Oxygen therapy involves the administration of supplemental oxygen for the treatment of low levels of oxygen in blood or hypoxemia. It involves the administration of oxygen through nasal prongs, a face mask, or ventilator when a patient is unable to breathe or oxygenate their blood sufficiently. Provision of oxygen is necessary to treat chronic respiratory disorders such as chronic obstructive pulmonary disease (COPD) and asthma. It helps boost tissue oxygen levels and provides relief from shortness of breath. The global oxygen therapy market has witnessed significant growth in recent years due to the rising prevalence of respiratory diseases worldwide. The products associated with oxygen therapy include oxygen source equipment, oxygen delivery devices, and monitoring systems. The oxygen source equipment produces and regulates oxygen flow such as oxygen cylinders, liquid oxygen containers, and oxygen concentrators. The delivery devices deliver oxygen to the lungs including nasal cannula, mask, tracheostomy tubes, and ventilation masks. Monitoring systems monitor oxygen level in the blood such as pulse oximeters.
The global Oxygen Therapy Market is estimated to be valued at US$ 36.75 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the oxygen therapy market is the rising adoption of portable oxygen concentrators. Portable oxygen concentrators are small, lightweight devices that can provide a continuous supply of oxygen to the patients without reliance on bulky oxygen tanks. They are 30-40% smaller than traditional stationary concentrators and can run for up to 6-8 hours on battery. The portability allows patients greater mobility and independence. This has contributed to the growing demand for portable oxygen concentrators especially among geriatric population suffering from chronic breathing disorders. Their miniaturized size and convenience have increased patient compliance towards long-term oxygen therapy. Manufacturers are also focusing on development of portable oxygen concentrators with advanced features such as activity monitoring, pulse oximetry, audible alarms, and integrated nebulizers among others for enhanced patient care. This has driven the demand and adoption of these devices globally.
Porter’s Analysis
Threat of new entrants: The oxygen therapy market has moderate threat from new entrants due to high initial investment costs for equipment and infrastructure requirements.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of several products from key market players. However, demand for oxygen therapies arises from urgent health conditions.
Bargaining power of suppliers: The bargaining power of suppliers is low as the market has several raw material suppliers. Suppliers do not have control over pricing.
Threat of new substitutes: There is low threat from substitutes due to lack of adoption and awareness. Oxygen therapies have various health benefits over alternative treatments.
Competitive rivalry: The market has high competitive rivalry among established players due to their geographical presence and wide product portfolio.
Key Takeaways
The Global Oxygen Therapy Market Size is expected to witness high growth.
Regional analysis: North America dominates the market currently due to rising prevalence of respiratory diseases and growing geriatric population. However, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to increasing healthcare infrastructure and rising medical tourism in developing countries such as China and India.
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. Great Dane, Krone Commercial Vehicle Group (Bernard Krone Holding), and Kogel Trailer Gmbh & Co.Kg.
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