The oxygen therapy market size is expected to see strong growth in the next few years. It will grow to $41.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to innovative devices, personalized medicine, r&d investments, climate change impact, sports and fitness. Major trends in the forecast period include value-based care models, regulatory advances, patient education initiatives, alternative oxygen delivery models, patient-centric design.
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Segmentation & Regional Insights
The oxygen therapy market covered in this report is segmented –
1) By Product: Oxygen Delivery Devices, Oxygen Source Equipment
2) By Portability: Stationary Devices, Portable Devices
3) By Application: Pneumonia, Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnea, Respiratory Distress Syndrome, Cystic Fibrosis, Other Applications
4) By End User: Hospitals, Clinics, Home Care, Post Acute Care Settings
North America was the largest region in the oxygen therapy market in 2023. The regions covered in the oxygen therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing prevalence of tobacco smoking is expected to propel the growth of the oxygen therapy market going forward. Tobacco smoking refers to the practice of burning tobacco with the smoke inhaled to be tasted and absorbed into the bloodstream. Individuals with smoking-related respiratory diseases often experience difficulties in breathing and reduced oxygen levels in their blood. Oxygen therapy becomes a critical intervention to provide supplemental oxygen, aiding in alleviating breathing difficulties and improving oxygen saturation levels. For instance, according to the Centers for Disease Control and Prevention, a US-based government agency, as of 2021, nearly 11.5% of U.S. adults, an estimated 28.3 million people smoked cigarettes, with 13.1% of men and 10.1% of women being smokers. Therefore, the increasing prevalence of tobacco smoking is driving the growth of the oxygen therapy market.
Key Industry Players
Technological advancements are a key trend gaining popularity in the oxygen therapy market. Companies operating in the oxygen therapy market are adopting new technologies to sustain their position in their market. For instance, in July 2022, Omron Healthcare, a Japanese-based electrical equipment manufacturer company, launched a portable oxygen concentrator to assist home care providers in addressing the therapeutic and lifestyle needs of COPD and respiratory patients. This portable oxygen concentrator includes PSA (Pressure Swing Adsorption) technology that provides a continuous supply of oxygen (5L per minute). Additionally, it employs medical molecular sieves to assure the efficiency and purity of the oxygen while maintaining the device’s mobility, making it easier to transport.
The oxygen therapy market report table of contents includes:
1. Executive Summary
2. Oxygen Therapy Market Characteristics
3. Oxygen Therapy Market Trends And Strategies
4. Oxygen Therapy Market – Macro Economic Scenario
5. Global Oxygen Therapy Market Size and Growth
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31. Global Oxygen Therapy Market Competitive Benchmarking
32. Global Oxygen Therapy Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Oxygen Therapy Market
34. Oxygen Therapy Market Future Outlook and Potential Analysis
35. Appendix
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