Global Oxygen Therapy Equipment Market Trends, Size, By Product Type (Bag-Valve Mask and Oxygen Source Equipment), By Portability (Portable and Stationary), By Application (Asthma, Pneumonia, Chronic Obstructive Pulmonary Disease (COPD), Respiratory Distress Syndrome, Cystic Fibrosis, and Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa): Global Opportunity Analysis and Industry Forecast, 2023-2030.
Global Oxygen Therapy Equipment Market
The Global Oxygen Therapy Equipment Market was valued at US$ 35.58 Bn in 2022, estimated to reach US$ 60.08 Bn by 2030, with a CAGR of 6.68% from 2023-2030.
For those whose bodies don't obtain enough oxygen, oxygen therapy is a treatment option. Because tissue oxygenation is essential for appropriate physiological function and oxygen is needed for a variety of cell metabolisms. Oxygen therapy is a medical intervention that uses oxygen gas to provide both acute and chronic patient care. Equipment for oxygen treatment is used to treat a variety of respiratory illnesses since it offers supporting relief and complementary elements. It is now an essential component in properly managing several illnesses, including chronic obstructive pulmonary disease, asthma, and other forms of respiratory pain. Improved breathing, more energy, and heart failure prevention are among the advantages of oxygen treatment.
Market Drivers
The rise in tobacco use and the prevalence of respiratory disorders, the preference for standalone oxygen therapy equipment over portable equipment, and ongoing technological advancements in the field of oxygen therapy all contribute to the growth of the oxygen therapy equipment market. However, the market expansion is hampered by strict regulatory restrictions that could delay the product approval of oxygen therapy goods. Opportunities for market expansion are anticipated to arise from an increase in the patient pool suffering from respiratory disorders.
Market Restraints
The obstacles that will limit market expansion are the high price of oxygen concentrators and their adverse effects, which include skin irritation and nasal dryness when used therapeutically. The market for oxygen therapy equipment will have difficulties as a result of the tight regulatory requirements that cause delays in product approval. Additionally, the availability of inexpensive substitutes made locally and Medicare reimbursement rate reductions for home oxygen therapy will act as market restraints and slow the market's development pace.
Market Segmentation
The scope of the Global Oxygen Therapy Equipment Market covers segmentation based on Product, Type, End User, and Region.
Based on Product Type, the market is divided into Bag-Valve Mask and Oxygen Source Equipment.
Based on Portability, the market is classified into Portable and Stationary.
Based on Application, the market is bifurcated into Asthma, Pneumonia, Chronic Obstructive Pulmonary Disease (COPD), Respiratory Distress Syndrome, Cystic Fibrosis, and Others.
Regional Analysis
The Global Oxygen Therapy Equipment Market is segmented into 5 main regions, namely North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
North America estimated to hold the major market share during the forecast period, due to respiratory disorders are becoming more common and there being greater healthcare infrastructure. Additionally, the country's per capita health spending has increased and is anticipated to do so over the projected period as a result of the decline in the unemployment rate. Smoking is the main risk factor for the majority of respiratory illnesses. According to estimates from the Centres for Disease Control and Prevention (CDC), more than 15 out of every 100 US persons who were 18 years of age or older smoked cigarettes in 2016. Due to a rising smoking prevalence and an aging population, COPD cases are predicted to rise in the United States.
Key Players
Linde plc, Invacare Corporation, Chart Industries, Koninklijke Philips N.V., BD, Smiths Medical, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, Drägerwerk AG & Co. KGaA, Inogen, Inc.
Market Taxonomy
By Product Type
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