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:
Global Oxygen Therapy Market Size refers to the medical administration of oxygen as a treatment for hypoxemia or hypoxia, deficiencies in the amount of oxygen reaching the tissues. Portable and stationary oxygen concentrators, oxygen cylinders and liquid oxygen devices are commonly used oxygen sources in oxygen therapy. Oxygen therapy is mainly used to treat conditions such as chronic obstructive pulmonary disease (COPD), cystic fibrosis, and respiratory distress syndrome among others.
Market key trends:
One of the key trends driving the growth of the oxygen therapy market is the increasing prevalence of chronic respiratory diseases across the globe. According to the World Health Organization (WHO), chronic respiratory diseases account for over 4 million deaths each year globally. The increasing prevalence of respiratory diseases is mainly attributed to growing elderly population, rising pollution levels, and tobacco consumption. As oxygen therapy is widely used in the treatment of respiratory diseases, the growing disease burden will increase the demand for oxygen therapy products over the forecast period. Furthermore, technological advancements in oxygen therapy delivery devices leading to compact, portable systems is also expected to support the market growth during the forecast period.
Porter's Analysis
Threat of new entrants: High capital requirements for manufacturing plants and equipment raises the entry barriers. Bargaining power of buyers: Large customer base reduces buyers' bargaining power. Bargaining power of suppliers: Presence of many component suppliers limits individual suppliers' bargaining power. Threat of new substitutes: Emerging non-invasive respiratory care therapies pose potential threats. Competitive rivalry: Intense competition due to presence of many global and regional players.
SWOT Analysis
Strengths: Growing aging population and rising incidence of respiratory diseases drive market growth.
Weaknesses: High costs associated with oxygen therapy hamper widespread adoption.
Opportunities: Increasing healthcare expenditure in emerging nations offers opportunities.
Threats: Alternative non-invasive respiratory therapies pose threats.
Key Takeaways
The global oxygen therapy market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of respiratory diseases like COPD. Regionally, North America dominates the market currently due to supportive reimbursement policies and concentration of key players. Asia Pacific is anticipated to be the fastest growing market over the forecast period owing to growing healthcare expenditure and increasing incidence of respiratory diseases.
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,,ResMedDrägerwerk AG & Co. KGaALinde,,CAIRE.
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