Global Oxygen Therapy Market Report, Industry Analysis and Forecast to 2029

The global Oxygen Therapy market was valued at USD 16.6 billion in 2021 and is projected to reach 36.5 USD billion in 2029, at a Compound Annual Growth Rate (CAGR) of 10.4 % during the forecast period 2022-2029.

Oxygen therapy or supplemental oxygen alludes to a medical treatment that involves utilizing an additional oxygen source to manage blood oxygen levels and prevent carbon monoxide toxicity. It is mainly used to treat various diseases such as asthma, chronic obstructive pulmonary disease (COPD), sleep apnea, Respiratory Distress Syndrome, Pneumonia, and others.

Oxygen Therapy Market is segmented into product types such as Oxygen Source Equipment - Oxygen Cylinders, Oxygen Concentrators, Liquid Oxygen Devices & PAP Devices, and Oxygen Delivery Devices - Oxygen Masks, Venturi Masks, Nasal Cannula, CPAP Masks, Bag Valve Masks, Non-rebreather Masks, & Others. Additionally, the market is segmented into applications such as COPD, Obstructive Sleep Apnea, Asthma, Cystic Fibrosis, Respiratory Distress Syndrome, Pneumonia and others. This report emphasizes the type and application of Oxygen Therapy in different regions and countries over the forecast period.

Source: Marketlook Consulting

Global Oxygen Therapy Market Overview

The rising incidence of chronic respiratory diseases and the rising demand for home healthcare are among the significant growth drivers. According to the Centres for Disease Control and Prevention (CDC) in the United States, COPD affects more than 15 million adults, it is a significant reason for disability, and is the fourth driving cause of death in the United States and 120,000 people die each year. As per the information distributed by the Global Asthma Network (GAN), asthma affects nearly 334 million individuals around the world. The rising patient population is further expected to boost the demand for these products, thereby driving the industry in the coming years.

Oxygen Therapy Market Dynamics

The primary factor energising the growth of the oxygen therapy market is the ascent in the prevalence of respiratory disorders and the growing number of older individuals. Additionally, rising demand for home oxygen therapy and technological advancements are the key factors boosting market expansion. The market growth rate will be tempered by additional essential elements, such as a rise in the switch from conventional cylinders to portable concentrators. Moreover, the key factors that will further affect the growth rate of the oxygen therapy market are the early discovery of respiratory diseases and the rising predominance of cigarette use. Moreover, the demand for oxygen therapy will benefit from increased telemonitoring and telemedicine. According to WHO Hypoxaemia is a major contributor to the child deaths from pneumonia that occur worldwide each year; for a child with pneumonia, hypoxemia increases the risk of death by up to 5 times.

The UN 2030 Agenda for Sustainable Development and the WHO Global Action Plan for the Prevention and Control of Noncommunicable Diseases (NCDs) both include COPD. Progress in this area is made possible by the Framework Convention on Tobacco Control and WHO initiatives like MPOWER and mTobacco Cessation are enabling progress in this area. In order to prevent and control chronic respiratory diseases, the Global Alliance against Chronic Respiratory Diseases (GARD) complements WHO's efforts.

Additionally, the creation of independent and portable oxygen treatment equipment is an example of a technological leap forwards in this field. Cylinder-based oxygen transport techniques will be transitioned away in favour of portable oxygen concentrators. While oxygen cylinders depend on a finite supply of oxygen, portable oxygen concentrators filter the air in a room to produce therapeutic oxygen. The use of portable oxygen concentrators is thought to be the fate of oxygen therapy and may help patients enjoy more satisfying lives.

Source: OECD

The factors restricting market growth incorporate, notwithstanding, the high price of oxygen concentrators and their unfavourable effects which include skin irritation and nasal dryness when used restoratively. The market for oxygen therapy will experience difficulties due to the complex regulatory requirements that create delays in product approval. Furthermore, the accessibility of affordable substitutes made by regional manufacturers and Medicare reimbursement rate reductions for home oxygen treatment will act as market restrictions and slow the industry's improvement pace.

Oxygen Therapy Market Report Outlook

The Oxygen Therapy market report focuses on different aspects regarding the type of Oxygen Therapy, and across the different applications used in the Healthcare sector. The research analyses the different types, and Applications of the product in order to obtain a better understanding of the growth and trends of the market since 2019 which also facilitates the estimation of the upcoming growth of the market in the next 7 years.

