July 24, 2024
Oxygen Therapy Market

The Rise Of Portable Oxygen Concentrators Is Anticipated To Openup The New Avenue For Oxygen Therapy Market

The Oxygen Therapy Market is estimated to be valued at US$ 36.75 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Oxygen therapy involves the administration of supplemental oxygen to treat low blood oxygen levels and breathelessness in chronic obstructive pulmonary disease (COPD), cystic fibrosis, and asthma patients. Oxygen can be delivered using oxygen cylinders, oxygen concentrators, and liquid oxygen systems. Portable oxygen concentrators are increasingly being used owing to their compact size and ability to provide continuous oxygen supply without depending on cylinders. They facilitate improved mobilization and are useful for jet travel as well as normal daily activities.

Market Dynamics:

Rising prevalence of respiratory disorders such as COPD and asthma is a key driver boosting the oxygen therapy market. As per the WHO, over 65 million people suffer from moderate to severe COPD globally. Growing geriatric population also fuels the market as aged people are more susceptible to lung diseases. Moreover, technological advancements in portable oxygen therapy delivery systems have enhanced patient mobility, comfort, and adherence to oxygen therapy regimens. For instance, new oxygen concentrator models use lithium-ion battery technology for uninterrupted oxygen delivery. They are designed to be 10-15% lighter than conventional oxygen concentrators, making them easier to carry.

Segment Analysis:

The global oxygen therapy market can be segmented based on product type into oxygen source equipment, oxygen delivery devices and others. Among these, the oxygen source equipment segment dominates the market as these equipment are the basic requirement for providing oxygen therapy to patients. Some of the commonly used oxygen source equipment include oxygen generators, cryogenic oxygen equipment and compressed oxygen cylinders.

PEST Analysis:

Political: Government policies related to reimbursement for oxygen therapy equipment influence the market growth. In many countries, public health insurance covers costs of equipment required for home oxygen therapy.

Economic: Rising healthcare expenditure globally is increasing the demand for oxygen therapy. According to the World Bank, global healthcare spending is expected to increase to over US$ 10 trillion by 2022.

Social: Growing prevalence of chronic respiratory diseases such as COPD and asthma is a key driver of the market. These conditions often require long term oxygen therapy treatments.

Technological: Developments in portable oxygen concentrators allow for convenient home oxygen therapy. Many new devices are smaller, lightweight and can be carried anywhere. Advancements in oxygen delivery methods also improve patient compliance.

Key Takeaways:

The Global Oxygen Therapy Market Demand is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of respiratory disorders globally. As per WHO data, over 334 million people suffer from COPD worldwide and this number is set to increase further.

Regionally, North America commanded the largest market share of over 30% in 2023 owing to rising COPD prevalence and favorable reimbursements for home oxygen therapy. Asia Pacific region is expected to progress at the fastest pace during the forecast period propelled by rising healthcare infrastructure and healthcare spending in developing countries like India and China.

Key players operating in the oxygen therapy market are 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., Teleflex Incorporated, Chart Industries, ResMedDr├Ągerwerk AG & Co. KGaALinde and CAIRE. With growing demand for portable oxygen concentrator devices, these players are investing in new technologies and product launches in the home care oxygen therapy segment.

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