The global oxygen therapy market is primarily driven by the rising prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and pneumonia. Oxygen therapy is a medical procedure that provides oxygen to people who cannot breathe properly due to respiratory failure or hypoxemia. There are various types of oxygen therapy including oxygen concentrators, oxygen cylinders, liquid oxygen devices, and others. Oxygen concentrators are widely used as they separate oxygen from ambient air through an molecular sieve bed and deliver a concentrated flow of oxygen to the patient through nasal cannula or face mask. This offers an important therapeutic and life-saving intervention for patients with respiratory and other related illnesses. The need for oxygen therapy is increasing owing to the growing geriatric population, rising pollution levels, smoking habits, and changing lifestyles.
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. These leading players are focusing on new product launches, strategic collaborations, and regional expansion to gain a competitive edge in the market.
The key opportunities in the oxygen therapy market include the development of innovative oxygen delivery devices with improved portability and flexibility. Market players are investing in research & development activities to introduce advanced oxygen concentrators, liquid oxygen devices, and portable oxygen cylinders. Novel oxygen delivery technologies could help address the increasing demand from home healthcare applications.
The global oxygen therapy market is expected to witness high growth in emerging regions such as Asia Pacific, Latin America, and Middle East & Africa. Leading companies are expanding their distribution networks and collaborating with regional product distributors to penetrate developing markets. Moreover, the rising medical tourism in countries such as India and Mexico is creating new growth avenues for oxygen therapy products in the global market.
- Rising prevalence of chronic respiratory diseases such as COPD and asthma due to growing geriatric population, pollution, and smoking is a major factor augmenting the demand for oxygen therapy devices globally.
- Increasing awareness regarding the benefits of long-term oxygen therapy in management of respiratory illnesses is propelling the market growth.
- Growing preference for home-based oxygen therapy owing to benefits such as cost-effectiveness and patient comfort is expected to fuel the demand.
- High costs associated with oxygen therapy is a major factor limiting widespread adoption, especially in low-income countries.
- Lack of reimbursement policies and limited availability of oxygen concentrators in rural areas restricts the market growth.
- Supply challenges and logistical issues associated with transportation of liquid oxygen hampers the adoption of such devices.
The oxygen therapy market can be segmented based on product, application, end user, and region. The oxygen therapy equipment segment is expected to dominate the market during the forecast period. This is because of increasing use of oxygen concentrators to provide oxygen therapy to patients suffering from chronic obstructive pulmonary disease (COPD) and other respiratory disorders. Within oxygen therapy equipment, the oxygen concentrators sub-segment holds the largest market share due to their advantages like mobility, easy to use, and affordability over other oxygen therapy equipment.
Regionally, North America is projected to dominate the oxygen therapy market during the forecast period. This is attributed to the rising prevalence of COPD and other respiratory disorders, favorable reimbursement policies, advanced healthcare infrastructure, and presence of major players in the region. Europe is also expected to hold a significant share of the global market. However, Asia Pacific is anticipated to record fastest growth rate owing to growing healthcare expenditure, increasing patient pool, and improving access to healthcare facilities in emerging countries like China and India in this region.
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