by Oxygen therapy is a medical treatment that provides supplemental oxygen to patients suffering from respiratory diseases or other medical conditions that cause low blood oxygen levels. Oxygen therapy equipment includes oxygen concentrators, liquid oxygen devices, and oxygen cylinders. Oxygen concentrators separate oxygen from other gases in room air through an electric-powered process known as pressure swing adsorption and provide a continuous flow of concentrated oxygen to patients through nasal cannulas or masks. Liquid oxygen devices supply oxygen in a portable, self-pressurizing liquid form. Oxygen cylinders store compressed oxygen gas that can be dispensed through regulators and humidifiers. Oxygen therapy finds widespread applications in the treatment of chronic obstructive pulmonary disease (COPD), cystic fibrosis, pneumonia, lung cancer, and respiratory distress syndrome.
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 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global oxygen therapy market is expected to be flourished by the growing prevalence of respiratory disorders. According to the World Health Organization (WHO), chronic respiratory diseases, such as COPD, asthma, and lung cancer, are currently the third leading cause of death worldwide. The rising cases of COPD are expected to drive the demand for long-term oxygen therapy. For instance, according to the Global Burden of Disease Study, COPD affected over 330 million people worldwide in 2017 and is projected to become the third leading cause of death globally by 2030. Additionally, the increasing geriatric population is another major driver propelling the market growth. Elderly people are at a higher risk of developing respiratory diseases due to the weakening of their respiratory muscles and decline in lung function with age. According to the United Nations, there were nearly 703 million people aged 65 years and above globally in 2019 and their number is projected to reach 1.5 billion by 2050.
Segment Analysis
The global oxygen therapy market is segmented based on product type, delivery device, application, end-user and region. Based on product type, the market is segmented into oxygen source equipment and oxygen delivery devices. The oxygen source equipment segment dominated the market in 2023 and is expected to remain the largest segment during the forecast period. This is mainly due to the high adoption of oxygen source equipment for oxygen supply in various therapeutic applications.
PEST Analysis
Political: The governments globally are supporting healthcare infrastructure development and increasing healthcare expenditure which is driving the oxygen therapy market growth. Some regions have introduced favorable reimbursement policies for oxygen therapy which will boost the market.
Economic: Rising disposable income levels are enabling people to spend more on healthcare and medical equipment & devices. Developed economies dominate the oxygen therapy spending.
Social: Growing geriatric population suffering from respiratory diseases and the increasing focus on home healthcare are fueling the demand for oxygen therapy. Rising health awareness is also supporting the market growth.
Technological: Advancements in oxygen delivery devices, introduction of portable oxygen concentrators, and development of novel oxygen therapies are expanding the application scope and driving the market.
Key Takeaways
Global Oxygen Therapy Market Demand is expected to witness high growth during the forecast period driven by the increasing incidence of respiratory diseases, rising geriatric population, innovations in oxygen delivery methods, and growth in home healthcare sector. Regional analysis comprises North America dominated the market in 2023 and is expected to remain the leading regional market during the forecast period. This can be attributed to the well-established healthcare system, rapidly growing aging population, and supportive reimbursement policies in the region. Key players operating in the oxygen therapy market are Ottobock, Össur hf, Teh Lin Pros. & Ortho. Inc., Shijiazhuang Wonderfu Rehabilitation Device Technology Co., Ltd., Hebei Baisite Prosthetic Orthotic Technology Co., Ltd., Beijing Jingbo Prosthetics & Orthotics Technical Co., Ltd., Nobel China Limited, Shijiazhuang Aofeite Import & Export Co., Ltd., e-Life International Co., Ltd., Rehan International Co., Ltd., and Xiamen Huakang Orthopedic Co., Ltd.
