical Oxygen Concentrators Market to Reach USD 7.1 Billion by 2034, Growing at a 6.9% CAGR: Surge in Demand for Sustainable and Cost-Effective Solutions Drives Market Growth | TMR

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26 Jul, 2024, 11:02 GMT

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According to the latest medical oxygen concentrators market trends, Asia Pacific held largest share in 2023. Rise in prevalence of hospital-based pneumonia is fueling the market dynamics of the region.

WILMINGTON, Del., July 26, 2024 /PRNewswire/ -- The global medical oxygen concentrators market was projected to attain US$ 3.4 billion in 2023. It is anticipated to garner a 6.9% CAGR from 2024 to 2034, and by 2034, the market is likely to attain US$ 7.1 billion.

The medical oxygen concentrator is one form of medical equipment used to provide oxygen to people with breathing-related illnesses. The respiratory mechanisms and metabolism of living things depend heavily on oxygen. An oxygen concentrator is frequently necessary for those with low blood oxygen concentrations to restore oxygen levels.

Oxygen concentrators use pressure swing adsorption to provide concentrated oxygen up to 95.5%. Using these concentrators to administer oxygen treatment is a practical and economical approach. An electronic user interface that helps with modifying the oxygen concentration levels and delivery parameters is included with medical oxygen concentrators.

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Medical oxygen concentrators are medical devices that are used to segregate nitrogen from air in order to extract pure oxygen. The oxygen concentrated using these devices can be up to 95% pure. The device draws air in, passes it through a filter, and then compresses it. The filters take up nitrogen and let oxygen to pass through, collecting it in a tank. Thereafter, the compressed oxygen is delivered through a facemask or open prongs beneath the nostrils via a tiny tube that extends from the device.

Portable oxygen concentrators are also available that run on rechargeable battery and are mostly equipped to supply oxygen by pulse dose, wherein tiny bursts of oxygen get released during each breathe. It is important to note that oxygen concentrators require constant power supply to operate. Medical oxygen concentrators are prescribed to patients suffering from chronic obstructive pulmonary disease (COPD), asthma, emphysema, cystic fibrosis, among others. Additionally, in high altitude locations, athletes also require oxygen concentrators in order to reduce fatigue and enhance training.

It is worth noting that in the U.S. alone, annually more than 1.5 million individuals require supplemental oxygen therapy. Further, as per estimates from the UNICEF, in low- and middle-income countries (LMICs), over 7 million children suffer from severe pneumonia every year. The rising levels of air pollution also contribute to the surging burden of respiratory diseases. The World Health Organization reports that almost the entire global population is exposed to polluted air, with LMICs suffering from highest exposures. The aforementioned factors are cumulatively leading to an increased demand for oxygen therapy. Specifically, during COVID-19 pandemic, the demand for oxygen concentrators skyrocketed as infected patients required long term oxygen therapy. The WHO estimated that 20-40% of mortality due to pneumonia, during the COVID-19 pandemic were preventable with sufficient oxygen supply. However, the recent years have witnessed numerous advancements in medical oxygen concentrator technology with the advent of precise oxygen delivery mechanisms.

Modern oxygen concentrators utilize pulse flow mechanism that dynamically accommodate to evolving requirements of the patient. In the future, oxygen concentrators are anticipated to be smaller and carried in a pocket or worn on a belt, offering respiratory care patients with enhanced mobility. Compact compressors and more efficient batteries would also allow for compact oxygen concentrators, as technology advances. With the integration of artificial intelligence and machine learning, oxygen concentrators can precisely analyze breathing patterns and modify oxygen delivery. The advent of this breakthrough technology is poised to eliminate uncertainties and result in personalized therapy regimens.

Key Findings of Market Report

  • Blood oxygen levels below normal constitute the medical condition known as hypoxemia.
  • Medicinal oxygen concentrators are a useful tool for treating hypoxemia.
  • These concentrators are a good and appropriate choice for providing oxygen at the point of care.
  • A research published in the Lancet Global Health in 2022 found that the prevalence of hypoxemia was 31% among all children with WHO-classified pneumonia, 41% among those with very severe or severe pneumonia, and 8% among those with non-severe pneumonia.
  • Therefore, the market demand for medical oxygen concentrators is being driven by the high frequency of hypoxemia among children who have severe pneumonia.

