The global oxygen therapy market is estimated to be valued at US$ 36.75 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Oxygen therapy involves supplying oxygen to patients either intermittent or continuously to improve hypoxemia or low oxygen levels in the blood and alleviate symptoms experienced due to low oxygen. Oxygen therapy devices such as oxygen concentrators, liquid oxygen devices, and oxygen cylinders are used to deliver oxygen to patients at concentrations higher than in ambient air. These devices provide a continuous source of concentrated oxygen supply safely and efficiently to patients in the homecare, hospital, and ambulatory care settings.
Market key trends:
One of the key trends in the oxygen therapy market is the increasing adoption of oxygen concentrators. Oxygen concentrators are seeing higher sales as they provide a continuous and concentrated source of oxygen supply to users. Concentrators extract oxygen from the air, separate and concentrate it to deliver a continuous supply of oxygen to the patient. They are a safer, portable and more affordable alternative to large oxygen tanks. Advancements in concentrator technology such as new sieve beds that improve oxygen yield and reduced power consumption are boosting adoption. Furthermore, incentives and policies favoring home care therapy are also propelling sales of portable oxygen equipment including oxygen concentrators globally.
SWOT Analysis
Strength: Global Oxygen Therapy Market Size provides a safe and effective treatment option for various respiratory conditions. It helps in improving blood oxygen levels and pulmonary function in patients.
Weakness: High costs associated with oxygen therapy equipment and supplies can limit accessibility for some patients. Reliance on equipment also introduces potential issues regarding portability and interruptions in treatment.
Opportunity: Growing global geriatric population and rising prevalence of COPD and other chronic respiratory diseases are expanding the potential patient pool. Technological advancements are resulting in more portable and integrated oxygen therapy devices.
Threats: Reimbursement challenges and stringent regulations can hamper market growth. Competition from alternative treatment options and declining healthcare budgets in some regions also pose threats.
Key Takeaways
The global oxygen therapy market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of respiratory diseases. The market size for 2023 is estimated to be US$ 36.75 Bn.
Regional analysis: North America currently dominates the global market and is expected to continue its dominance over the forecast period. This can be attributed to rising incidence of respiratory diseases, supportive reimbursement policies, and presence of key players in the region. Asia Pacific is anticipated to exhibit the fastest growth owing to growing geriatric population, increasing healthcare spending, and rising awareness.
Key players operating in the oxygen therapy market are GE Healthcare,,Invacare Corporation,,Inogen,,IUC Medical (Smiths Medical),,HERSILL S.L.,,Fisher & Paykel Healthcare Limited,,Philips Respirons Limited,,DeVilbiss Healthcare,,Tecno-Gaz Industries,,Allied Healthcare Products, Inc.,,Teleflex Incorporated,,Chart Industries,,ResMedDrägerwerk AG & Co. KGaALinde,,CAIRE. These leading players are focusing on new product launches, strategic collaborations, and geographic expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it