Oxygen therapy products such as oxygen source equipment, oxygen delivery devices and oxygen masks are used to deliver supplemental oxygen to patients suffering from chronic obstructive pulmonary disease (COPD), asthma, cystic fibrosis and other respiratory diseases. These products improve patient’s blood oxygen saturation levels, thereby reducing hypoxemic episodes which can have severe health implications. With growing geriatric population and rising number of smokers globally, respiratory diseases have increased manifold over the past few decades posing the need for oxygen therapy across various healthcare settings.
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 key trends:
The rising prevalence of respiratory diseases is one of the key drivers of the oxygen therapy market. As per Centers for Disease Control and Prevention, in 2016, over 25 million Americans suffered from asthma and over 15 million from COPD. With growing aging population, tobacco consumption and air pollution, cases of respiratory illnesses are expected to surge in the coming years. According to the Global Burden of Disease Study 2017, COPD impacted over 174.5 million people worldwide and caused over 3.2 million deaths in 2015. To address the hypoxemia caused by such conditions, long-term oxygen therapy is often prescribed by physicians which requires oxygen source equipment and delivery devices. This rising disease prevalence is expected to propel the demand for oxygen therapy products over the forecast period.
Strength: The oxygen therapy market offers solutions for various chronic respiratory diseases which has a large patient pool. There is an increased awareness regarding respiratory diseases and treatments.
Weakness: High costs associated with the therapy can reduce the accessibility in low and middle income countries. Dependent on rental options which add to the recurring treatment costs.
Opportunity: Expanding options for portable systems increase compliance for home therapy. Untapped growth opportunities in developing regions with a growing aging population.
Threats: Intense competition from substitute gas therapies and alternative medication. Stringent regulatory approvals delays market entry for new players.
Global Oxygen Therapy Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis comprises- North America dominates currently due to advanced healthcare infrastructure and high accessibility to therapy. The Asia Pacific region is expected to grow the fastest owing to expanding healthcare markets in China and India along with growing medical tourism. Key players operating in the oxygen therapy market are Ottobock, Ã–ssur 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.
The global oxygen therapy market size for 2023 is estimated to be US$ 36.75 Bn. Rise in lifestyle diseases such as COPD and asthma drives market demand. Portable oxygen concentrators are gaining popularity due to flexibility in usage. Companies are investing in new technologies for integrated oxygen delivery systems with sensors and software control. The Asia Pacific region offers lucrative opportunities for players owing to increasing healthcare infrastructure and rising medical tourism.