Oxygen Therapy Equipment Market to Grow with a CAGR of 6.22% through 2028
Increasing incidence of various chronic respiratory disorders and increasing
acceptance of home oxygen therapy is expected to drive the Global Oxygen
Therapy Equipment Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Oxygen Therapy Equipment
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Oxygen Therapy Equipment Market stood at
USD 10.83billion in 2022 and is anticipated to grow with a CAGR of 6.22% in the
forecast period, 2024-2028. The global Oxygen Therapy Equipment Market is
driven by factors such as the high prevalence of chronic respiratory diseases
and an aging population, particularly in developed countries like the United
States, Germany, and Japan. Additionally,
there is a strong demand for home healthcare services in these countries.
Continuous technological advancements in oxygen delivery equipment, including
flow-regulating devices, are key drivers that support the growth of the global
Oxygen Therapy Equipment Market throughout the forecast period.
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The oxygen therapy equipment market is being driven by various factors,
such as the increase in tobacco smoking and the rise in the prevalence of
respiratory disorders. Additionally, the preference for standalone oxygen
therapy equipment over portable ones and continuous technological advancements
in the field of oxygen therapy are contributing to its growth. However,
stringent regulatory guidelines that may cause delays in product approval are
hindering market expansion. On the other hand, the rise in the patient pool
suffering from respiratory diseases presents opportunities for market growth.
The positive growth of the oxygen therapy equipment market can be
attributed to several factors. These include the increasing incidence of
respiratory ailments like COPD, sleep apnea, asthma, and others, the outbreak
of the COVID-19 pandemic, significant usage of these devices in critical care,
mounting adoption of minimally invasive procedures, and rapid technological
innovation in product development. These factors collectively contribute to the
growth of the oxygen therapy equipment market during the forecast period from
2024 to 2028.
Moreover, rising urbanization, increasing levels of air pollution,
growth in per capita healthcare expenses, and a large patient pool are driving
factors for the global market. The improvement in medical technology presents a
significant opportunity for market growth during the forecast period. However,
the availability of low-cost alternatives by local manufacturers and strict
regulatory guidelines causing delays in product approval are impeding market
expansion.
During the projected period, the global Oxygen Therapy Equipment Market
is expected to rise due to an increase in the prevalence of respiratory
disorders, an increase in the elderly population, and an increase in the
population's vulnerability to respiratory ailments. According to the Centers
for Disease Control and Prevention (CDC), over 15.7 million people in the
United States were diagnosed with COPD in 2013. Furthermore, advancements in
portable oxygen concentrators, an increase in the number of untreated sleep
apnea cases, a favorable reimbursement scenario, rising demand for oxygen
filling devices, good medical facilities, and high investment in R&D
activities are projected to boost market expansion.
The World Health Organization (WHO) predicts that COPD fatalities will
increase by nearly 30% over the next decade, emphasizing the need for oxygen
therapy as a therapeutic option. COPD is expected to become the third most
deadly disease in the world by 2024, expanding the consumer base for the oxygen
therapy industry. The rising demand for technologically improved systems, such
as portable oxygen concentrator systems, has also contributed to the global
Oxygen Therapy Equipment Market's expansion. Notable developments include pulse
oximetry devices and nasopharyngeal oxygen treatment.
According to the World Health Organization (WHO), COPD causes over 3
million deaths annually. The market is witnessing an increase in the usage of
oxygen therapy in the treatment of disorders such as COPD, asthma, obstructive
sleep apnea, and respiratory distress syndrome. Long-term oxygen therapy for
patients with chronic lung illness can improve the quality and length of life,
creating a favorable market situation. Increased risk of lung injury from
cigarette use, occupational hazards, and pollution would all contribute to
market expansion over the next decade.
The number of patients using medical oxygen is predicted to steadily
rise in various markets due to population aging and the increasing prevalence
of chronic respiratory illnesses. The short-term increase in unit sales can be
attributed to the impacts of the COVID-19 pandemic, the latest respiratory
disorder. Rising hospitalizations, respiratory difficulties, and an increase in
illnesses requiring the use of oxygen concentrators all contributed to the
growth observed in 2022.
