Oxygen therapy includes the medical use of oxygen as a drug for achieving medical objectives. Oxygen therapy finds applications in treatment of various conditions like COPD, hypoxemia, dyspnea, and obstructive sleep apnea (OSA) where oxygen delivery is required to maintain oxygen saturation levels in the blood and arrest episodes of hypoxemia. Portable oxygen concentrators, liquid oxygen devices and oxygen cylinders are some commonly used oxygen delivery devices that supply oxygen to patients either continuously or intermittently as per their requirements.
The global oxygen therapy market is estimated to be valued at US$ 42.34 Mn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2030.
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.
The key opportunities in the market include rise in respiratory diseases due to growing geriatric population, lifestyle changes and environmental pollution. Technological advancement in oxygen delivery devices like portable oxygen concentrators and liquid portable systems are also boosting the market growth.
The major driver for the oxygen therapy market is the growing prevalence of chronic respiratory diseases such as COPD and asthma. As per WHO, around 65 million people suffer from moderate to severe COPD globally. Also, over 334 million people are suffering from asthma worldwide. Other major drivers include rapid growth in geriatric population prone to respiratory disorders, rising air pollution levels, and technological advancements leading to compact and lightweight oxygen delivery equipment. Growing awareness about respiratory ailments and availability of reimbursed home healthcare services are also propelling the market growth.
Challenges in the Oxygen Therapy Market:
The oxygen therapy market is facing various challenges which need to be addressed for its sustained growth. Some of the major challenges include the lack of awareness regarding the benefits of oxygen therapy in developing regions, high costs associated with oxygen delivery devices and equipment, reluctance among patients to use long-term oxygen therapy, shortage of skilled personnel for operating equipment, and ensuring a steady supply of medical-grade oxygen for distribution. Overcoming these impediments would help expand access to oxygen therapy and boost market revenues.
Strength: Oxygen therapy has shown promising clinical outcomes in treating various respiratory conditions like COPD, asthma, etc. providing relief to millions of patients worldwide.
Weakness: High costs of oxygen delivery equipment and therapy limits widespread adoption. Lack of reimbursement coverage in some countries poses budget constraints.
Opportunity: Growing global prevalence of chronic respiratory diseases presents sizable market potential. Technological advancements are making oxygen therapy more portable and patient-friendly.
Threats: Stringent regulatory norms and product approval process delay market entry of new players. Dependence on a few major vendors increases industry supply risks.
North America currently accounts for the majority of the oxygen therapy market value due to rising respiratory disorders, healthcare spending and technological advancements. However, Asia Pacific region is emerging as the fastest growing market aided by expanding medical infrastructure and increasing healthcare access in developing nations.
Fastest Growing Region:
Asia Pacific region is poised to witness the highest growth in the oxygen therapy market during the forecast period. This is attributed to factors such as the rising incidence of COPD due to growing pollution levels, escalating geriatric population susceptible to respiratory issues, increasing healthcare expenditure, growing medical tourism, and penetration of major market players tapping into opportunities in developing Asian countries.