February 24, 2024
Oxygen Therapy Market

The Role Of Oxygen Therapy In Efficient Treatment Of Respiratory Illnesses Is Driving The Global Oxygen Therapy Market

Oxygen therapy has become an integral part of treating various respiratory illnesses and disorders as it helps in oxygenating the blood and essential organs. Oxygen therapy involves the administration of supplemental oxygen to patients suffering from hypoxemia, or abnormally low oxygen levels in blood. The therapy is recommended for conditions like chronic obstructive pulmonary disease (COPD), asthma, cystic fibrosis, and pneumonia among others where the patient has difficulty in breathing or fails to receive adequate oxygen.

The global oxygen therapy market encompasses various devices used for oxygen delivery including oxygen concentrators, oxygen cylinders, liquid oxygen devices, and oxygen generators. Oxygen concentrators are widely used as they are small, portable and can provide a continuous supply of oxygen from the surrounding air through a molecular sieve. They find applications at home for elderly patients and in hospitals for situations where liquid oxygen is not required. Oxygen cylinders serve as a backup delivery method and for ambulatory patients. Liquid oxygen devices are primarily used in healthcare facilities for its higher oxygen concentration and longer storage duration. With rising prevalence of respiratory diseases due to pollution, smoking, and aging populations, oxygen therapy has become an important treatment modality fuelling demand for associated devices.

The Global Oxygen Therapy Market Size 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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the primary market trends is the emergence of novel devices with added functionalities. Many companies are developing oxygen concentrators integrated with nebulizers, humidifiers and oxygen flow regulators. The combination helps in simultaneous treatment of asthma and COPD exacerbations. Similarly, new cylindrical portable oxygen concentrators are compact, lightweight and rechargeable for improved mobility.

Another key trend is the increased adoption of oxygen therapy at home. Due to benefits like cost-effectiveness and continuity of care, home oxygen therapy is preferred over hospital treatment. Leading manufacturers are focusing on developing devices specifically meant for domestic use by simplifying designs, features and prescription processes. However, frequent equipment failures and lack of regular maintenance at home remain challenges.

Porter’s Analysis

Threat of new entrants: Low-cost therapy options and availability of substitutes may limit scope of entering this market. Established distribution channels and need for regulatory approvals pose entry barriers.

Bargaining power of buyers: Large hospitals and healthcare systems buy in bulk and bargain for better prices and terms. Individual consumers have limited bargaining power.

Bargaining power of suppliers: Major suppliers include oxygen concentrator and cylinder manufacturers who have established technology and production facilities. Suppliers have moderate bargaining power.

Threat of new substitutes: Alternatives like drug therapies, ventilation, and lifestyle changes pose threat of substitution. However, oxygen therapy remains a core treatment option.

Competitive rivalry: Major players compete on technology, product differentiation, pricing, and customer service. Fragmented supplier landscape intensifies competition.

Key Takeaways

The global oxygen therapy market is expected to witness high growth. 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 2024 to 2031.

North America currently dominates the market due to rising prevalence of respiratory diseases and growing geriatric population undergoing long-term oxygen therapy. Asia Pacific is the fastest growing region due to increasing healthcare spending, growing awareness, and supportive government policies. China and India are major markets due to large patient pools and improving access to therapies.

Key players: Key players operating in the oxygen therapy market are Schmidt & Söhne, Novair Medical, Essex Industries, Inc., Invacare Corporation, and Koninklijke Philips N.V. Key players focus on product innovation and partnerships to strengthen their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it