Categories: Market Research

Oxygen Therapy Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Oxygen Therapy by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Oxygen Therapy, The oxygen therapy market size has grown strongly in recent years. It will grow from $25.83 billion in 2023 to $28.24 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to increased prevalence of respiratory diseases and disorders, growing geriatric population globally, government initiatives promoting healthcare infrastructure, expansion of home healthcare services, increased smoking-related health issues..

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..

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.

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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

Major companies operating in the oxygen therapy market are developing innovative products such as portable oxygen concentrator to address the needs of individuals with breathing-related disorders. A portable oxygen concentrator is a compact, lightweight medical device that concentrates ambient air to provide a continuous and adjustable supply of oxygen for individuals with respiratory conditions. For instance, in October 2022, O2 Concepts, a US-based medical device manufacturer, launched Oxlife Liberty. The Oxlife Liberty is a portable oxygen concentrator offering both continuous flow and pulse dose oxygen delivery. The device offers pulse flow settings ranging from 1 to 9, providing a wide range of oxygen delivery options for various respiratory conditions. This allows for a more personalized oxygen therapy experience. It is equipped with O2 Concepts’ proprietary Dynamic Network Analysis (DNA) Technology, which facilitates the connection of Durable Medical Equipment (DME) with device data to enhance operational efficiency, asset management, and inventory control. Oxlife Liberty’s innovative features and advanced technology provide a new standard for portability, versatility, and clinical oxygen therapy, offering patients a reliable and effective solution for their oxygen therapy needs.

The oxygen therapy market report table of contents includes: