The Global Oxygen Therapy Market was valued at US$ 11.45 billion in 2022 and is predicted to increase to US$ 18.55 billion by 2027, growing at a CAGR of 10.12% during the forecast period of 2022-2027.
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The COVID-19 pandemic had a positive impact on the global oxygen therapy market. The spreading of the disease led to an increase in the demand for oxygen therapy devices to treat the patients suffering from the COVID-19. Furthermore, with the spread of the virus, several manufacturers started focusing on launching new and innovative products to help handle the crisis and match the demand for devices for treating the patients. Therefore, the market for oxygen therapy devices is expected to grow during the COVID-19 period. However, a fall in demand and overall sales of these devices are predicted post-pandemic as the spread of the virus declines. The pandemic outbreak has increased awareness among people, which is expected to aid market growth during the projection period, but the growth may not be as high as the current rate.
The primary factor driving the global oxygen therapy market is the increase in lung damage caused by pollution, occupational hazards, and tobacco consumption, leading to patients suffering from diseases like pneumonia, Chronic Obstructive Pulmonary Disease (COPD), and cardiovascular disease diseases. The rise in the use of oxygen therapy treatment for patients who have asthma, COPD, and respiratory distress syndrome is expected to propel the market growth during the forecast period. Furthermore, using oxygen therapy in the long-term for treating chronic lung disease will also help improve patients’ quality, which is also aiding the market growth. COPD is expected to become the third most fatal disease globally by 2024. Center for Diseases Control and Prevention (CDC) stated that approximately 15.7 million people were diagnosed with COPD in the United States in 2013. According to WHO, around 3 million people die each year due to COPD, and approximately 90% of the deaths in underdeveloped and developing countries are due to COPD. They also stated that the number of deaths due to COPD is predicted to rise by 30% in the following decade. Therefore, all these factors are anticipated to drive market growth during the forecast period.
Moreover, the rise in the geriatric population, increase in healthcare expenditure, growing government initiatives, extensive research and development activities, and the development of rapid, accurate, and cost-effective oxygen therapy devices are a few other essential factors that are responsible for the market expansion during the projection period.
The major factors restricting the growth of the global oxygen therapy market include the high cost associated with the equipment, irregular reliability, Medicare reimbursement rate cuts, and possible side effects on the usage like skin irritations and nasal dryness. In addition, the presences of low-cost alternatives and the strict regulatory guidelines leading to delays in product approvals are also factors attributing to market growth obstruction and are impeding the market growth rate.
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KEY MARKET INSIGHTS:
- The home healthcare segment dominated the market and is expected to continue its dominance over the forecast period due to an increase in the geriatric population and a rise in the number of patients with low mobility who require long-term care.
- The COPD segment accounted for the highest market share and is anticipated to grow at a CAGR of 10.5% over the next five years. The factors attributing to the growth of this segment include an increase in the prevalence of Chronic Obstructive Pulmonary Disorder (COPD). The asthma segment is anticipated to hold the second-largest market share during the forecast period, whereas the sleep apnea segment is predicted to grow substantially during the projection period.
- The oxygen source equipment segment is expected to dominate the market with a CAGR of 11% due to its extensive use as the first treatment line. Both oxygen delivery devices and oxygen concentrators are anticipated to grow during the forecast period substantially. In contrast, the oxygen mask segment is predicted to grow steadily during the forecast period.
- The North America segment accounted for the largest market share and is predicted to continue its dominance during the projection period owing to the increase in R&D activities, rise in preference for homecare in the older population, increase in M&A activities and rise in the number of product endorsements. The United States dominates the North American oxygen therapy market growth. The country witnesses advanced technology and a well-structured infrastructure.
- Europe is predicted to account for the second-largest market share due to favorable government initiatives to increase awareness. Evolving healthcare infrastructure, supportive government policies, and key market players further drive the market growth. The UK is estimated to register a significant market share in the coming period.
- The Asia-Pacific segment is predicted to grow at the fastest CAGR during the forecast period due to the developing regulatory landscape and increased public expenditure to enhance healthcare infrastructure. Emerging countries such as China, Japan, and India are expanding the regional market growth. China shares a significant portion of share in the market.
- A few major players in the global oxygen therapy market include Invacare Corporation, Care Fusion Corp., Allied Healthcare Products, Philips Respironics, Inc., Hersill, Teleflex Incorporated, GE Healthcare, MAQUET Medical Systems, Fisher & Paykel Healthcare Limited, Smiths Medical, and DeVilbiss Healthcare.
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