Oxygen Concentrators Market is Anticipated to Witness High Growth Owing to Increasing Prevalence of Chronic Respiratory Diseases

 

Oxygen Concentrators Market

The global oxygen concentrators market has been witnessing significant growth in recent times. Oxygen concentrators are portable home medical devices used to deliver a higher concentration of oxygen to patients suffering from chronic obstructive pulmonary disease (COPD), asthma and other respiratory conditions. They work by filtering room air to increase the concentration of oxygen and deliver it to the patient through a nasal cannula. Some key advantages of oxygen concentrators include portability, effectiveness in delivering supplemental oxygen and low maintenance. With rising cases of respiratory diseases worldwide due to factors like growing pollution levels, smoking and aging population, the demand for oxygen concentrators has increased substantially. These devices help improve the quality of life of patients suffering from chronic and acute respiratory conditions by providing oxygen therapy support outside hospitals.

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.

With the growing prevalence of chronic respiratory diseases, the demand for portable oxygen concentrators is increasing rapidly across both developing and developed countries. Their advantages over fixed oxygen concentrators like easy portability and mobility is driving their adoption among home healthcare patients.

Several manufacturers are also expanding their overseas operations to tap the growing demand for oxygen therapy solutions in emerging Asian, Latin American and African markets. For instance, several Chinese and Indian companies are establishing production facilities in South Asian and African countries. This is helping improve access to oxygen concentrators in underdeveloped regions.

Market drivers

The increasing pollution levels worldwide due to rapid industrialization and urbanization are a major factor contributing to the rising incidence of respiratory disorders. Long-term exposure to air pollutants like particulate matter is linked to development of COPD and asthma. As per WHO, around 90% of the world now breathes air that exceeds WHO guideline limits containing high levels of pollutants. This wide population at risk is driving the oxygen concentrators market.

Current Geopolitical Impact on Oxygen Concentrators Market Growth

The ongoing geopolitical tensions and conflicts around the world are negatively impacting the growth of the global oxygen concentrators market. The Russia-Ukraine war has disrupted the supply chains and export-import of crucial medical devices like oxygen concentrators. Countries near the war zone are facing shortages and increasing prices of these life-saving devices due to trade restrictions and sanctions. Moreover, the rising conflicts between China and other countries in Asia are hindering the easy flow of oxygen concentrators in the Asian markets. The political instability and internal conflicts in various African and Middle Eastern nations are aggravating the healthcare crisis and limiting the widespread availability of concentrators in these regions. However, the market is expected to recover steadily in the coming years as global diplomacy efforts stabilize the geopolitical situations and restore cross-border medical trade. Manufacturers will need to strengthen domestic production capabilities and diversify supplier networks to build resilience against geopolitical risks to the oxygen concentrators supply chain.

Geographical Concentration of Oxygen Concentrators Market

North America currently dominates the global oxygen concentrators market in terms of value, owing to the high demand from the US which has the largest healthcare spending in the world. Availability of advanced concentrator models and a large base of elderly population requiring long-term oxygen therapy are major factors driving the market growth in the region. Asia Pacific is emerging as the second largest and fastest growing geographical market for oxygen concentrators driven by expanding medical infrastructure, rising incomes, and a surge in respiratory diseases like COPD among the growing geriatric demographic in countries like India and China. European nation also present sizable business opportunities due to focus on improving respiratory care services and higher acceptance of home healthcare solutions.

Fastest Growing Region in the Oxygen Concentrators Market

Asia Pacific region is poised to be the fastest growing geographical market for oxygen concentrators during the forecast period. Countries like India, Indonesia, Philippines and Vietnam are expected to offer the most lucrative growth prospects given their large untapped rural populations and increasing investments to strengthen primary healthcare systems. Rising healthcare expenditure, growing incidence of lifestyle diseases, expanding medical coverage, and shifting preference towards home-based care are major factors fueling the demand for oxygen concentrators across Asia Pacific. Rapid digitization is enabling online sales and remote monitoring of patients, further augmenting the market growth in the remote and underserved areas. Asian manufacturers are also enhancing their R&D efforts to develop affordable concentrators suited for resource-constrained settings.

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