Oxygen Therapy Market Size, Share & Trends Analysis Report By Product (Oxygen Source Equipment, Oxygen Delivery Devices), By Application, By End-use, By Region, And Segment Forecasts, 2022 - 2030

Oxygen Therapy Market Growth & Trends

The global oxygen therapy market size is expected to reach USD 40.1 billion by 2030, registering a CAGR of 10.4% during the forecast period, according to a new report by Grand View Research, Inc. The increasing prevalence of major respiratory diseases, such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and obstructive sleep apnea, is a high-impact rendering driver of the market. According to WHO, a global rise in the prevalence of asthma and other respiratory disorders is expected to enhance clinical urgency to treat these conditions and is expected to boost the demand for O2 therapy as the first-line treatment and as a supplement in various applications.

Moreover, technological advancements are anticipated to provide growth platforms in a wide range of new applications such as cancer and diabetes; for instance, the incorporation of flow sensors in delivery devices to conserve & regulate the flow enables greater patient comfort and outcomes. Furthermore, the increasing focus on home healthcare solutions coupled with the development of portable delivery devices has a major impact on the market. These factors are expected to significantly contribute to the market growth during the forecast period.

The COVID-19 pandemic has positively impacted the market for O2 therapy devices. Due to the outbreak, the demand for oxygen significantly increased, especially when the number of patients suffering from COVID-19 increased in hospitals. Moreover, pressure on oxygen supplies in hospitals has been caused by a large number of COVID-19 patients. Therefore, the demand for O2 therapy devices in the healthcare sector has increased and is expected to continue to increase significantly in the near future. Governments of various countries are focusing on expanding healthcare facilities in rural areas. With upcoming infrastructural projects, the demand for medical O2 is expected to substantially increase.

Oxygen Therapy Market Report Highlights

• The oxygen source equipment segment dominated the product segment in terms of revenue share in 2021 owing to its high usage rate and wide-scale availability in various forms such as liquid compressed gas and concentrators
• On the other hand, oxygen delivery devices are expected to grow at a lucrative rate as they are an indispensable part of oxygen therapy set-ups, thereby contributing to the overall market growth during the forecast period
• Oxygen concentrators spearheaded the source equipment market segment owing to the rising popularity and adoption of portable concentrators in emergency medicine, ambulatory, and home settings
• Oxygen masks dominated the delivery devices market segment in 2021, as a consequence of being an indispensable unit of the delivery system and greater availability of specialty masks as per a patient’s physiological needs
• Chronic Obstructive Pulmonary Disease (COPD) held a substantial market share of the application segment and accounted for over 38.0% of the overall revenue share, owing to the presence of unmet needs for COPD treatment, thereby boosting the market demand
• Home healthcare is anticipated to grow lucratively owing to associated benefits such as long-term cost-effectiveness and increased mobility, which is expected to propel the demand during the forecast period
• Moreover, the presence of organizations, such as the American Association for Homecare, to promote awareness and strengthen home healthcare is expected to provide growth opportunities in the market
• Market players are adopting strategies, such as new product development, technological innovation, and strategic collaborations, such as mergers & acquisitions, to increase their industry share