May 18, 2024

Oxygen Therapy Market Growth Accelerated by Increased Usage of Portable Oxygen Concentrators

Oxygen therapy utilizes medical oxygen to treat hypoxemia or low blood oxygen levels in patients with chronic respiratory conditions such as chronic obstructive pulmonary disease (COPD), asthma, cystic fibrosis, respiratory distress syndrome, and COVID-19. Portable oxygen concentrators deliver continuous flow and pulse dose oxygen from compressed oxygen cylinders. Their compact size and lightweight design make them convenient for ambulatory and home use.

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 3.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising usage of portable oxygen concentrators has driven the growth of the oxygen therapy market over the recent past. Portable oxygen concentrators use ambient air and separate oxygen that can deliver high concentrations of oxygen without needing heavy compressed gas cylinders. Their small size and lightweight make them very convenient for elderly patients and people suffering from respiratory diseases. Moreover, portable oxygen concentrators allow mobility and are covered by insurance programs, making oxygen therapy accessible at home. Technological advancements have led to improved portability, greater oxygen output, and longer battery life in newer portable oxygen concentrator models. This has increased their adoption among COPD and COVID-19 patients, thereby propelling the oxygen therapy market growth.

Segment Analysis
The global oxygen therapy market can be segmented based oxygen delivery devices into oxygen concentrators, liquid oxygen devices, and oxygen cylinders. Among these, the oxygen concentrators segment holds the largest market share owing to their portability and lower cost of maintenance as compared to liquid oxygen systems. Also, oxygen concentrators can provide continuous oxygen at varying flow levels to meet patients’ needs thus making them the preferred device type.

Key Takeaways
The Global Oxygen Therapy Market Size is expected to witness high growth during the forecast period driven by the rising prevalence of respiratory diseases like COPD, and other lifestyle-related conditions leading to hypoxemia.

Regional analysis: North America currently dominates the global oxygen therapy market owing to growing incidence of respiratory disorders, favorable reimbursement policies, and increased adoption of oxygen therapy products. Within the region, the United States holds the major share due to a well-established healthcare infrastructure and high awareness regarding home-based oxygen therapy.

Key players operating in the oxygen therapy market include Schmitz Cargobull, China International Marine Containers (Group) Ltd., Polar Tank Trailer, Llc (Entrans International, Llc Company), Fontaine Commercial Trailer, Inc., Lamberet Sas (Xinfei France Sa), Great Dane, Krone Commercial Vehicle Group (Bernard Krone Holding), and Kogel Trailer Gmbh & Co.Kg. These players are focusing on new product launches, expanding regional presence and bolstering manufacturing capacities 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