Global Oxygen Therapy Market Is Estimated To Witness High Growth Owing To Rising Prevalence of Respiratory Diseases and Technological Advancements
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 of 2023-2030, according to a new report published by Coherent Market Insights.
A) Market Overview:
Oxygen therapy is a medical treatment that provides supplemental oxygen to patients who have low levels of oxygen in their blood. It is used to treat a variety of respiratory conditions, including chronic obstructive pulmonary disease (COPD), asthma, pneumonia, and sleep apnea. Oxygen therapy can be delivered through various devices such as oxygen concentrators, cylinders, and liquid oxygen systems.
B) Market Dynamics:
The oxygen therapy market is being driven by two main factors: the rising prevalence of respiratory diseases and technological advancements in oxygen delivery devices.
One of the key drivers for the market is the increasing prevalence of respiratory diseases. According to the World Health Organization, respiratory diseases are responsible for over 4 million deaths each year. The growing incidence of respiratory conditions such as COPD and asthma is creating a demand for oxygen therapy.
Technological advancements in oxygen delivery devices are also fueling market growth. Manufacturers are developing innovative devices that are more efficient, portable, and user-friendly. For example, portable oxygen concentrators are gaining popularity due to their compact size and convenience, allowing patients to receive oxygen therapy while on the move.
C) Segment Analysis:
One of the dominating segments in the oxygen therapy market is the oxygen concentrators segment. Oxygen concentrators are portable devices that filter and concentrate oxygen from the surrounding air. They are cost-effective and can be used at home, in healthcare facilities, or during travel. The convenience and affordability of oxygen concentrators make them a popular choice among patients with respiratory conditions.
D) PEST Analysis:
Political: Governments are focusing on improving healthcare infrastructure and increasing access to medical devices, which is likely to boost the demand for oxygen therapy.
Economic: The growing healthcare expenditure and insurance coverage are creating a favorable economic environment for the oxygen therapy market.
Social: The increasing awareness about respiratory diseases and the importance of oxygen therapy for their treatment is driving the adoption of these devices.
Technological: Technological advancements in oxygen delivery devices are improving the efficiency and ease of use, leading to higher adoption rates.
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 the increasing prevalence of respiratory diseases and technological advancements in oxygen delivery devices.
- The Asia Pacific region is expected to be the fastest-growing and dominating region in the oxygen therapy market, attributed to the rising geriatric population and increasing healthcare expenditure in countries like China and India.
- 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. These companies are focusing on product development, strategic partnerships, and mergers and acquisitions to expand their market presence.
The global oxygen therapy market is poised for significant growth in the coming years, driven by the increasing prevalence of respiratory diseases and advancements in oxygen delivery devices. The market is characterized by the dominance of oxygen concentrators and the Asia Pacific region is expected to witness the highest growth. Key players in the market are adopting various strategies to strengthen their foothold in the industry.
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