Market Trends for Medical Oxygen Concentrators

  • Refilling medical oxygen concentrators is not necessary. These concentrators provide 90% to 95% pure oxygen by continually purifying ambient air. They provide infinite oxygen and are powered by electricity. When compared to compressed gas cylinders, these concentrators are more economical.
  • Batteries and other accessories have an impact on the cost of new home oxygen concentrators. Even less expensive are used oxygen concentrators, depending on the model, hours, and guarantee. In order to reduce the cost of concentrators, certain businesses in the medical oxygen concentrator sector are providing rental services and reconditioned oxygen concentrators.
  • One of the primary factors preventing the medical oxygen concentrator market from growing is the lack of proper maintenance, training, equipment selection, and acquisition in developing nations.

Medical Oxygen Concentrators Market Report Scope:

Report Coverage

Details 

Forecast Period  

2024-2034

Base Year  

2020-2022

Size in 2023

US$ 3.4 Bn

Forecast (Value) in 2034

US$ 7.1 Bn

Growth Rate (CAGR) 

6.9 %

No. of Pages 

171 Pages 

Segments covered 

By Modality, By Technology, By End-user, By Region

Global Market for Medical Oxygen Concentrators: Regional Outlook

  • Asia Pacific accounted for the highest proportion in 2023. The region's market dynamics are being driven by an increase in the prevalence of hospital-based pneumonia.
  • Pneumonia in children is a serious clinical and public health concern. About 20% of all pediatric fatalities worldwide include pneumonia, with the majority of those deaths occurring in India.
  • The market share of medical oxygen concentrators in Asia Pacific is also increasing due to the high frequency of respiratory illnesses. China accounted for 24% of all new diagnoses, 21% of all prevalent cases, 32% of all deaths, and 27% of all DALYs from chronic obstructive pulmonary disease globally in 2019, according to estimates from the Global Burden of Disease Study.

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Global Medical Oxygen Concentrators Market: Competitive Landscape

In order to further improve goods and maintain their competitiveness in the market, significant companies competing in the landscape are employing direct patient input in their research and development activities.

Additionally, they provide portable electronics that are perfect for usage in homes, workplaces, and transit. The following companies are well-known participants in the global medical oxygen concentrators market:

  • Chart Industries Inc.
  • Inogen Inc.
  • Invacare Corporation
  • Koninklijke Philips N.V.
  • ResMed Inc.
  • Drive DeVilbiss Healthcare
  • Precision Medical, Inc.
  • Besco Medical Co., Ltd.
  • 02 Concepts, LLC
  • GCE Group

Some key developments by the players in this market are:

  • In order to better service its clients in the Asia Pacific area, the oxygen supply producer CAIRE opened a brand-new, innovative medical technology center in Chengdu, China, in March 2024. Along with a variety of specific AirSep commercial oxygen concentrators, the facility will produce the Eclipse 5 portable oxygen concentrator and the VisionAire 5 stationary oxygen concentrator for the firm.
  • O2 Concepts declared in January 2024 that the Oxlife LIBERTY, their most cutting-edge proof of concept device, now has greater continuous flow capabilities. The Oxlife LIBERTY is equipped with the business's unique DNA Technology, an intelligent cellular technology that is launched by the device and links DMEs to device data to enable unprecedented levels of inventory control, asset management, and operating efficiency.

Global Medical Oxygen Concentrators Market Segmentation 

By Modality

  • Portable
  • Stationary

By Technology

  • Pulse Flow
  • Continuous Flow

By End User

  • Hospitals
  • Home Care
  • Ambulatory Surgical Centers

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Purchase the Report for Market-Driven Insights: https://www.transparencymarketresearch.com/checkout.php?rep_id=3998&ltype=S 

Have a Look at More Valuable Insights of Healthcare

  • Stethoscope Market: The global stethoscope market is likely to expand at a CAGR of 5.5% from 2022 to 2032. People today are more willing to opt for physical examinations and undertake diagnoses with the inclination toward health and fitness.
  • Hybrid Operating Room Market: The global Hybrid Operating Room Market is expected to grow at a CAGR of 7.7% from 2022 to 2031.
  • Oxidative Stress Assays Market is expected to grow at a CAGR of 9.4% from 2024 to 2034 and reach US$ 2.8 Bn by the end of 2034

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact:
Transparency Market Research Inc.
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