The global Oxygen Therapy market is estimated to be valued at USD 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 is a medical treatment that provides supplemental oxygen to patients with respiratory disorders such as chronic obstructive pulmonary disease (COPD), asthma, and pneumonia. It helps improve oxygen levels in the blood, reduce symptoms, and enhance the overall quality of life for patients. Oxygen therapy products include oxygen concentrators, oxygen cylinders, liquid oxygen systems, and oxygen masks among others. These products are widely used in hospitals, ambulatory surgical centers, and home healthcare settings.
B) Market Dynamics:
The market dynamics of the Oxygen Therapy market are driven by two primary factors: technological advancements and the increasing prevalence of respiratory disorders.
Technological advancements have led to the development of portable oxygen concentrators and lightweight oxygen cylinders, which offer convenience and ease of use for patients. These advancements have improved patient compliance and increased the adoption of oxygen therapy.
The increasing prevalence of respiratory disorders, especially among the geriatric population, is contributing to the growth of the Oxygen Therapy market. According to WHO, around 65 million people suffer from moderate to severe COPD globally, and it is estimated to be the third leading cause of death by 2030.
C) Market Key Trends
One key trend in the Oxygen Therapy market is the growing preference for home healthcare settings. Many patients prefer receiving oxygen therapy in the comfort of their homes rather than staying in hospitals or visiting clinics. This trend is driven by factors such as cost-effectiveness, convenience, and reduced risk of hospital-acquired infections. The availability of technologically advanced portable oxygen concentrators has further fueled the demand for home-based oxygen therapy.
D) SWOT Analysis:
- Strengths
1. Increasing adoption of portable and lightweight oxygen therapy devices.
2. Growing demand for oxygen therapy in home healthcare settings.
- Weaknesses:
1. High cost associated with technologically advanced oxygen therapy devices.
2. Lack of reimbursement policies in certain regions, which restricts market growth
- Opportunities:
1. Untapped markets in emerging economies.
2. Technological advancements in oxygen therapy devices.
- Threats:
1. Stringent regulatory requirements for the approval of oxygen therapy devices.
2. Competition from alternative treatment options such as nebulizers and inhalers
E) 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 technological advancements and the rising prevalence of respiratory disorders.
- North America is anticipated to be the fastest-growing and dominating region in the Oxygen Therapy market, owing to the presence of well-established healthcare infrastructure, high healthcare expenditure, and a large patient pool.
- 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.
The Oxygen Therapy market is experiencing significant growth due to technological advancements and the increasing prevalence of respiratory disorders. The market trends indicate a shift towards home healthcare settings and the development of portable oxygen therapy devices. However, challenges such as high costs and lack of reimbursement policies need to be addressed to fully realize the potential of this market.
