Global Oxygen Therapy Market is segmented By Product (Oxygen Source Equipment, Oxygen Concentrators, Oxygen Cylinders, Liquid Oxygen Tanks and others), By Application(Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnea, Pneumonia, and others), By End User(Hospitals and Clinics, Home Healthcare and others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Oxygen Therapy Market Size
The Global Oxygen Therapy Market reached USD 29.6 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 47.6 billion by 2031. The global oxygen therapy market is expected to exhibit a CAGR of 6.3% during the forecast period (2024-2031). The global oxygen therapy market has grown significantly in recent years and is projected to continue on its upward trend.
The market is currently going through a period of significant change that is being fueled by a number of trends, such as increasing demand for homecare oxygen therapy, shift towards lightweight and portable devices, and growing focus on remote patient monitoring.
Furthermore, increasing prevalence of respiratory diseases, growing aging population, rising healthcare expenditure, and technological advances are driving up the size of the oxygen therapy market. Due to continous research and developments by investment and funding from government, the market is seeing an increase in demand from North American regions with significant competitors like GE Healthcare, Invacare Corporation, Inogen, and others actively operating in the market.
Oxygen Therapy Market Scope
Metrics | Details |
CAGR | 6.3% |
Size Available for Years | 2022-2031 |
Forecast Period | 2024-2031 |
Data Availability | Value (US$) |
Segments Covered | By Product Type, By Application, By End-User |
Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
Fastest Growing Region | Asia-Pacific |
Largest Region | North America |
Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
Oxygen Therapy Market Dynamics
The Increasing Prevalence of Respiratory Disease to Drive the Growth of the Oxygen Therapy Market
The rising prevalence of respiratory disorders is a major driver of the oxygen therapy market's growth. Chronic obstructive pulmonary disease (COPD), asthma, and sleep apnea are all becoming more prevalent around the globe. For instance, according to World Health Organization (WHO) statistics of 2023, COPD is the third leading cause of death worldwide.
Furthermore, COPD has a significant impact, resulting in nearly 3.23 million deaths in 2019. It is worth emphasizing that low- and middle-income countries (LMICs) bear a disproportionately high burden of COPD, accounting for approximately 90% of COPD-related fatalities. Tobacco smoking is a key factor in COPD in high-income countries, accounting for more than 70% of cases.
Moreover, household air pollution, on the other hand, appears as a significant risk factor in LMICs, where tobacco smoking is pervasive but not as widespread as in high-income nations, accounting for 30-40% of COPD cases. These numbers demonstrate LMICs' vulnerability to COPD and the multifaceted nature of its causal elements. The rising prevalence of respiratory disorders has increased the demand for effective treatment options, such as oxygen therapy.
Technological Advancements in Oxygen Therapy Devices will Drive the Demand for Oxygen Therapy Market
Wearable oxygen therapy devices have gained an attention recently owing to its mobility, which has resulted in numerous innovations in this technology. These devices are intended to be worn on the body and provide a constant flow of oxygen. They are small and lightweight, allowing patients to get oxygen therapy without the use of heavy equipment. Wearable oxygen therapy devices provide more mobility and flexibility, allowing patients to go about their regular lives while getting oxygen support.
For instance, in November 2022, BioIntelliSense, Inc., a company that provides continuous health monitoring and clinical intelligence, has launched its patented, FDA-cleared pulse oximetery (SpO2) sensor chipset and integrated processing technology, which accurately measures blood oxygen levels across the full range of light to very dark skin pigmentations, as well as during movement and activity.
Furthermore, this next generation of medical and consumer wearable devices will be powered by a patented SpO2 sensor chipset, integrated computing, and reference design capability. Thus driving the market growth over the forecast period.
High Cost of Oxygen Therapy Equipments will Hamper the Growth of the Market
The growth of the oxygen therapy market is likely to be hampered by factors such as the high cost of oxygen concentrators and the potential negative effects of their use, such as nose dryness and skin irritation. Because of these issues, the market may face restrictions throughout the forecast period.
Portable oxygen concentrators, for instance, start at $2,500, posing a major financial hardship for patients. However, it is crucial to remember that in some situations, Medicare and private insurance may cover a portion of the cost of these devices, easing the financial strain for some people.
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Oxygen Therapy Market Segment Analysis
The global oxygen therapy market is segmented based on product, application, end user, and region.
Owing to its Wide Availability and Utilization, the Oxygen Source Equipment Segment Accounted for Approximately 52.4% of the Oxygen Therapy Market Share
The oxygen source equipment segment is anticipated to dominate the oxygen therapy market, owing to its widespread availability and widespread use in a variety of forms, such as oxygen cylinders, oxygen concentrators, liquid oxygen devices, compressed gas systems, cylinders, and liquid oxygen. These devices play a crucial part in the development of the sector as they are the main source and first step in oxygen therapy.
