Oxygen therapy includes the medical use of oxygen as a drug to improve oxygen supply to tissues of the body. Oxygen therapy products such as oxygen concentrators, liquid oxygen devices, and oxygen cylinders are used by patients suffering from chronic obstructive pulmonary disease (COPD), asthma, cystic fibrosis, pneumonia, and various other respiratory disorders. The growing geriatric population and rising prevalence of respiratory diseases globally have boosted the demand for oxygen therapy products.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
According to the WHO, chronic obstructive pulmonary disease (COPD) affects over 174.5 million people worldwide and is projected to be the third leading cause of death by 2030. The prevalence of COPD is estimated to increase in coming years driven by factors such as rising tobacco consumption, pollution, and aging population. Growing geriatric population also augments the risk of developing other chronic respiratory conditions such as asthma and pneumonia. Oxygen therapy products are extensively used for the treatment of such long-term conditions. Hence, growing disease burden of COPD and other chronic lung diseases will continue fueling demand for oxygen therapy over the forecast period.
Porter’s Analysis
Threat of new entrants: The oxygen therapy market requires high capital investment for equipment and specialized training. This poses a barrier for new companies to enter the market.
Bargaining power of buyers: There are few dominant players in the oxygen therapy market. However, buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: Key raw material suppliers have moderate bargaining power due to availability of substitute raw material sources.
Threat of new substitutes: New oxygen therapy technologies may emerge as substitutes but currently limited substitutes are available.
Competitive rivalry: Intense competition exists among existing companies to gain market share.
SWOT Analysis
Strength: Oxygen therapy equipment are essential for treatment of respiratory diseases. Growing respiratory disease prevalence boosts market growth.
Weakness: High equipment cost limits adoption in low-income regions. Lack of oxygen therapy awareness in rural areas.
Opportunity: Untapped growth potential in developing countries increases opportunity. Technological advancements spur innovations.
Threats: Stringent regulatory approvals delay product launches. Reimbursement issues impact market revenues.
Key Takeaways
The Global Oxygen Therapy Market Size is expected to witness high growth. Growing respiratory disease burden globally drives the demand for oxygen therapy. According to research, over 385 million people suffer from chronic obstructive pulmonary disease (COPD) worldwide.
Regional analysis: North America dominates the oxygen therapy market currently. Favorable reimbursement policies and rising healthcare spending in the US and Canada support market growth. However, Asia Pacific is poised to be the fastest growing market during the forecast period. This growth is attributed to improving access to healthcare facilities and increasing healthcare expenditures in regional economies like India and China.
Key players: Key players operating in the oxygen therapy market are 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 focus on new product launches and geographical expansions to consolidate 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