Oxygen therapy involves the administration of oxygen to patients suffering from various respiratory diseases like asthma, chronic obstructive pulmonary disease (COPD), and pneumonia. Oxygen therapy devices such as oxygen concentrators, liquid oxygen devices, and oxygen cylinders are used to deliver supplemental oxygen to patients with low blood oxygen levels. These devices provide safe and effective oxygen therapy at home for patients.

The global oxygen therapy market is estimated to be valued at US$ 36.75 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The rising prevalence of respiratory diseases has emerged as a key driver fueling the growth of the Global Oxygen Therapy Market Size. As per the World Health Organization (WHO), respiratory diseases account for over 8 million deaths globally each year. Common respiratory diseases like COPD and asthma are becoming highly prevalent worldwide due to rising pollution levels, smoking rates, and aging population. For instance, according to the Centers for Disease Control and Prevention (CDC), in the U.S over 25 million people suffer from asthma while nearly 16 million adults suffer from COPD. The growing patient pool of respiratory diseases is increasing the demand for oxygen therapy as it provides an effective treatment for such conditions. This widespread prevalence of respiratory illnesses represents a major market opportunity for players in the oxygen therapy market to further expand their product offerings and build awareness regarding oxygen therapy.

Porter’s Analysis

Threat of new entrants: The requirement of high capital investment and strong distribution network acts as a deterrent for the new players in the market.

Bargaining power of buyers: The buyers have moderate bargaining power due to availability of various product options from different manufacturers.

Bargaining power of suppliers: The suppliers have moderate bargaining power due to availability of variety of raw material suppliers in the market.

Threat of new substitutes: There is a low threat from substitutes due to lack of close substitutes for oxygen therapy.

Competitive rivalry: The competitive rivalry is high among the existing players due to presence of numerous global as well as regional players.

SWOT Analysis
Strength: Growing geriatric population suffering from chronic respiratory diseases, technological advancements offering compact portable oxygen systems.

Weakness: High cost of oxygen concentrator devices and therapy, reimbursement issues related to oxygen therapy especially in developing nations.

Opportunity: Increasing healthcare expenditures in emerging markets, untapped opportunities in rural areas of developing nations.

Threats: Risk of infection associated with long term oxygen therapy, preference for alternative treatment methods in some developing regions.

Key Takeaways

The global Oxygen Therapy Market is expected to witness high growth owing to increasing prevalence of respiratory diseases worldwide. The global oxygen therapy market is estimated to be valued at US$ 36.75 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.

Regional analysis: North America accounted for the largest share of the global oxygen therapy market in 2023. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period majorly driven by rising healthcare infrastructure and growing awareness regarding respiratory diseases.

Key players: Key players operating in the oxygen therapy market include Schell, AirSep, Invacare, Teleflex, Philips, Smiths Medical, ResMed, Technogenetics, and Inogen amongst others.

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