The Global Oxygen Therapy Equipment Market is segmented into product
type, mobility, application, end user, regional distribution, and company.
Based on application, Chronic Obstructive Pulmonary Disorder (COPD) is
projected to be the dominant segment in terms of market share during the
forecast period. Chronic respiratory diseases have a prolonged impact on the
airways and other lung components. Respiratory symptoms are a leading cause for
patients seeking consultations with doctors and physicians at primary
healthcare centers. The Global Asthma Report of 2018 states that chronic
respiratory diseases affect over 1 billion individuals worldwide. COPD,
primarily caused by tobacco smoking, has significantly affected a substantial
portion of the global population, as reported by the WHO. Furthermore, a
publication in The Lancet Respiratory Medicine in 2017 revealed that in 2015,
approximately 3.2 million deaths globally were attributed to COPD. Long-term
oxygen therapy is employed when COPD leads to low blood oxygen levels. As a
result, the increasing prevalence of COPD is anticipated to drive substantial
demand for oxygen therapy equipment, leading to significant growth in the
Oxygen Therapy Equipment market.
Based on region, North America segment is expected to grow during the
forecast period. North America is anticipated to dominate the market
during the forecast period. The United States is expected to emerge as the
largest market for oxygen therapy equipment due to the increasing prevalence of
respiratory diseases and the presence of robust healthcare infrastructure.
Moreover, the country's per capita health expenditure is projected to rise,
driven by a decreasing unemployment rate. Notably, smoking remains a
significant risk factor for most respiratory diseases, with estimates from the
Centre for Disease Control and Prevention (CDC) suggesting that over 15 out of
every 100 US adults aged 18 years or older were smokers in 2016. The United
States is expected to witness a surge in cases of chronic obstructive pulmonary
disease (COPD) due to higher smoking prevalence and an aging population. In
recent years, there have been remarkable advancements in the design and
functionality of oxygen concentrators. The latest generation of portable oxygen
concentrators is characterized by their lightweight, quiet operation, and
energy efficiency. The growing popularity of portable oxygen concentrators can
be attributed to their compact size, affordability, and convenience of use.
Considering these factors, the market is poised to observe substantial growth.
Major companies operating in Global Oxygen Therapy Equipment Market
are:
- Allied
Healthcare Products, Inc.
- CAIRE
Inc.
- DeVilbiss
Healthcare
- Fisher
& Paykel Healthcare Limited
- Inogen
Inc.
- Invacare
Corporation
- Koninklijke
Philips N.V.,
- Smith’s
Medical, Inc.
- Taiyo
Nippon Sanso Corporation
- Linde
Healthcare
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“The increasing prevalence of various respiratory disorders, such as
pneumonia, cystic fibrosis, asthma, dysplasia, and sleep apnea, worldwide, is a
key driver for market growth. Oxygen therapy is crucial for improving the
transfer of oxygen from alveoli to the blood, cell metabolism, and tissue
oxygenation, which are vital for normal physiological functioning. Moreover,
the growing consumption of nicotine and tobacco products, coupled with the
rising geriatric population, which is more susceptible to such ailments, is
propelling market growth. Additionally, the development of cost-effective,
rapid, and accurate oxygen therapy devices, along with the increasing
preference for oxygen therapy among healthcare professionals and patients, is
fostering a positive market outlook. Furthermore, factors such as rising
healthcare expenditure capacities and extensive research and development
(R&D) activities are expected to further drive market growth.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Oxygen Therapy Equipment Market Segmented By Product Type (Oxygen Source Equipment
{Oxygen Cylinders, Oxygen Concentrators, Liquid Oxygen Devices, Others} v/s
Oxygen Delivery Devices {Oxygen Masks, Nasal Cannula, Non-Rebreather Masks,
Others}), Mobility (Stationary v/s Portable), By Application (COPD, Lung
Cancer, Pneumonia, COVID-19, Others), By End User (Hospitals & Clinics,
Ambulatory Care Centers, Homecare, Others) , By Region and Competition, Forecast &
Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Oxygen Therapy Equipment
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Oxygen Therapy
Equipment Market.
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