by 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 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Oxygen therapy involves delivering oxygen to patients who do not breathe enough oxygen due to lung diseases such as chronic obstructive pulmonary disease (COPD), asthma, or other illnesses. Oxygen therapy devices include oxygen concentrators, liquid oxygen devices, and oxygen cylinders. Oxygen concentrators are majorly used as they filter room air to deliver oxygen concentrated air to patients. They are lightweight, portable devices that do not require refilling. The portable oxygen concentrators segment is growing at a faster rate owing to advantages such as convenience of portability and use anywhere.
Market key trends:
The increasing prevalence of respiratory diseases due to rising pollution levels and aging population is a key factor driving the growth of the oxygen therapy market. As per the World Health Organization (WHO), globally around 65 million people suffer from COPD and 3 million people die from it each year. Increasing adoption of portable oxygen concentrators over stationary oxygen concentrators is another major trend in the market. Portable oxygen concentrators are gaining popularity as they offer freedom of mobility and do not require refilling, unlike oxygen cylinders. Technological advancements in oxygen delivery devices are also fueling the market growth. Many companies are developing innovative portable oxygen devices with improved features to meet the growing patient needs.
Porter’s Analysis:
Threat of new entrants: The oxygen therapy market requires significant capital investments in infrastructure, research and development and branding. Stringent regulations by the government also pose barriers on new entrants.
Bargaining power of buyers: The bargaining power of buyers is high as there are numerous global and regional players offering generic alternatives at competitive prices. However, intellectual property rights of major players provide some product differentiation.
Bargaining power of suppliers: The key raw material suppliers have moderate bargaining power due to availability of alternative suppliers. However, compliance with stringent quality standards limits the number of suppliers.
Threat of new substitutes: There exists a low threat from new substitutes as oxygen therapy has few medical substitutes for certain chronic respiratory conditions. However, technological advancements may lead to new treatment options.
Competitive rivalry: The global oxygen therapy market is consolidated in nature with few global players dominating the market. However, regional players pose competition through differentiated offerings and services.
Key Takeaways:
The Global Oxygen Therapy Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of respiratory diseases and growing elderly population globally.
Regional analysis:
North America dominated the global oxygen therapy market in 2023, owing to increasing incidences of chronic obstructive pulmonary disease (COPD) and other respiratory diseases. Asia Pacific is expected to exhibit the highest growth rate during the forecast period, with China and India emerging as major markets. This can be attributed to rising healthcare expenditures, growing medical tourism and rapidly aging population.
Key players:
Key players operating in the oxygen therapy market are 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.,,Teleflex Incorporated,,Chart Industries,,ResMedDrägerwerk AG & Co. KGaALinde,,CAIRE.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
