Oxygen therapy helps to treat various respiratory diseases by supplementing oxygen to the body. Oxygen therapy equipment includes oxygen concentrators, liquid oxygen devices, and oxygen cylinders that provide purified oxygen to patients suffering from chronic respiratory diseases, such as asthma and chronic obstructive pulmonary disease (COPD), as well as critical conditions, including pneumonia and lung fibrosis.
The global Oxygen Therapy Market is estimated to be valued at US$ 36.75 billion in 2024 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:
The key trend driving the growth of the oxygen therapy market is the increasing adoption of portable oxygen concentrators. Portable oxygen concentrators are lightweight, wheeled oxygen concentrators that are highly adopted for their mobility and convenience. These portable devices allow oxygen therapy patients to remain mobile and active throughout their daily routines. Advancements in portable oxygen concentrator technology that have improved device efficacy while reducing size and weight are supporting the growing preference for portable oxygen therapy over traditional oxygen cylinders. The higher adoption of portable oxygen concentrators is expected to significantly contribute to the expansion of the global Global Oxygen Therapy Market Size during the forecast period.
Segment Analysis
The global oxygen therapy market is dominated by the home healthcare segment. This is because home-based oxygen therapy allows patients to receive care within the comfort of their own homes, thereby avoiding the need for frequent hospital visits. Home oxygen equipment such as oxygen concentrators, liquid oxygen devices, and oxygen cylinders are easily portable and enable the continuous supply of oxygen to patients as prescribed. The proliferation of home healthcare companies further aids the growth of this segment.
Key Takeaways
The global oxygen therapy market is expected to witness high growth over the forecast period of 2023 to 2030. Driven by factors such as the rising geriatric population, growing prevalence of chronic respiratory diseases, and technological innovations in oxygen delivery devices.
Regional analysis: North America currently dominates the global oxygen therapy market and is expected to continue its dominance in the coming years. This is attributed to the increasing healthcare expenditure and presence of major market players in the region. However, Asia Pacific is projected to be the fastest-growing regional market owing to large patient pools, growing healthcare infrastructure, and rising medical tourism in countries such as China, India, and Japan.
Key players: The major players operating in the oxygen therapy market include Linde plc, Philips Healthcare, Oxyplus Technologies Inc., Invacare Corporation, Taiyo Nippon Sanso Corporation, Teleflex Incorporated.
Key players are focusing on new product launches and mergers & acquisitions to strengthen their market position and enhance their geographic presence. For instance, in 2021, Invacare Corporation launched two lightweight, battery-powered oxygen concentrators named Invacare Platinum Mobile SOLO2 and Invacare Platinum Mobile Duo to serve patients residing in remote locations without a fixed power supply.
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The Business Research Company published its Respiratory Diseases Drugs Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global respiratory diseases drugs market.
The report covers the respiratory diseases drugs market’s segments- by type: anti-asthmatics and COPD drugs; cough and cold preparations, by distribution channel: hospital pharmacies; retail pharmacies/ drug stores; others, by route of administration: oral; parenteral; others, by drug classification: branded drugs; generic drugs, and by mode of purchase: prescription-based drugs; over-the-counter drugs.View Complete Report: https://www.thebusinessresearchcompany.com/report/respiratory-diseases-drugs-global-market-report-2020-30-covid-19-implications-and-growthRespiratory Diseases Drugs Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.
It also compares the market’s historic and forecast growth.
It covers all the regions, key developed countries and major emerging markets.
The major regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.The demand for PSE-containing cold, allergy, and sinus products is growing due to their effectiveness and convenience.
