Oxygen Concentrator Market Report Size Analysis:

Oxygen Concentrator Market size was valued at USD 3.48 billion in 2024 and is expected to reach USD 5.34 billion by 2032, growing at a CAGR of 5.56% over the forecast period of 2025-2032.

The oxygen concentrators market is experiencing high growth due to the increasing prevalence of chronic respiratory diseases, such as COPD and asthma, and the growing demand for home oxygen therapy. Advances in concentrator portability and an aging population are also fueling the oxygen concentrator market trends. Favorable reimbursement policies and improving healthcare infrastructure, especially in emerging economies, are also contributing to adoption. Furthermore, the emphasis on non-invasive respiratory care and increased awareness in light of the COVID-19 pandemic continues to drive the expansion of the market.

The U.S. oxygen concentrator market size was valued at USD 1.18 billion in 2024 and is expected to reach USD 1.76 billion by 2032, growing at a CAGR of 5.16% over the forecast period of 2025-2032. The U.S. dominates the North American oxygen concentrator market due to its advanced healthcare infrastructure and higher prevalence of chronic respiratory diseases. For instance, as per NIH, more than 1.5 million individuals in the U.S. depend on oxygen concentrators to receive supplemental oxygen therapy. Additionally, strong demand for home oxygen therapy and widespread utilization of portable devices further reiterates its leading position in the region.

Oxygen Concentrator Market Dynamics:

Drivers:

• Rising Incidence of Chronic Respiratory Diseases Drives the Market Growth

Chronic respiratory diseases, including chronic obstructive pulmonary disease (COPD) and asthma, remain major causes of global morbidity and mortality. For instance, the Institute for Health Metrics and Evaluation (IHME) reported that chronic respiratory diseases were the third-leading cause of death, with 4.0 million deaths and a prevalence of 454.6 million cases globally. In the U.S. alone, there are more than 34 million patients suffering from chronic lung diseases, such as asthma or COPD, with over 25 million Americans, of whom more than 4 million are children, suffering from breathing issues related to asthma. The growing incidence of respiratory disease is one of the major drivers of demand for oxygen therapy devices, including oxygen concentrators.

• Increasing Geriatric Population is Propelling the Market to Grow

The geriatric population is particularly prone to respiratory conditions owing to the loss of lung function with age and an increased rate of comorbidities. With the global population growing older, the number of patients needing oxygen therapy for the control of chronic illnesses also increases proportionally. Home-based oxygen therapy is convenient and comfortable for the elderly, thereby contributing to increased demand for both portable and stationary oxygen concentrators. Countries with very fast-growing populations, such as Japan, the U.S., and most of those in Europe, are seeing an oxygen concentrator market growth in the use of these devices.             

Restraints:

• High Expense of Sophisticated Devices are Restraining the Market Growth

One of the key constraints in the oxygen concentrator market is the expense of sophisticated portable devices. Such devices usually feature lightweight construction, long battery life, noise-reduction systems, and digital controls for oxygen output. Though these features enhance patient mobility and comfort, they increase manufacturing expenses considerably, making retail prices higher. In most parts of the globe, particularly low- and middle-income nations, the pricing ends up being a limitation both for single patients and smaller healthcare units. It is a serious issue in homecare settings where matched cost is paid by the family/patient. In economically advanced nations, high upfront costs and limited insurance coverage keep many people away from the newest devices. There are a lot of expenses behind this expense category, which limits the adoption of respiratory aid and create an access gap to efficacious respiratory support technologies for the majority.

Oxygen Concentrator Market Segmentation Analysis:

By Product

The fixed medical oxygen concentrators segment dominated the oxygen concentrator market share in 2024, with a 58.14%, due to its extensive application in the clinical and homecare environments for treating patients with long-term oxygen therapy. They are known to be more consistent, with less breathing output fluctuation, and deliver more oxygen over time, making them a good fit for patients with chronic lung diseases, such as COPD and advanced asthma. Their ability to provide a continuous flow of oxygen without recharging, and consideration for mobility also backs the high demand for fixed units in hospitals and long-term care facilities.

The portable medical oxygen concentrators segment will experience the fastest growth in the years to come, owing to the rising need for mobility and independence for patients. Improvements in miniaturization, battery life, and light-weighting have contributed to the popularity of portable devices among active patients who need oxygen therapy but prefer to lead a flexible lifestyle.

Invacare Corporation launched the EverGO portable oxygen concentrator in January 2023, a lightweight and small machine that supports individuals with COPD and other respiratory complications, according to Oxygen Plus Medical. EverGO is part of Invacare's diversified non-acute medical equipment line, along with mobility scooters and wheelchairs, among others.

By Application

The oxygen concentrator market was dominated by the home care segment with 62.8% market share in 2024, owing to the widespread preference to treat chronic respiratory diseases at home. Concentrators are used for personal use due to their convenience, with an increase in the aging population, prevalence of diseases, such as COPD, and home use is cost-effective when compared to cylinders. In addition, the COVID-19 pandemic accelerated the shift toward decentralized healthcare, and both patients and providers were encouraged to opt for home care solutions to reduce hospital visits and become more accustomed to contact infection.

