by Oxygen therapy or supplemental oxygen refers to the medical use of oxygen when the body’s oxygen supply is interrupted, insufficient, or when medical need requires higher than atmospheric levels of oxygen. The therapy is widely used with chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma to relieve symptoms of shortness of breath and improve patient exercise capacity. Oxygen therapy is administered through nasal cannulas, oxygen masks, continuous flow or demand oxygen delivery systems and oxygen concentrators.
The global oxygen therapy market is estimated to be valued at US$ 36.75 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the oxygen therapy market is the increasing prevalence of chronic respiratory diseases globally. According to estimates by the Global Asthma Network, over 300 million people suffer from asthma. This number is projected to increase by over 100 million by 2025. COPD is also on the rise and as per Global Initiative for Chronic Obstructive Lung Disease (GOLD), it affected nearly 174.5 million people in 2015 and is predicted to be the third leading cause of death worldwide by 2020. Rising pollution levels, growing number of smokers, aging population and lifestyle changes have contributed to the increasing prevalence of conditions like COPD and asthma which require continuous or supplemental oxygen therapy for management of symptoms. Tobacco smoking remains a major risk factor for the development of COPD and asthma. An estimated 1.1 billion people globally smoke tobacco products. Tobacco smoke induces disease processes and amplifies symptoms in the respiratory tract, driving the need for oxygen treatment globally. The WHO predicts that if current trends continue, smoking will claim around 8 million lives annually by 2030, directly impacting the oxygen therapy market growth.
SWOT Analysis
Strength: Oxygen therapy market has strong growth potential due to rising prevalence of respiratory disorders like COPD and asthma. Home oxygen therapy ensures convenience and comfort for patients. Portable oxygen concentrators allow mobility and independence to users.
Weakness: High costs associated with oxygen therapy equipment and maintenance can reduce affordability. Dependence on oxygen cylinders requires regular refills. Lack of awareness in developing nations restricts market growth.
Opportunity: Increasing healthcare expenditures in emerging nations create scope. Rising air pollution levels globally will boost respiratory issues. Advancements in oxygen delivery technologies opens new avenues. Growing geriatric population expands patient base.
Threats: Presence of local vendors provide low cost alternatives. Stringent regulatory approvals for new products delays market entry. Reimbursement issues in certain regions pose challenges.
Key Takeaways
The Global Oxygen Therapy Market Size is expected to witness high growth. It is projected to reach a value of US$ 36.75 Bn by 2024 from US$ 21.5 Bn in 2018, expanding at a CAGR of 3.7% during the forecast period.
Regional analysis: North America holds the dominant share currently due to supportive reimbursement policies and healthcare infrastructure. Asia Pacific is anticipated to grow the fastest owing to rising pollution levels, growing medical tourism, and increasing accessibility of oxygen therapy devices in middle-income countries.
Key players: Key players operating in the oxygen therapy market are Schmitz Cargobull, China International Marine Containers (Group) Ltd., Polar Tank Trailer, Llc (Entrans International, Llc Company), Fontaine Commercial Trailer, Inc., Lamberet Sas (Xinfei France Sa), Great Dane, Krone Commercial Vehicle Group (Bernard Krone Holding), and Kogel Trailer Gmbh & Co.Kg.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
