July 13, 2024
Oxygen Therapy Market

Oxygen Therapy Market Is Estimated To Witness High Growth Owing To Increasing Chronic Respiratory Diseases and Technological Advancements

The global Oxygen Therapy Market is estimated to be valued at US$ 34.5 billion in 2022 and is expected to exhibit a CAGR of 6.51% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

Oxygen therapy involves the administration of supplemental oxygen to individuals with reduced oxygen levels in their blood. It is used to treat various respiratory conditions such as chronic obstructive pulmonary disease (COPD), asthma, and respiratory distress syndrome. Oxygen therapy products include oxygen concentrators, liquid oxygen systems, oxygen cylinders, and others. These products are widely used in hospitals, home healthcare settings, and ambulatory surgical centers.

 B) Market Dynamics:

The Oxygen Therapy Market is driven by two main factors. Firstly, the increasing prevalence of chronic respiratory diseases such as COPD, asthma, and sleep apnea is boosting the demand for oxygen therapy products. According to the World Health Organization, around 65 million people have moderate to severe COPD globally. Additionally, the rising geriatric population and increasing pollution levels are further contributing to the growth of the market.

Secondly, technological advancements in oxygen therapy devices are fueling market growth. The introduction of portable oxygen concentrators has increased the convenience and mobility for patients, allowing them to receive oxygen therapy while on the go. These devices are lightweight, compact, and provide long battery life. For instance, Inogen One G5 is a portable oxygen concentrator that offers up to 13 hours of battery life, providing freedom and flexibility to patients.

C) SWOT Analysis:

Strength:

  1. Rising prevalence of chronic respiratory diseases: The increasing burden of COPD, asthma, and other respiratory conditions is driving the demand for oxygen therapy products.
  2. Technological advancements: The introduction of portable oxygen concentrators and other innovative devices is enhancing the convenience and efficiency of oxygen therapy.

Weakness:

  1. High cost of oxygen therapy: The cost of oxygen concentrators, liquid oxygen systems, and other oxygen therapy products can be a barrier for some patients.
  2. Lack of awareness: Some individuals with respiratory conditions may not be aware of the benefits of oxygen therapy or may be reluctant to seek treatment.

Opportunity:

  1. Growing home healthcare market: The expanding home healthcare sector provides opportunities for the growth of oxygen therapy products, as they can be easily used at home by patients.
  2. Increasing healthcare expenditure: Rising healthcare expenditure, especially in emerging economies, can lead to improved access to oxygen therapy and drive market growth.

Threats:

  1. Stringent regulations: Compliance with regulations and standards for the production and distribution of oxygen therapy products can pose challenges for manufacturers.
  2. Competition from alternative treatments: Alternative therapies and treatments for respiratory conditions, such as medication and breathing exercises, may pose a threat to the adoption of oxygen therapy.

D) Key Takeaways:

– The global Oxygen Therapy Market is expected to witness high growth, exhibiting a CAGR of 6.51% over the forecast period, due to increasing chronic respiratory diseases and technological advancements.

– North America is expected to dominate the market, driven by the presence of a large geriatric population and high healthcare expenditure. Asia Pacific is anticipated to be the fastest-growing region, owing to the rising prevalence of respiratory diseases and improving healthcare infrastructure.

– Key players operating in the global Oxygen Therapy Market include Respironics, Inc. (a Philips company), Fisher & Paykel Healthcare Limited, Teleflex Incorporated, Invacare Corporation, AirSep Corporation, CareFusion Corporation, DeVilbiss Healthcare, MAQUET Holding B.V. & Co. KG, and ResMed, Inc. These companies are focusing on product innovations, partnerships, and expansions to strengthen their market position and cater to the growing demand for oxygen therapy products.

The global Oxygen Therapy Market is poised for significant growth in the coming years, driven by the increasing prevalence of respiratory diseases and advancements in technology. With the rise in chronic respiratory conditions and the need for effective treatment options, oxygen therapy holds great potential to improve the quality of life for patients worldwide.