Oxygen therapy includes the use of oxygen as a medical treatment. It is used therapeutically to treat low blood oxygen levels, as in COPD. Oxygen therapy products include oxygen concentrators, oxygen cylinders and liquid oxygen devices. These products are used at hospitals, nursing facilities and at home.

The global oxygen therapy market is estimated to be valued at US$ 36.75 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers fuelling the growth of the oxygen therapy market is the rising prevalence of chronic obstructive pulmonary disease (COPD). As perestimates, over 328 million people worldwide suffer from COPD. COPD patients experience symptoms like shortness of breath, exercise limitations and chronic cough due to reduced airflow in the lungs. Oxygen therapy plays a crucial role in the management and treatment of COPD as it reduces breathlessness and improves patient survival. The adoption of oxygen therapy is expected to increase substantially owing to growing COPD burden globally. Portability and home care features of oxygen concentrators and cylinders also contribute to increased demand.

SWOT Analysis

Strength: Oxygen therapy helps patients suffering from various respiratory diseases breathe more easily and get their required oxygen levels. It can prevent infections and complications caused due to low oxygen levels in the blood. The market offers various portable oxygen concentrators and liquid oxygen devices that provide flexibility to patients.

Weakness: Oxygen therapy is a long-term treatment and many patients may find it difficult to be dependent on oxygen cylinders or devices for extended periods. The devices also require regular maintenance and replacements that increase the overall treatment cost.

Opportunity: Rising global pollution levels and increasing number of smokers are leading to a steady rise in cases of COPD and other respiratory illnesses. This wide patient pool worldwide presents significant growth opportunities for players in the oxygen therapy market. Growing medical tourism in developing nations is another major opportunity.

Threats: Stringent regulatory approvals for new oxygen therapy devices may delay their market launch. reimbursement policies and coverage changes can impact the demand. Growing preference for alternative respiratory therapies like inhalers and nebulizers also poses a threat.

Key Takeaways

Global Oxygen Therapy Market Demand is expected to witness high growth at a CAGR of 5% during the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 36.75 billion.

Regional analysis: North America accounted for the largest share of over 35% in the global market in 2023 due to growing prevalence of COPD along with rapid adoption of technologically advanced oxygen source devices. Asia Pacific is projected witness the fastest growth owing to rising healthcare expenditures, growing medical tourism industry and increasing pollution levels.

Key players: Key players operating in the oxygen therapy market are Ottobock, Össur hf, Teh Lin Pros. & Ortho. Inc., Shijiazhuang Wonderfu Rehabilitation Device Technology Co., Ltd., Hebei Baisite Prosthetic Orthotic Technology Co., Ltd., Beijing Jingbo Prosthetics & Orthotics Technical Co., Ltd., Nobel China Limited, Shijiazhuang Aofeite Import & Export Co., Ltd., e-Life International Co., Ltd., Rehan International Co., Ltd., and Xiamen Huakang Orthopedic Co., Ltd.

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