The non-home care segment will witness the fastest growth during the forecast period due to the growing demand for oxygen therapy in clinical, ambulatory, and emergency settings. Increasing healthcare settings, wherein hospitals, surgical centers, and emergency medical services rely on the use of oxygen concentrators for acute respiratory disorder management (especially high-risk and critical care cases). Furthermore, improving healthcare facilities available in developing nations and increased investment in institutional care facilities are also propelling the oxygen concentrator market analysis to grow at a fast rate.

By Technology

In 2024, the oxygen concentrators market was dominated by the continuous flow segment, with a share of 57.16% in value attributed to their application to patients who need an uninterrupted and continuous flow of oxygen. Such concentrators are common in hospitals, long-term care facilities, and for patients with severe or complicated respiratory diseases. Their ability to deliver oxygen continuously, regardless of the patient's breathing pattern, makes them a necessity in intensive care units. Additionally, continuous flow systems are typically used for applications with other respiratory therapy devices, such as CPAP machines, thus raising their demand.

The Pulse Flow segment is expected to be the fastest growing at 5.86% CAGR over the forecast period on account of their small size, energy efficient nature, and use amongst active and ambulatory patients. Pulse flow works by providing oxygen only when you inhale, thereby saving oxygen and improving battery life, which is necessary when traveling and requiring portable use. With the consumer demand for lighter, travel-friendly, and technology-based devices, the pulse flow segment is also gaining momentum, particularly in younger patients and those with less demanding forms of respiratory disorders.

Oxygen Concentrator Market Regional Analysis:

North America dominates the oxygen concentrators market with a 39.24% market share in 2024 due to its well-established healthcare infrastructure, high awareness of respiratory disorders, and high demand for home oxygen therapy. The region is characterized by a high prevalence of chronic respiratory diseases, such as COPD and asthma among the elderly population. Also, the availability of big medical device manufacturers, strong reimbursement policies, and frequent technological upgradations is responsible for the high usage of portable and fixed oxygen concentrators in the U.S. and Canada.

Asia Pacific is the fastest-growing region in the oxygen concentrators market with 6.20% CAGR over the forecast period as a result of rising healthcare spending, rising awareness of respiratory care, and a high patient base with unmet medical needs. Respiratory diseases in nations, such as China and India have surged due to the increase in urbanisation and pollution rates, together with the increase in smoking rates. Additionally, increasing accessibility of healthcare services, government initiatives to improve healthcare infrastructure, and the rising trend of home healthcare are fueling market expansion in this region.

Europe is seeing strong growth in the oxygen concentrator market owing to a synergy of demographic, technological, and healthcare system dynamics. The elderly population in Europe, combined with a high rate of chronic respiratory conditions, such as COPD and asthma, has boosted demand for oxygen therapy solutions. Germany, the U.K., and France are market leaders, and these countries hold a significant market share. The transition to home healthcare, spurred by beneficial reimbursement policies, and sophisticated healthcare infrastructure, also induces the uptake of portable and stationary oxygen concentrators. The use of IoT and remote monitoring capability in devices also improves patient adherence and treatment efficiency, driving market growth.

Latin America is witnessing mid-range growth for global oxygen concentrator markets due to the rising prevalence of chronic respiratory disease, an aging population, and the growing adoption of oxygen therapy at home. Initiatives to establish healthcare units and increased accessibility for respiratory therapy, particularly in rural and distant locations, through government programs are driving market growth. Preparedness due to the COVID-19 pandemic also helped deploy oxygen concentrators in Mexico and Brazil, and other nations.

The Middle East & Africa also exhibit relatively moderate growth in the oxygen concentrator companies. This is primarily due to increased health consciousness towards the respiratory system, increasing aging populations, and higher demand for oxygen therapy during the pandemic period. Government-supported public health initiatives and the availability of more portable and user-friendly devices are fueling homecare adoption. Nevertheless, considerations such as expense and the unavailability of healthcare centers in rural settings can set boundaries for broader development.

Oxygen Concentrator Market Key Players:

The major players competing in the market are Inogen, Philips Respironics, CAIRE Inc., Invacare Corporation, Drive DeVilbiss Healthcare, Nidek Medical Products, O2 Concepts, GCE Group, Teijin Limited, Chart Industries, and other players.

Recent Developments in the Oxygen Concentrator Market:

• October 2024 – Inogen, Inc., a global medical technology leader with expertise in homecare-focused respiratory innovation, released its newest product, the Inogen Rove 4 Portable Oxygen Concentrator, to the U.S. market.

• March 2024 – Drive DeVilbiss Healthcare, the world's leading oxygen therapy solutions provider, together with Sanrai International, a specialist serving underpenetrated healthcare markets, officially launched the new PulmO2 10 L Oxygen Concentrator on the world stage.

• August 2024 – O2 Concepts formed a strategic alliance with VGM & Associates, the largest and most integrated Member Service Organization (MSO) in the U.S. for post-acute healthcare providers, to broaden access and assistance across the oxygen therapy space.