Oxygen therapy is a medical procedure that delivers oxygen to increase blood oxygen levels for patients suffering from chronic lower respiratory diseases, respiratory distress syndrome, and other breathing-related disorders. Oxygen therapy equipment such as oxygen concentrators, liquid oxygen devices, and oxygen cylinders are used to deliver oxygen to these patients through nasal cannulas or masks. The global oxygen therapy market is estimated to be valued at US$ 36.75 billion in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing incidence of chronic respiratory disorders is a major factor propelling the growth of the oxygen therapy market. Chronic lower respiratory diseases such as COPD (chronic obstructive pulmonary disease) and asthma have been rising globally due to increasing pollution levels, rising tobacco consumption, and aging population. According to the Global Burden of Disease Study, in 2019, COPD affected over 328 million people worldwide and caused over 3.2 million deaths. Moreover, according to the WHO (World Health Organization), 235 million people suffer from asthma globally. Rising cases of respiratory disorders have increased the demand for oxygen therapy as it helps to effectively treat respiratory distress associated with these conditions. Furthermore, technological advancements in oxygen therapy equipment, rising awareness about oxygen therapy benefits, and growing focus on home healthcare are some other key factors expected to drive the market growth over the forecast period.
SWOT Analysis
Strength: Oxygen therapy is effective in treating various respiratory diseases and reduces hospitalization. It provides comfort to patients suffering from chronic respiratory problems.
Weakness: High cost of oxygen therapy equipment such as oxygen concentrators & cylinders limits the adoption in low income countries. Portability of equipment is also an issue.
Opportunity: Growing prevalence of COPD and other respiratory diseases increases the demand for home-based oxygen therapy. Emergence of innovative portable oxygen concentrators also opens new opportunities.
Threats: Reimbursement issues related to oxygen therapy limits its adoption in developing regions. Increased usage of cheaper alternative treatment modes also threats the market.
Key Takeaways
The Global Oxygen Therapy Market Size is expected to witness high growth.
Regional Analysis: North America currently dominates the market due to highawareness and more healthcare spending. However, Asia Pacific is expected to be the fastest growing market due to rising incidence of respiratory diseases and improving access to healthcare in countries like China and India.
Key players operating in the oxygen therapy market include Inogen, Nidek Medical, Invacare Corporation, Worthington Industries, AirSep Corporation, DeVilbiss Healthcare, GCE Holding AB, Philips Healthcare,Linde Group, and Chart Industries. These players are focusing on developing innovative oxygen delivery devices as well as adopting partnership strategies to strengthen their presence in the market.
For More details on the topic:
https://www.marketwebjournal.com/oxygen-therapy-market-size-market-share-analysis/
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