The oxygen therapy equipment market is projected to experience robust growth over the next decade, with an anticipated compound annual growth rate (CAGR) of 7.4% during the period from 2022 to 2032. The market value is expected to increase from USD 3.1 billion in 2022 to USD 6.4 billion by 2032.
This growth is driven by the rising prevalence of respiratory diseases, an increasing geriatric population, and advancements in oxygen therapy technologies. As healthcare providers seek effective solutions to manage respiratory conditions, the demand for oxygen therapy equipment is expected to surge.
The rising popularity and adoption of on-demand and continuous Portable Oxygen Concentrators (POC) in diverse applications, especially in emergency medicine, are expected to fuel the demand in the forthcoming years. This surge can be attributed to global competitors entering the market, increasing consumer demand for portable technology, and the clinical urgency for greater mobility support for the geriatric population. The industry anticipates a significant boost due to continuous innovation, resulting in more efficient units and reduced prices.
Increasing incidences of chronic respiratory diseases coupled with rising demand for home healthcare are the major drivers of the market. This can be ascribed to the increasing geriatric population suffering from various kinds of chronic diseases in which oxygen therapy or oxygen support is required. Additionally, increasing levels of air pollution, and smoking habits of the population especially youth, among others have significantly contributed to an increase in the prevalence of respiratory diseases, thereby increasing the demand for oxygen therapy equipment.
As per the National Institutes of Health (NIH), nearly 12 million adults have been diagnosed with Chronic Obstructive Pulmonary Disease (COPD) in the U.S. and 120,000 people die each year. According to the data published by the Global Asthma Network (GAN), asthma affects nearly 334 million people worldwide.
North America dominates the oxygen therapy equipment market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the growing awareness about the benefits associated with oxygen therapy in hospitals and an increasing number of end-users in this region.
Key Takeaways from the Oxygen Therapy Equipment Market Study
- The global Oxygen Therapy Equipment Industry was valued at US$ 3.1 Million by the 2022-end
- The US to account for the highest value share of US$ 2.4 Billion of global market demand for Oxygen Therapy Equipment Market in 2032
- From 2015 to 2021, Oxygen Therapy Equipment demand expanded at a CAGR of 9.7%
- By Product, the Oxygen Source Equipment category constitutes the bulk of the Oxygen Therapy Equipment Market with a CAGR of 8.2%.
- By Portability, the Stationary Devices segment dominates the Oxygen Therapy Equipment Market with a CAGR of 7.8%.
“The rising popularity and adoption of on-demand and continuous Portable Oxygen Concentrators (POC) in a wide range of applications such as emergency medicine is also expected to fuel the demand over the forecast period,” remarks an FMI analyst.
Oxygen Therapy Equipment Market Competitive Landscape
Players in the Global Oxygen Therapy Equipment Industry focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In July 2021, Belluscura (BELL) had signed a third distribution deal and first agreement with a durable medical equipment provider, for its X-PLO2R portable oxygen concentrator portfolio. The durable medical equipment (“DME”) has multiple stores in several states and an online store. Meanwhile, the third distributor has issued its first purchase order with anticipated delivery of the X-PLO2R portable oxygen concentrator expected in less than ninety days.
- In June 2020, Armstrong Medical introduced the second generation FD140i, an improved dual therapy flow driver with an easier transition from CPAP to HFOT.
- In August 2019, OxyGo LLC announced the launch of their new six flow setting, Bluetooth enabled POC. At only 4.7 pounds, and with 6 flow settings, the OxyGo NEXT offers the highest oxygen output per pound of weight of any portable oxygen concentrators currently on the market. Created to meet the needs of oxygen therapy patients and home medical equipment providers – for use at home, away, and for travel. OxyGo NEXT will allow healthcare providers to improve patient outcomes through a new wireless connectivity platform using Bluetooth technology.
- In October 2018, Resmed launched CPAP mask-Airlift f30i for Hospitals and Respiratory Care Physicians in the US.
Oxygen Therapy Equipment Market Key Companies Profiled:
- Philips Healthcare
- Linde Healthcare
- Chart Industries, Inc.
- Invacare Corporation
- Becton, Dickinson and Company
- Smiths Medical
- Drägerwerk AG & Co. KGaA
- Teleflex Incorporated
- Fisher & Paykel Healthcare Corporation Limited
- Taiyo Nippon Sanso Corporation, Inogen, Inc.
- Heinen + Löwenstein GmbH & Co. KG
- Others
Key Segments Covered in the Oxygen Therapy Equipment Market Report
by Product:
- Oxygen Source Equipment
- Oxygen Therapy Equipment for Cardiovascular & Thoracic Surgeries
- Oxygen Concentrators
- Liquid Oxygen
- Oxygen Cylinders
- Oxygen Delivery Devices
- Oxygen Masks
- Nasal Cannulas
- Venturi Masks
- Non-Rebreather Masks
- Bag-Valve Masks
- Other Oxygen Delivery Devices
by Portability:
- Stationary Oxygen Therapy Equipment Devices
- Portable Oxygen Therapy Equipment Devices
by Application:
- Oxygen Therapy Equipment for COPD
- Oxygen Therapy Equipment for Asthma
- Oxygen Therapy Equipment for Cystic Fibrosis
- Oxygen Therapy Equipment for Respiratory Distress Syndrome
- Oxygen Therapy Equipment for Pneumonia
- Oxygen Therapy Equipment for Other Diseases
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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