The North America oxygen concentrators market was valued at USD $1.31 billion in 2022 and it is predicted to surpass around USD $2.24 billion by 2032 with a CAGR of 5.50% from 2023 to 2032.
Key Pointers
- The Portable Oxygen Concentrators (POCs) segment dominated the market and accounted for a revenue market share of 53.8% in 2022.The continuous flow segment accounted for the largest revenue share of 61.7% in the market in 2022. The pulse flow technology segment is expected to experience the fastest CAGR of 5.7% during the forecast period.The segment is also projected to register the fastest growth rate of 6.3% during the forecast period.The home care application segment dominated the market in 2022 and accounted for a significant share of 66.1% of the overall revenue.
Report Scope of The North America Oxygen Concentrators Market:
| Report Coverage DetailsMarket Size In 2022USD $1.31 BillionRevenue Forecast By 2032USD $2.24 BillionGrowth Rate From 2023 to 20325.50%Base Year2022Forecast Period2023-2032Segments CoveredProduct, Technology, ApplicationMarket Analysis (Terms Used)Revenue In USD Million/Billion And CAGR From 2023 To 2032Regional ScopeNorth AmericaKey Companies ProfiledInogen, 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); O2 Concepts; Nidek Medical Products, Inc. |
The increasing prevalence of respiratory conditions, such as COPD, asthma, and sleep apnea, is driving the growth of the respiratory care market. According to a February 2023 article by the American Lung Association, over 34 million Americans suffer from chronic lung diseases including COPD, asthma, chronic bronchitis, and emphysema. In addition, advancements in respiratory technology have played a significant role in fueling market expansion. The COVID-19 pandemic had a limited positive impact on the market, leading to increased demand for advanced and cost-effective devices.Oxygen therapy became a preferred choice for managing respiratory disorders during the pandemic, providing medical intervention for acute and chronic patient care. The market also benefited from the rising adoption of portable oxygen concentrators, with a significant increase in market penetration in the U.S. from 8% in 2015 to 22% in 2021. Furthermore, favorable reimbursement policies have contributed to the attractiveness of the oxygen concentrators market. These policies provide better reimbursement coverage for portable oxygen concentrators in the U.S. Additionally, healthcare spending in the U.S. and Canada has been increasing, triggering the need for effective diagnosis and treatment of respiratory diseases and driving the demand for oxygen concentrators.Initiatives by public and private authorities, such as the World Health Organization’s distribution of oxygen concentrators and the efforts of associations like the American Lung Association, promote awareness of respiratory diseases. Market players also employ strategies such as acquisitions, collaborations, expansions, and new product launches to extend their product offerings and geographical reach. For instance, React Health’s acquisition of Invacare’s Respiratory line in February 2023 strengthened its market position, expanded its product portfolio, and enabled them to cater to a wider customer base.North America Oxygen Concentrators Market Report Segmentation:Product
- Portable Medical Oxygen ConcentratorsFixed Medical Oxygen Concentrators
Technology
- Continuous FlowPulse Flow
Application
- Home CareNon- Home Care
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