Oxygen Therapy Equipment market – Industry Trends and Forecast to 2028

The global Oxygen Therapy Equipment market size is estimated at 9.9 billion USD with a CAGR of 9.2% during the forecasted period from 2021-2028. The key factor driving the growth of Oxygen Therapy Equipment market is attributed to rising prevalence of chronic respiratory diseases across the globe. Disorders such as asthma, respiratory pain disorder, chronic obstructive pulmonary disease, etc. require oxygen therapy and can enhance breathing issues. Moreover, another factor fueling this market is the rising inclination for portable oxygen therapy devices over standalone devices. Also, the rising awareness and use of telemedicine and home-based oxygen therapy are expected to create lucrative growth opportunities during the forecast period. In addition, growing pool of geriatric population is surging the demand for oxygen therapy due to difficulty in breathing. Furthermore, respiratory diseases can also be triggered due to ever increasing air pollution level and smoking which will certainly surge the Oxygen Therapy Equipment market and increase its demand. Likewise, the current outburst of COVID-19 pandemic is projected to boost the growth of this market and have a positive impact. There is a rise in demand for oxygen therapy market in the current pandemic due to major drop of blood oxygen level in patients. On the other hand, factors such as strict guidelines for approval of oxygen therapy equipment may constrain the growth of market. The widespread presence of chronic respiratory diseases such as asthma, pulmonary hypertension, chronic obstructive pulmonary disease (COPD), occupational lung disease, and respiratory allergies has been increasing globally, especially in Asia-Pacific region. According to the World Health Organization, every year at least 3 million people die due to COPD. Oxygen therapy, also known as O2 therapy, is a medical technique that provides extra oxygen to people who are suffering from sudden or long-term health conditions. Patients diagnosed with conditions requiring oxygen therapy face the cumbersome burden of traditional canister and liquid oxygen technology, losing their mobility. Recent medical innovations have led to the introduction of portable oxygen concentrators which are easy to carry, small, energy- efficient, and simple to be used. The market offers lucrative opportunities to the market players as rapidly growing innovations in medical technology continue to drive the market growth. Moreover, government initiatives to curb the surging respiratory ailments worldwide, is encouraging the entry of new players in the market. In U.S, National Asthma Control Initiative (NACI), is an initiative by the National Asthma Education and Prevention Program (NAEPP), which aims to produce high-impact, reliable solutions in asthma control in the country.

Oxygen Therapy Equipment Market Determinants

The key factor driving the growth of global oxygen therapy equipment market is the rising respiratory disorder incidences. The inclination of increasing geriatric population towards home healthcare is also fueling the market growth. Moreover, the surge in tobacco consumption is leading to various respiratory disorders, which in turn is boosting the market growth of oxygen therapy equipment. According to WHO, there are more than 1 billion smokers worldwide, of which 80% live in low- and middle-income countries, where the burden of tobacco-related illness and death is heaviest. On the other hand, the presence of low- cost substitutes manufactured by the local manufacturers in the market, and the stringent regulations delaying the product approvals act as major hurdles in the growth of the market. However, advancements in medical technology can create huge opportunities for the market growth in the upcoming years. As per National Institutes of Health, chronic obstructive pulmonary disease – the third leading cause of death in the U.S. – claims over 1, 20,000 lives each year. Such alarming prevalence of COPD will keep the demand for oxygen therapy equipment high in the region. However, the rising air pollution levels in China and India is likely to show rise in the Asia-Pacific market as well.

OXYGEN THERAPY EQUIPMENT MARKET SEGMENTATION

By Portability • Stationary equipment • Portable equipment By Type • Oxygen Source Equipment o Oxygen Concentrators o Oxygen Cylinders o Liquid Oxygen Devices • Oxygen Delivery Equipment o Venturi Masks o Non-rebreather Masks o Bag-valve Masks o Oxygen Masks o Nasal Cannulas o Others By Application • COPD • Asthma • Cystic Fibrosis • Respiratory Distress Syndrome • Pneumonia • Others By End-user • Hospital • Home care By Geography • North America o U.S. o Canada • Europe o Germany o France o UK o Italy o Spain o Rest of Europe • Asia-Pacific o China o Japan o India o Rest of Asia-Pacific • Rest of the World o Latin America o Middle East o South Africa