by Oxygen therapy products play an important role in improving breathing and respiratory functions among patients suffering from conditions such as chronic obstructive pulmonary disease, asthma, and cystic fibrosis. Continuous positive airway pressure (CPAP) machines and oxygen concentrators are two of the commonly used devices for oxygen therapy. CPAP machines facilitate breathing by providing a steady stream of pressurized air through a mask worn over the nose or mouth while sleeping. Oxygen concentrators extract oxygen from room air and deliver it through nasal cannulas or masks. The growing global prevalence of respiratory diseases such as COPD owing to increasing pollution levels and smoking rates has significantly driven demand for oxygen therapy products.
The global Oxygen Therapy Market is estimated to be valued at US$ 36.75 billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the oxygen therapy market is the growing popularity of portable oxygen concentrators. Portable oxygen concentrators are lightweight, compact devices that provide continuous flow of oxygen without being tied to a stationary power source. They allow greater mobility and convenience for oxygen-dependent patients. Technological advancements are leading to the development of more efficient portable oxygen concentrators with longer battery life. Manufacturers are also focusing on integrating additional features such as pulse oximetry and oxygen enrichment into portable concentrators. The increasing demand for home healthcare is also driving the demand for portable oxygen concentrators.
Porter’s Analysis
Threat of new entrants: The oxygen therapy market has moderate threat of new entrants due to regulations and established market players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute treatments.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Threat of substitutes is moderate as new alternative treatment options continuously emerge.
Competitive rivalry: The market has high competitive rivalry due to presence of large global players.
Key Takeaways
Global Oxygen Therapy Market Demand is expected to witness high growth. North America region currently dominates the market and is expected to continue its dominance over the forecast period due to growing aging population and rising adoption of home healthcare therapies. Key players operating in the oxygen therapy market are Ottobock, Össur hf, Teh Lin Pros. & Ortho. Inc., Shijiazhuang Wonderfu Rehabilitation Device Technology Co., Ltd., Hebei Baisite Prosthetic Orthotic Technology Co., Ltd., Beijing Jingbo Prosthetics & Orthotics Technical Co., Ltd., Nobel China Limited, Shijiazhuang Aofeite Import & Export Co., Ltd., e-Life International Co., Ltd., Rehan International Co., Ltd., and Xiamen Huakang Orthopedic Co., Ltd.
Regional analysis: North America accounts for the largest share in the global oxygen therapy market currently. This can be attributed to the growing geriatric population and rising need for home healthcare therapies in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by increasing healthcare spending and prevalence of respiratory disorders.
Key players: Key players operating in the oxygen therapy market are Ottobock, Össur hf, Teh Lin Pros. & Ortho. Inc., Shijiazhuang Wonderfu Rehabilitation Device Technology Co., Ltd., Hebei Baisite Prosthetic Orthotic Technology Co., Ltd., Beijing Jingbo Prosthetics & Orthotics Technical Co., Ltd., Nobel China Limited, Shijiazhuang Aofeite Import & Export Co., Ltd., e-Life International Co., Ltd., Rehan International Co., Ltd., and Xiamen Huakang Orthopedic Co., Ltd
