The new report by Expert Market Research titled, ‘Global Oxygen Therapy Market Trend, Size, Share, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global oxygen therapy market, assessing the market based on its segments like products, applications, end-users, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 11 billion
- Forecast CAGR (2023-2028): 1%
- Forecast Market Size (2028): USD 17 billion
The market for oxygen therapy is being propelled by the rising cases of chronic respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD). The growing efforts by organisations like UNICEF to raise awareness regarding hypoxaemia, which is one of the leading causes of child death, are further augmenting the market growth.
The surging geriatric population in Europe among which respiratory issues are common also aids the growth of the oxygen therapy industry. In addition, the introduction of various favourable government policies and incentives to provide cost-effective supplement oxygen to patients is providing further impetus to the market growth.
Industry Definition and Major Segments
Oxygen therapy is a treatment that delivers oxygen gas to people with morbidities. It can be received from tubes resting in the nose, a face mask, or a tube placed in the trachea or windpipe. Low oxygen can result in shortness of breath and tiredness. Oxygen therapy is prescribed by a medical professional to increase the amount of oxygen received in the lungs and increase the blood oxygen level.
The major products of oxygen therapy are:
- Oxygen Source Equipment
- Oxygen Cylinders
- Oxygen Concentrators
- Liquid Oxygen Devices
- PAP Devices
- Oxygen Delivery Devices
- Oxygen Masks
- Nasal Cannula
- Venturi Masks
- Non-Rebreather Masks
- Bag Valve Masks
- CPAP Masks
On the basis of applications, the market is segmented into:
- Chronic Obstructive Pulmonary Disease
- Obstructive Sleep Apnea
- Respiratory Distress Syndrome
- Cystic Fibrosis
Based on end-users, the market can be broadly categorised into:
- Home Healthcare
The regional markets of oxygen therapy are:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
The market for oxygen therapy is being driven by the surge of COVID-19, which is consequently resulting in pneumonia and other respiratory-related issues. The increasing demand for supplemental oxygen in both hospitals and COVID speciality centres is further fueling the market growth. The surge of the second wave of the pandemic in middle-income and low-income country is leading to the rising production of supplement oxygen products which is expected to propel the market growth.
In addition, escalating research and development (R&D) activities by the leading companies to create cost-efficient and low-maintenance portable oxygen cylinders and concentrators to aid the comfort of patients is anticipated to further propel the growth of the oxygen therapy industry.
Key Market Players
The major players in the market are Hersill S.L., Philips Respironics, Inc., DeVilbiss Healthcare LLC, Smiths Group plc, and, Teleflex Incorporated, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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