The global Oxygen Therapy Market is estimated to be valued at USD 34.5 billion in 2022 and is expected to exhibit a CAGR of 6.51% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Oxygen therapy is a medical treatment that provides supplemental oxygen to individuals who cannot breathe enough oxygen on their own. It is primarily used to treat respiratory conditions such as chronic obstructive pulmonary disease (COPD), asthma, and sleep apnea. The therapy increases the level of oxygen in the blood, improving breathing and overall health. The need for oxygen therapy products is increasing due to the rising incidence of respiratory diseases worldwide. Oxygen concentrators, portable oxygen concentrators, oxygen cylinders, and liquid oxygen systems are some of the key products associated with the market.
B) Market Key Trends:
One key trend in the global oxygen therapy market is the growing adoption of portable oxygen concentrators. These devices offer convenience and mobility to patients, allowing them to live an active lifestyle while receiving oxygen therapy. Portable oxygen concentrators are lightweight and can be easily carried around, enabling patients to engage in daily activities and travel without the need for heavy and bulky oxygen cylinders. This trend is particularly beneficial for patients who require oxygen therapy on a long-term basis and desire greater freedom and independence.
C) Porter’s Analysis:
Threat of new entrants: Low – The oxygen therapy market has high entry barriers due to the strict regulatory requirements and the presence of established key players.
Bargaining power of buyers: High – Buyers have the ability to choose from various oxygen therapy products and suppliers, giving them the power to negotiate pricing and quality.
Bargaining power of suppliers: Moderate – Suppliers in the oxygen therapy market have moderate bargaining power as there are multiple suppliers and substitute products available.
Threat of new substitutes: Low – Oxygen therapy remains the standard and most effective treatment for respiratory diseases, resulting in a low threat of substitutes.
Competitive rivalry: High – The global oxygen therapy market is highly competitive, with key players competing for market share through product innovation, partnerships, and mergers.
D) Key Takeaways:
– The global Oxygen Therapy Market is expected to witness high growth, exhibiting a CAGR of 6.51% over the forecast period, due to increasing prevalence of respiratory diseases, especially COPD and asthma.
– North America is the fastest-growing and dominating region in the market, attributed to the high prevalence of respiratory diseases, favorable reimbursement policies, and technologically advanced healthcare infrastructure.
– Key players operating in the global oxygen therapy market are Respironics, Inc. (a Philips company), Fisher & Paykel Healthcare Limited, Teleflex Incorporated, Invacare Corporation, AirSep Corporation, CareFusion Corporation, DeVilbiss Healthcare, MAQUET Holding B.V. & Co. KG, and ResMed, Inc. These players focus on product launches, partnerships, and acquisitions to maintain their market position and cater to the growing demand for oxygen therapy products.
The global oxygen therapy market is witnessing significant growth due to the increasing prevalence of respiratory diseases. The adoption of portable oxygen concentrators is a key trend driving market growth. With high competition and evolving market dynamics, key players are focusing on product innovation and strategic collaborations to gain a competitive edge in the market. North America is expected to dominate the market due to favorable reimbursement policies and advanced healthcare infrastructure.