Oxygen therapy is a medical procedure that provides oxygen enrichment to patients suffering from chronic obstructive pulmonary disease (COPD), asthma and other respiratory illnesses. Oxygen therapy equipment such as oxygen concentrators, liquid oxygen devices and oxygen cylinders are used to deliver supplemental oxygen to hypoxic patients. The global oxygen therapy market is driven by the rising prevalence of chronic respiratory diseases worldwide due to rising air pollution, smoking and growing geriatric population.
The global oxygen therapy market is estimated to be valued at US$ 36.75 billion in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising incidence of chronic respiratory diseases such as COPD and asthma is a key growth driver for the Global Oxygen Therapy Market Size. As per the World Health Organization (WHO), COPD is currently the third leading cause of death and is projected to be the fourth leading cause of disability adjusted life years (DALYs) lost by 2030. In 2016, over 380,000 deaths were caused due to COPD in the U.S. The increasing pollution levels and growing geriatric population prone to respiratory illnesses are contributing to the growing prevalence of COPD and asthma. This is expected to boost the demand for oxygen therapy equipment over the forecast period.
SWOT Analysis
Strength: Oxygen therapy systems help provide oxygen to the needy patients. This treatment modality has become an integral part of various healthcare settings.
Weakness: High costs associated with oxygen therapy equipment and accessories. Setting up the oxygen infrastructure requires high capital expenditure.
Opportunity: Rising incidence of respiratory diseases across the globe has increased the demand for oxygen therapy. Untapped markets in developing regions offer scope for future expansion.
Threats: Alternative emerging therapies like drug therapies may reduce dependence on oxygen therapy for some disease indications. Stringent regulatory landscape also poses challenges.
Key Takeaways
The global oxygen therapy market is expected to witness high growth over the forecast period of 2023 to 2030. The global oxygen therapy market is estimated to be valued at US$ 36.75 billion in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.
The North American region currently dominates the global oxygen therapy market with the highest market share. Increasing prevalence of respiratory diseases including COPD and asthma in the region drive the market growth. The Asia Pacific region is poised to growth at the fastest rate during the forecast period owing to large population base, expanding healthcare infrastructure, and surge in medical tourism in countries like India and China.
Key players operating in the oxygen therapy market include Linde plc, Invacare Corporation, Philips Healthcare, Taiyo Nippon Sanso Corporation, Smiths Medical, Teleflex Incorporated, ResMed, MAQUET GmbH & Co. KG, Fisher & Paykel Healthcare, and Chart Industries. These companies focus on new product launches, strategic collaborations, and geographic expansions to consolidate their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