Oxygen concentrators are anticipated to have significant growth within the oxygen source equipment segment. Particularly portable concentrators are expected to offer significant growth prospects. The increased demand for this market is a result of the use of these devices in transportation settings like ambulances, trains, and airplanes as well as in medical crises.
Additionally, it is anticipated that the emergence of technologically upgraded oxygen sources and delivery equipment that provide effective patient care would further accelerate market growth. These developments include sensors, flow regulators, and delivery devices that are integrated with pulse dose meters. The potential advantages of oxygen therapy, such as controlled flow, accurate dosing, quick response times, and enhanced durability and reliability, are driving up its use. It is projected that these elements will fuel the industry's growth.
For instance on March 2022, a field-portable smart bag pack emergency oxygen concentrator called Oxygen Plus was developed by GRS India with support from the Department for Promotion of Industry and Internal Trade (DIPP) of the Government of India. This cutting-edge device is intended to deliver a constant supply of oxygen during emergencies and medical situations. It can be connected to a smartphone monitoring app, enabling users to monitor their oxygen levels and get real-time health information. Thus owing to the above factors, the segment will continue to dominate the market over the forecast period.
Source: DataM Intelligence Analysis (2023)
Global Oxygen Therapy Market Geographical Share
North America Accounted for Approximately 39.7% of the Market Share in 2022, Owing to the Better Heathcare Ecosystem
The oxygen therapy market is projected to be dominated by North America. The dominance of the region can be attributed to a number of factors, such as the presence of a well-established healthcare infrastructure, high healthcare spending, supportive reimbursement policies, and a considerable prevalence of respiratory disorders.
Its market dominance is further aided by the growing use of cutting-edge technology and the presence of significant players in North America. The demand for oxygen therapy is further fueled by the region's focus on research and development, a growing elderly population, and other factors. Together, these elements place North America as the leading market for oxygen therapy.
For instance, in June 2022, The U.S. Agency for International Development (USAID) has announced a $50 million fund to improve global access to medical oxygen. As part of this effort, USAID intends to strengthen healthcare facilities around the world by installing bulk liquid oxygen systems in 50 different places. This significant investment is planned to support over 20,000 beds and provide life-saving oxygen to hundreds of thousands of patients each year.
Source: DataM Intelligence Analysis (2023)
Oxygen Therapy Market Key Players
The major global players in the oxygen therapy market include GE Healthcare, Invacare Corporation, Inogen, IUC Medical (Smiths Medical), HERSILL S.L., Fisher & Paykel Healthcare Limited, Philips Respironics, Inc., DeVilbiss Healthcare, Tecno-Gaz Industries, Allied Healthcare Products, Inc., and among others.
Russia Ukraine Conflict Analysis
The Russia-Ukraine conflict has had a major effect on the oxygen therapy market, disrupting healthcare facilities, displacing populations, and straining resources. Due to injuries, respiratory ailments, and stress-related health difficulties, the conflict has raised the demand for medical oxygen. However, infrastructure loss and disrupted supply chains have made it difficult to offer appropriate oxygen therapy to people in need.
Furthermore, allocating resources to rapid emergency response and humanitarian help may impede long-term healthcare infrastructure development, reducing the capacity to provide comprehensive oxygen treatment services. The specific impact on the oxygen therapy industry will vary depending on the length and intensity of the conflict, with local healthcare providers and international assistance organizations playing critical roles in maintaining compliance.
Key Developments
- On August 19, 2022, HBOT-India launches the first medical grade hyperbaric oxygen therapy facility in Gurugram, Delhi NCR, India. Standard of care hyperbaric oxygen therapy reduces the risk of severe amputation by around 20-30% and accelerates wound healing rate by 9 - 10 times by breathing oxygen at pressures greater than atmospheric pressure..
- On July 5, 2022, OMRON Healthcare announced the release of a portable oxygen concentrator as its latest breakthrough in the Oxygen therapy sector. It is a medical molecular sieve-based oxygen concentrator that provides a continuous supply of high-purity oxygen (5L per minute) with a high concentration output of more than 90%.
- On May 24, 2022, Max Ventilator has announced the launch of multifunctional non-invasive (NIV) ventilators with built-in oxygen therapy and humidifiers. The company's new offering is not only simple to use and lightweight, but it also offers unusual multifunctional qualities.
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- To visualize the global oxygen therapy market segmentation based on product, application, end user, and region, as well as understand key commercial assets and players.
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Target Audience 2024
- Manufacturers/ Buyers
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- Emerging Companies