Oxygen Therapy Market Competitive Landscape

The report also holds competitive analysis which can be used to differentiate different types of products; technologies used in manufacturing the products; prices; innovation in R&D; organic and inorganic growth strategies; financial analysis to determine the revenue generation and other key aspects of the finance; new partnership, joint ventures, collaborations, and acquisitions; market share of the top competitors in the market; and understand the growth strategies being undertaken by these major players to analyse the future market trends.

Major companies such as Fisher & Paykel Healthcare on May 2022 unveils a new Airvo 3 high flow system that incorporates the company’s OptiO2 closed-loop system for targeted oxygen delivery, which helps to ensure the patient is provided with the right level of oxygen. Other new features include an integrated battery, a large touchscreen interface, expanded settings for pediatric and neonatal patients, and an increased maximum flow rate of 70 litres per minute compared to 60 litres per minute on the Airvo 2. Additionally, Philips Respironics introduced the new Philips Respironics E30 ventilator to help free up ICU units in wake of COVID-19 In April 2020.

Other major players holding prominent share in the Oxygen Therapy market include GE Healthcare Systems, Hersill S.L, Philips Respironics Inc., DeVilbiss Healthcare, Smiths Medical, Fisher & Paykel Healthcare Limited, Teleflex Incorporated, Invacare Corporation, Tecno-Gaz S.P.A & Smiths Group plc.  There are several regional and local players in this market across the globe which are contributing to the revenue growth of the market and thus expected to flourish with new launches and expansion in the upcoming years.

Oxygen Therapy Market Regional Analysis

The market synopsis will also cover the regional dynamics and growth prospects, including North America, Asia Pacific, Europe, Latin America, & Middle East and Africa. These regions will be analysed per country on the basis of market drivers, restraints, opportunities, and trends to get a closer view of the market studied.

Moreover, North America held the most significant component of the global oxygen therapy market in 2021. For instance, in collaboration with North American Nocturnal Oxygen Therapy, the British Medical Research Council funded studies on the viability of long-term O2 therapy. Demand is also being supported by the rising use of hyperbaric oxygen treatment and topical wound oxygen therapy (TWO) in this region. Moreover, there is a high chance of developing respiratory diseases around here because of urbanization and workplace risks. Thus, the above factors will drive the market throughout the forecast period.

The Europe oxygen therapy market now follows the North American market because of favourable government initiatives for improving respiratory care, like the European Committee for Hyperbaric Medicine (ECHM), to promote awareness about the treatment. Furthermore, the Asia-Pacific oxygen therapy market is expected to offer a rewarding market because of the increasing older population who require home-based oxygen therapy. Besides, an ascent in medical services in emerging economies such as China and India will fuel the market further. The Asia-Pacific region is expected to experience faster growth, attributable to expanded public spending on healthcare infrastructure development, the developing regulatory landscape, and leading players operating in this region's emerging economies. Scrutinizing these factors for the countries is expected to enhance the value chain of the Oxygen Therapy market and aid us with better insights about the same.

Oxygen Therapy Market In-depth Analysis Aspects

To mention certain other aspects which will include the Porter Five Forces, Pricing analysis, PESTEL Analysis, Export-Import data, and Industry Value Chain will also bind the analysis of the report.

Research Methodology

The study period of the market is considered to be 10 years (2019-2029) which will be analysed through the two major research techniques – Primary and Secondary Research methods. The primary research method includes the interviews of the key personnel in the industry considered as the industry experts, major distributors, suppliers, and consumer base sample survey to understand the direct perspective of the market. Additionally, these data are backed by the secondary research method which includes company overview through websites, annual reports, SEC filings, investor presentations, news, and databases. The growth trends are always measured on the basis of current and past scenarios considering any recent news which can drastically impact the growth rate of the market studied. Moreover, the consumption forecast depends on the company’s upcoming plans and revenue generation aspects.

Benefits of The Report

• The report is designed to understand the past, present, and future market scenarios considering all the growth, restraining, and other factors influencing the market studied.
• The report is designed with the assistance of the industry experts for a better understanding of the market studied
• The market is analysed with an in-depth study of the company’s view on the market considering the present economical, political, social, geographical, and legal factors.
• To gain a clear insight for a better future perspective of the market studied in 360-degree synopsis.
• Understand the competition in the market being a part of the market or a new entrant in the market.
• Analyse the different aspects in different geographies influencing the growth of the market through a diverse consumer base.