Oxygen Therapy Market to hit a valuation of USD 62.3 Billion by 2032 | North America contributes to 32.0% of market growth

Creating machines and tools that provide oxygen to patients and help control how much they get is helping the medical industry grow. These things, like machines that measure the oxygen flow and devices that release oxygen in pulses, are making it easier to take care of patients.

New York, Sept. 18, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Market.us, the Global Oxygen Therapy Market size is expected to be worth around USD 62.3 Billion by 2032 from USD 35.0 Billion in 2022, growing at a CAGR of 6.1 % during the forecast period from 2023 to 2032.

Oxygen therapy is primarily used to treat disorders such as asthma, chronic obstructive pulmonary disease (COPD), sleep apnea, and other situations in which patients do not receive adequate oxygen. According to the National Institutes of Health (NIH), about 12 million people in the United States have COPD, and the condition claims 120,000 lives each year. According to the Global Asthma Network, around 334 million people worldwide suffer with asthma.

The oxygen is delivered in either liquid or gaseous form via a cannula face mask or a hyperbaric oxygen chamber. They are also linked to other medical instruments, such as ventilators, to improve the success of the treatment.

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Oxygen Therapy Market

Key Takeaway

  • By product type, the oxygen source equipment market dominated with a market share of 70% in 2022 owing to rising incidence of respiratory ailments.
  • By device, the portable segment dominated the market with 63.1% market share owing to the rising popularity of on-demand and continuous portable oxygen concentrators.
  • By application, Chronic obatructive pulmonary disease (COPD) accounted for the largest with a market share of 34.6% in 2022. The increasing number of people with COPD is raising need for COPD treatment, which is driving the growth of the business.
  • By end user, the home health care segment held the largest market of 58.5% in 2022. The increasing use of Long-Term Oxygen Therapy (LTOT) devices in residential settings is expected to drive market growth.
  • In 2022, North America dominated the market with the largest revenue share of 32.0% due to the high level of research and development investments and trials related to oxygen therapy in the region.

Factors affecting the growth of the Oxygen Therapy Market?

Several factors are affecting the growth of the Oxygen Therapy Market. These include:

  • The surge in the latest oxygen therapy solutions: The need for small compact reliable oxygen products is growing, as the patients prefer to use portable devices which are easy to carry for home oxygen therapy. Modern portable devices of oxygen concentrators weigh about 5-7 pounds and can deliver 8-13 hours of oxygen treatment with a single battery charge depends on the flow condition selected by patient. Thus, surge in the lastest oxygen therapy solutions is fostering the market growth.
  • Technological advancements: The development of oxygen sources and oxygen delivery technologies like flow-controlling devices, sensors, pulse dosage meters that can be benficial for patients’ effective care. These are driving factors for  the market growth.

Top trends in the Oxygen Therapy Market

Several types of medical equipment available for home oxygen therapy include concentrators, liquid systems, cylinders, and generators. It  provides supplemental oxygen to the body in order to improve respiratory function. Home oxygen therapy helps patients, who are suffering from hypoxia and whose oxygen level in the blood can differ unconditionally. These can be considered as positive trends, and is likely to boost the growth of the market in the upcoming time period.

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Regional Analysis

In 2022, North America held the largest revenue share of more than 32.0% This is due to the extensive investments in research and development and oxygen therapy trials in the region. In addition, the demand for hyperbaric therapy and local oxygen therapy is increasing in the region. The growth of the market in this region is stimulated by urbanization and occupational hazards, which is increasing the risk for respiratory diseases.

Scope of the Report

Report AttributesDetails
Market Value (2022)USD 35.0 Billion
Market Size in 2032USD 62.3 Billion
CAGR (2023 to 2032)6.1%
North America Revenue Share32.0%
Historic Period2016 to 2021
Base Year2022
Forecast Year2023 to 2032

Market Drivers

The demand for the smallest and most dependable portable oxygen solutions is on the rise. As they prefer to utilize portable home oxygen therapy equipments. The oxygen conserving techniques and lithium-ion battery technology has made battery last longer in portable oxygen solutions which is driving the market.

Market Restraints

Oxygen concentrators can cause nasal drying and skin irritation when used for therapy. In addition, regular use of a nose cannula or mask can cause some skin irritation, including rashes and breakouts, thereby, restraining the market growth.

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Market Opportunities

Technological advancement is rising in oxygen therapy devices. Development in PPG sensors and 5G connectivity has led to a growing trend for digital health data transfer to oxygen therapy monitoring. The device is placed on the specific body parts, such as earlobes, fingertips, and the forehead. Such advancements are likely to provide new growth opportunites for the market in the upcoming years.

Report Segmentation of the Oxygen Therapy Market

Product Type Insight

In 2022, oxygen source equipment held the majority of revenue share. It accounted for the market share of 70.0% among other product types. Oxygen concentrator is a portable device, which is the best alternative for remote and resource-poor areas. In these areas, there is limited availability of oxygen plants and oxygen cylinders.

Device Insight

In 2022, the portable device held 63.1% of the global market. Continuous portable oxygen therapy is becoming more and more popular and adopted in various sectors, including contingency medicine. The rise in demand is due to the entry of new manufacturers for oxygen therapy products in the market.

By Application

Chronic obstructive pulmonary disease (COPD) accounted for the largest market share of 34.6% share in 2022 owing to the increasing prevalence of COPD globally. The increasing number of people with COPD is raising the clinical need for COPD treatment, which is driving the growth of the business.

Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View a PDF sample report @ https://market.us/report/oxygen-therapy-market/request-sample/

Market Segmentation

By Product Type

  • Oxygen Source Equipment
  • Oxygen Concentrators
  • Liquid Oxygen Devices
  • Oxygen Cylinders
  • Oxygen Delivery Devices
  • Oxygen Masks
  • Nasal Cannulas
  • Venturi Masks
  • Non-rebreather Masks
  • Bag-value Masks
  • Other Oxygen Delivery Devices

By Device

  • Stationary
  • Portable

By Application

  • Chronic Obstructive Pulmonary Disease
  • Asthma
  • Obstructive Sleep Apnea
  • Respiratory Distress Syndrome
  • Cystic Fibrosis
  • Pneumonia
  • Other Applications

By Geography

  • North America
    • The US
    • Canada
  • Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Russia
    • Netherland
    • Rest of Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • New Zealand
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA

Competitive Landscape

Philips Healthcare, Linde Healthcare, Chart Industries, Inc., and Invacare Corporation are some of the market leaders in the global portable oxygen concentrators market. The operating companies are expanding their business through several strategies such as introduction of new products, technological progress and also focusing on mergers and acquisitions.

Some of the major players include:

  • Philips Healthcare
  • Linde Healthcare
  • Chart Industries, Inc.
  • Invacare Corporation
  • Smiths Medical
  • Drägerwerk AG & Co. KGaA
  • Teleflex Incorporated
  • Fisher & Paykel Healthcare Corporation Limited
  • GE Healthcare
  • Other Key Players

Recent Development of the Oxygen Therapy Market

  • In November 2021, UNICEF and the UK government collaboratively developed an advanced oxygen concentrator for low-resource settings. COVID-19 campaign was conducted by UNICEF to combat the pandemic and meet the oxygen requirements of critical care settings.
  • In July 2023, ESAB Corporation’s Gas Control Business acquired Ohio Medical & Therapy Equipment in order to expand its portfolio with GCE Healthcare. The acquisitions reinforced their ability to deliver complete gas control equipment solutions from one source.

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