April 17, 2024
Oxygen Therapy Market

The Global Oxygen Therapy Market is In Trends by Growing Chronic Respiratory Diseases

The oxygen therapy market comprises oxygen source equipment such as oxygen concentrators, oxygen cylinders, and liquid oxygen devices along with oxygen delivery devices including nasal cannulas, mask, and venturi mask/face masks. These products deliver supplemental oxygen to patients suffering from chronic obstructive pulmonary disease (COPD), asthma, cystic fibrosis, and other respiratory disorders to ensure sufficient oxygen supply in the blood.

The global oxygen therapy market is estimated to be valued at US$ 42.34 Mn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2030.

Key Takeaways

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. The growing prevalence of chronic respiratory diseases such as COPD and asthma is fueling the demand for oxygen therapy significantly. According to the Global Burden of Disease Study, COPD affected over 328 million people globally in 2015. This growing disease burden is expected to boost the oxygen therapy market size during the forecast period. Major market players are focused on expanding their presence in developing markets through collaborations and new product launches. For example, in 2020, Inogen launched its Inogen One G5 oxygen concentrator in several European countries to strengthen its position in the international markets.

Market key trends

One of the key trends witnessed in the oxygen therapy market is technological advancements in oxygen delivery devices. Players are developing portable oxygen concentrators integrated with novel features such as oxygen conserving cannulas and pulse dose technology to provide flexible oxygen therapy. For instance, in 2019, Inova Labs launched the PulseFlow system combining oxygen conserving nasal cannulas with proven pulse dose delivery technology. It works by delivering small oxygen doses or ‘pulses’ of oxygen intermittently rather than a continuous flow of oxygen. This helps reduce oxygen consumption and increase mobility for COPD patients.

Porter’s Analysis

Threat of new entrants: Low capital requirements to enter the market as competition is already high from existing players established in this market.

Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many established players offering similar products and availability of substitutes.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and components.

Threat of new substitutes: Threat of new substitutes is moderate as technology is evolving and alternative treatments are available.

Competitive rivalry: High level of competition exists between existing players to gain market share and acquire new customers.

Geographical Regions

North America accounts for the largest share of the oxygen therapy market in terms of value, mainly due to high healthcare expenditure, availability of state-of-the-art medical facilities, and accessibility of innovative oxygen therapy devices.

Asia Pacific is poised to grow at the fastest CAGR during the forecast period. Factors such as increasing healthcare expenditure, growing geriatric population, surging prevalence of respiratory diseases, improving access to medical facilities, and growing medical tourism are expected to drive the oxygen therapy market in the Asia Pacific region.

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