The oxygen therapy market involves the provision of oxygen when oxygen levels within the body are too low. Oxygen therapy products include oxygen sources, oxygen delivery devices, and oxygen accessories. Oxygen sources include oxygen cylinders, liquid oxygen devices, and oxygen concentrators. Oxygen delivery devices include nasal cannulas, non-rebreather masks, venturi masks, and continuous positive airway pressure (CPAP) masks. Oxygen accessories include tubings, flowmeters, and humidifiers. Oxygen therapy increases the amount of oxygen present in the red blood cells, thereby improving oxygenation to the tissues and vital organs. It is widely used to treat various respiratory diseases and conditions like chronic obstructive pulmonary disease (COPD), asthma, pneumonia, lung cancer, sleep apnea, and hypoxemia. With increasing prevalence of respiratory diseases due to growing geriatric population and pollution levels, the demand for oxygen therapy is rising significantly.
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 Takeaways
Key players operating in 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. The key players are focused on developing advanced oxygen therapy devices with improved portability, intuitiveness, and precision.
The growing prevalence of respiratory diseases such as COPD and asthma is a major factor boosting the demand for oxygen therapy. As per WHO, around 65 million people suffer from moderate to severe COPD worldwide. Easy accessibility and reimbursement for oxygen therapy are another key factors propelling the market growth.
Technological advancement in oxygen therapy delivery devices such as lightweight, high-density, and portable oxygen concentrators is pushing the market boundaries. Smart and AI-enabled oxygen delivery devices with precise oxygen flow control and saturation monitoring are gaining immense popularity.
Market Trends
Portable oxygen concentrators are gaining tremendous traction owing to their convenience and flexibility. The integration of oxygen therapy with telehealth solutions is emerging as a key trend to provide remote care to patients. Manufacturers are actively developing oxygen therapy products integrated with IoT sensors for real-time data monitoring and cloud connectivity. Adoption of 3D printing technology for developing customized oxygen masks as per facial structures is also trending in the market.
Market Opportunities
Increasing expenditure on healthcare infrastructure development in emerging economies presents lucrative opportunities. The growing focus on home healthcare owing to its benefits over hospital care opens new avenues. Manufacturers can invest in the development of compact and affordable oxygen concentrators suitable for home use in resource-poor settings. Rising adoption of oxygen therapy in non-medical applications like sports and aviation also presents untapped opportunities.
Impact of COVID-19 on the Oxygen Therapy Market
The outbreak of COVID-19 pandemic has significantly impacted the growth of the oxygen therapy market globally. With rising cases of respiratory illnesses due to COVID-19 infections, the demand for oxygen therapy devices surged drastically during the crisis. However, nationwide lockdowns imposed restrictions on manufacturing activities causing disruption in the supply chain and logistics. This led to a shortage of oxygen concentrators and cylinders in many countries during the initial months of the pandemic.
Many hospitals faced difficulties in managing the oxygen demand due to limited resources. The occupancy rates in intensive care units peaked putting extreme pressure on healthcare infrastructures. Home therapy also gained prominence as patients preferred receiving treatment from the safety of their homes to avoid virus exposure in hospitals.
With lockdowns being lifted gradually, the market is recovering slowly. Manufacturers have ramped up production to meet the backlogged demand. The pandemic has highlighted the critical need for oxygen therapy worldwide. It is expected to drive higher investments in this sector. Governments and healthcare systems are also focusing on building capabilities and ensuring adequate oxygen supply in the future. Telehealth and remote patient monitoring are transforming care delivery to support individuals in quarantine.
Europe currently generates the highest revenue from the oxygen therapy market owing to the large geriatric population, rising incidence of respiratory diseases, advanced healthcare infrastructure and greater accessibility. Countries like Germany, United Kingdom and France collectively account for a major share in the European region.
However, the Asia Pacific region is poised to witness the fastest growth during the forecast period. Factors such as improving access to healthcare, rising healthcare expenditure, growing pollution levels and lifestyle diseases are fueling the demand in emerging nations including India and China. Governments are also working to expand healthcare coverage and strengthen medical capabilities in rural areas.
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