As per the latest report by IMARC Group, titled "Oxygen Therapy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global oxygen therapy market size reached US$ 17.6 Billion in 2022. Oxygen therapy is a medical treatment used to increase the amount of oxygen delivered to the body's tissues. It is often used to treat respiratory conditions such as chronic obstructive pulmonary disease (COPD), pneumonia, and asthma. The therapy involves the administration of oxygen through different devices. It mainly increases the concentration of oxygen in the air breathed by the patient. The increased oxygen concentration then diffuses into the bloodstream, increasing oxygen saturation and improving tissue oxygenation. The main components of oxygen therapy include an oxygen source, delivery system, and monitoring equipment. It offers several advantages, including improved respiratory function, reduced shortness of breath, and enhanced exercise tolerance. Currently, there are different types of product variants available, including low- and high-flow oxygen therapy. In comparison, high-flow therapy provides more precise oxygen delivery, is more comfortable for patients, and has fewer side effects.
Global Oxygen Therapy Market Trends:
The global market for oxygen therapy is expected to experience considerable growth due to the increasing prevalence of respiratory disorders, such as pneumonia, cystic fibrosis, asthma, dysplasia, and sleep apnea. Oxygen therapy is essential for improving oxygen transfer from the lungs to the blood, cell metabolism, and tissue oxygenation, which are necessary for normal physiological functioning. Furthermore, the rising consumption of nicotine and tobacco products, coupled with the growing geriatric population, which is more susceptible to respiratory ailments, is providing a boost to the market growth. Additionally, the development of cost-effective, rapid, and accurate oxygen therapy devices and the increasing preference for oxygen therapy among doctors, physicians, surgeons, and patients are contributing to the market growth. Moreover, burgeoning healthcare expenditure and extensive research and development (R&D) activities are anticipated to favor the market growth. Apart from this, rapid advancements in product technology and innovation are propelling the market growth. Looking forward, the market value is projected to reach US$ 26.9 Billion by 2028, expanding at a CAGR of 6.5% during 2023-2028.
- By the product, the market is bifurcated into oxygen source equipment (oxygen cylinders, oxygen concentrators, liquid oxygen devices, and PAP devices) and oxygen delivery devices (oxygen masks, nasal cannula, venturi masks, non-rebreather masks, bag valve masks, CPAP masks, and others).
- Based on the application, the market is segregated into chronic obstructive pulmonary disease, asthma, obstructive sleep apnea, respiratory distress syndrome, cystic fibrosis, pneumonia, and others.
- On the basis of the end use, the market is divided into home healthcare and hospitals.
- By the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined with some of the key players being Allied Healthcare Products Inc., Becton Dickinson and Company, DeVilbiss Healthcare LLC (Drive Medical Inc.), Fisher & Paykel Healthcare Limited, General Electric Company, Getinge AB, Hersill SL, Invacare Corporation, Koninklijke Philips N.V, Smiths Group plc, Tecno-Gaz S.p.A., and Teleflex Incorporated.
|Base Year of the Analysis
||Product, Application, End Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Allied Healthcare Products Inc., Becton Dickinson and Company, DeVilbiss Healthcare LLC (Drive Medical Inc.), Fisher & Paykel Healthcare Limited, General Electric Company, Getinge AB, Hersill SL, Invacare Corporation, Koninklijke Philips N.V, Smiths Group plc, Tecno-Gaz S.p.A., and Teleflex Incorporated
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