Global Oxygen Therapy Market - 2023-2030

Global Oxygen Therapy Market - 2023-2030

The global oxygen therapy market reached US$ 29.6 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 47.6 billion by 2030. The global oxygen therapy market is expected to exhibit a CAGR 6.3% during the forecast period (2023-2030). Increasing demand for homecare oxygen therapy, shift towards lightweight and portable devices, and growing focus on remote patient monitoring are some recent market trends.

The global oxygen therapy market has been expanding continuously in recent years. Oxygen therapy is a medical intervention that involves the giving of supplemental oxygen to those who have difficulty breathing or have low levels of oxygen in their blood. It is used to improve the oxygen flow to various body beings tissues and organs, ensuring enough oxygenation for appropriate functioning.

The global oxygen therapy market scope comprises components encompassing its products such as oxygen delivery devices, including oxygen concentrators, oxygen cylinders, liquid oxygen systems, and oxygen masks which has increased usage of oxygen therapy market share. The global market for oxygen therapy is expanding as a result of factors including increasing prevalence of respiratory diseases, growing aging population, rising healthcare expenditure, and technological advances.

Market Dynamics
Growing Aging Population to Drive the Growth of the Oxygen therapy Market
The global population is rapidly aging, resulting in an increased prevalence of respiratory problems among the elderly. As people age, their lung function deteriorates, necessitating the need for oxygen therapy. The need for oxygen therapy devices and services is being driven by an aging population, particularly in developed nations.

For instance, according to World Health Organization (WHO) 2022 report, by 2030, about one out of every six people on the planet will be 60 or older. Within this time span, the share of the world population aged 60 and up is expected to increase from 1 billion in 2020 to 1.4 billion. As a result, the growing aging population is expected to fuel the growth of the oxygen therapy market over the forecast period.

Increasing Healthcare Expenditure is one of the Major Driver in the Global Oxygen Therapy Market

The global increase in expenditure on healthcare has benefited the oxygen therapy market. Governments and private healthcare providers are investing in innovative medical technologies, such as oxygen therapy equipment, to address the growing need for respiratory care. Rising disposable incomes and expanded insurance coverage in emerging economies have also contributed to greater spending on oxygen therapy.

For instance, on June 2022, U.S. Agency for International Development (USAID) has announced a $50 million initiative to increase global access to medical oxygen, with a focus on the construction and improvement of healthcare infrastructure in fifty areas throughout the world. This investment is expected to support nearly 20,000 beds, allowing hundreds of thousands of patients each year to receive life-saving oxygen.

Furthermore, the U.S. is the greatest donor to The Global Fund, having contributed more than $600 million to improve access to medical oxygen in low- and middle-income nations. Since the beginning of the epidemic, USAID has provided direct funding of $112 million to boost oxygen distribution in 50 countries. These significant investments show a commitment to expanding access to oxygen therapy and are projected to have a beneficial influence on the oxygen therapy market.

The Stringent Regulatory Compliance will Hamper the Growth of the Market
The oxygen therapy market is hampered by stringent regulations. For instance, on May 2023, The Pulmonary Fibrosis Foundation's medical advisory board has issued an advisory statement emphasizing the necessity of utilizing only FDA-approved oxygen delivery equipment as prescribed by healthcare professionals. The report warns against buying oxygen supply equipment without a prescription, which might lead to significant health issues.

Furthermore, non-FDA-authorised oxygen delivery systems may not provide a reliable oxygen supply, emphasizing the importance of using certified equipment. These laws operate as market restraints by emphasizing the necessity of patient safety and the consistent delivery of oxygen therapy via recognized channels.

COVID-19 Impact Analysis
The COVID-19 epidemic severely impacted the global oxygen therapy market. The increase in COVID-19 cases increased the need for oxygen therapy, an acute treatment for severe respiratory distress. As a result, there were shortages, necessitating quick scaling of oxygen production and infrastructure.

The market saw an increase in sales and revenue, and the pandemic highlighted the significance of respiratory treatment and appropriate oxygen delivery long after the crisis had passed. Remote patient monitoring advancements altered the market even more. However, the influence differed by region. Overall, COVID-19 highlighted the importance of oxygen therapy and left an everlasting effect on the global industry.

Russia-Ukraine War Impact Analysis
The Russia-Ukraine conflict has had a major effect on the oxygen therapy market, disrupting healthcare facilities, displacing populations, and straining resources. Due to injuries, respiratory ailments, and stress-related health difficulties, the conflict has raised the demand for medical oxygen. However, infrastructure loss and disrupted supply chains have made it difficult to offer appropriate oxygen therapy to people in need.

Furthermore, allocating resources to rapid emergency response and humanitarian help may impede long-term healthcare infrastructure development, reducing the capacity to provide comprehensive oxygen treatment services. The specific impact on the oxygen therapy industry will vary depending on the length and intensity of the conflict, with local healthcare providers and international assistance organizations playing critical roles in maintaining compliance.

Segment Analysis
The global oxygen therapy market is segmented based on product, application, end user, and region.

The Chronic Obstructive Pulmonary Disorder (COPD) Segment Accounts for 31.2% of Market Share Owing to the Increasing Prevalence
The Chronic Obstructive Pulmonary Disorder (COPD) segment emerged as the market leader in oxygen therapy. COPD, a progressive lung disease characterized by airflow limitation, has a significant global impact, particularly among smokers and the elderly. COPD patients frequently require long-term oxygen therapy to enhance their oxygen levels and properly control their symptoms.

The global incidence of COPD has resulted in a significant demand for oxygen therapy devices and services tailored to this market segment. For instance, according to World Health Organization (WHO) statistics of 2023, COPD is the third leading cause of death worldwide. Furthermore, COPD has a significant impact, resulting in nearly 3.23 million deaths in 2019.

Moreover, it is worth emphasizing that low- and middle-income countries (LMICs) bear a disproportionately high burden of COPD, accounting for approximately 90% of COPD-related fatalities. Tobacco smoking is a key factor in COPD in high-income countries, accounting for more than 70% of cases. Also, with rising awareness of COPD and a growing need for respiratory assistance among affected persons, the COPD segment has established itself as the market's leading segment, driving overall growth and development.

Geographical Analysis
North America Accounted for Approximately 39.7% of the Market Share Owing to the Increasing Funding For Research Activities

North America is poised to dominate the oxygen therapy market due to rising awareness and a robust regulatory framework. For instance, companies such as Inogen, Inc. on January 2023, have gained key regulatory milestones in the EU and the US, increasing the availability and accessibility of portable oxygen concentrator equipment. This illustrates the company's dedication to providing novel respiratory treatments in the homecare sector.

Furthermore, initiatives such as Hyperbaric Knowledge USA's Hyperbaric Aware national campaign on May 2023, help to raise knowledge about hyperbaric oxygen therapy (HBOT) and its benefits. Collaboration with organizations such as the Undersea and Hyperbaric Medical Society (UHMS) and physician leaders provides vital resources for both patients and clinicians, developing a greater understanding of oxygen therapy. Thus, owing to the above factors the market is expected to grow over the forecast period.

Competitive Landscape
The major global players in the oxygen therapy market include GE Healthcare, Invacare Corporation, Inogen, IUC Medical (Smiths Medical), HERSILL S.L., Fisher & Paykel Healthcare Limited, Philips Respironics, Inc., DeVilbiss Healthcare, Tecno-Gaz Industries, Allied Healthcare Products, Inc., and among others.

Why Purchase the Report?
• To visualize the global oxygen therapy market segmentation based on product, application, end user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of oxygen therapy market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available as excel consisting of key products of all the major players.
The global oxygen therapy market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies