DUBLIN, Aug. 11, 2023 /PRNewswire/ -- The "Oxygen Concentrators Market Size, Share & Trends Analysis Report By Product Type (Portable, Fixed), By Application (Home Care, Non-homecare), By Technology, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global oxygen concentrators market size is expected to reach USD 5.1 billion by 2030
The landscape of the oxygen concentrator market is undergoing a significant transformation driven by various factors that are shaping its trajectory. The prevalence of respiratory diseases is on the rise, underscoring the urgent need for effective solutions. Simultaneously, the industry is witnessing a wave of innovation with the introduction of advanced product offerings.
This drive for progress is evident in initiatives like O2 Concepts' launch of the Oxlife Liberty in October 2022, which is set to revolutionize the oxygen therapy landscape. Such endeavors highlight the industry's dedication to pushing boundaries and improving patient care.
Alongside these advancements, the market is experiencing a shift in preferences, with an increasing number of individuals opting for home-based oxygen therapy. This preference for convenience and comfort is expected to fuel market growth consistently over the forecast period.
Furthermore, the supportive hand of government initiatives and funding in healthcare infrastructure development is poised to amplify the demand for technologically advanced and cost-efficient oxygen concentrator devices. Notably, the integration of Internet of Things (IoT) technology into oxygen concentrators is further reshaping the medical device landscape, offering an array of benefits that outshine traditional methods.
As the confluence of innovation, changing preferences, and supportive policies continues to drive the market, the future holds promising prospects for oxygen concentrator manufacturers and patients alike.
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 over a forecast period.
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.
Some of the prominent market players are Inogen, Inc.; Respironics (a subsidiary of Koninklijke Philips N.V.); Invacare Corporation; Caire Medical (a subsidiary of NGK Spark Plug); DeVilbiss Healthcare (a subsidiary of Drive Medical); Invacare Corporation; and Nidek Medical Products, Inc.
Oxygen Concentrators Market Report Highlights
- Based on product, the fixed medical oxygen concentrators segment accounted for the largest revenue share of 53.8% in 2022, owing to its increasing demand among patients suffering from breathing problems
- Based on application, the home care segment dominated the industry with a revenue share of 60.2% in 2022, owing to the increasing adoption of Long-Term Oxygen Therapy (LTOT) devices in home settings
- Based on technology, the continuous flow segment held the largest revenue share of 56.7% in 2022. 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 share of 38.2% in 2022, owing to the presence of advanced healthcare infrastructure, high investment in R&D, availability of the latest technologies, and product launches
Key Attributes:
Report Attribute | Details |
No. of Pages | 298 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD) in 2022 | $3.4 billion |
Forecasted Market Value (USD) by 2030 | $5.1 billion |
Compound Annual Growth Rate | 5.2 % |
Regions Covered | Global |
Oxygen Concentrators Market Dynamics
Drivers
- Rising Prevalence Of Respiratory Diseases
- Launch Of New Generation Products And Increasing Business Expansion
- Rise In Demand For Portable And Homecare Oxygen Concentrators
- Growing Preference For Home-Based Oxygen Therapy
Restraints
- High Cost Associated With Oxygen Concentrators
Business Analysis
- Oxygen Concentrators Market Analysis Tools: Porter's
- Pestel Analysis
Competitive Landscape Analysis
- Company/Competition Categorization (Key Innovators, Market Leaders, Emerging Players)
- Company Market Position And Share Analysis
- Estimated Global Company Market Share Analysis, 2022
- Estimated U.S. Specific Company Market Share Analysis, 2022
Company Profiles
- Inogen, Inc.
- Respironics (A Subsidiary Of Koninklijke Philips N.V.)
- Invacare Corporation
- Caire Medical (A Subsidiary Of Ngk Spark Plug)
- Devilbiss Healthcare (A Subsidiary Of Drive Medical)
- GCE Healthcare
- Nidek Medical Products, Inc
- Krober Medizintechnik Gmbh
- Besco Medical
- Canta Medical
- Contec Medical
- Scaleo Medical
For more information about this report visit https://www.researchandmarkets.com/r/5axfdm
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
