Oxygen Therapy Global Market Outlook 2024-2033: Size And Growth Rate Analysis
The Business Research Company’s global market reports provide comprehensive analysis on the various markets in 27 industries across 60 geographies.
The oxygen therapy market has witnessed robust growth in recent years, surging from $25.83 billion in 2023 to $28.24 billion in 2024, with a compound annual growth rate (CAGR) of 9.4%. Factors contributing to this growth include the increased prevalence of respiratory diseases, a growing global geriatric population, government initiatives supporting healthcare infrastructure, the expansion of home healthcare services, and rising smoking-related health issues.
The Road Ahead: Projected Growth and Influencing Factors
- The oxygen therapy market is anticipated to continue its upward trajectory, reaching $41.26 billion by 2028, boasting a CAGR of 9.9%.
- Growth in the forecast period is attributed to innovative devices, personalized medicine, research and development investments, climate change implications, and the growing emphasis on sports and fitness.
Driving Factors: Tobacco Smoking and Respiratory Diseases
The escalating prevalence of tobacco smoking serves as a significant driver for the oxygen therapy market. Smoking-related respiratory diseases often lead to breathing difficulties and decreased oxygen levels in the blood, necessitating supplemental oxygen therapy. In the United States alone, approximately 11.5% of adults, totaling an estimated 28.3 million individuals, were smokers as of 2021. Companies such as Smiths Medical Inc., Fisher & Paykel Healthcare Corporation Limited, and Koninklijke Philips N.V. are key players in this market.
View More On The Oxygen Therapy Market Report 2024 – https://www.thebusinessresearchcompany.com/report/oxygen-therapy-global-market-report
Revolutionizing Oxygen Therapy: Technology and Delivery Options
- Major companies are focusing on developing innovative products like portable oxygen concentrators to cater to individuals with respiratory disorders.
- O2 Concepts introduced Oxlife Liberty, a portable oxygen concentrator offering both continuous flow and pulse dose oxygen delivery, providing personalized options for various respiratory conditions.
- Oxlife Liberty incorporates Dynamic Network Analysis (DNA) Technology for enhanced operational efficiency and inventory control, setting a new standard in clinical oxygen therapy.
Strategic Expansion and Portfolio Diversification
- CAIRE Inc., through its acquisition of MGC Diagnostics in January 2023, aims to strengthen its portfolio in diagnostic technologies and better serve patients with pulmonary diseases.
- MGC Diagnostics specializes in manufacturing and selling oxygen therapy tools like pulse oximeters, aligning with CAIRE Inc.’s strategic vision for diversification in pulmonary care.
Segmentation of the Oxygen Therapy Market
- Product: Oxygen Delivery Devices, Oxygen Source Equipment
- Portability: Stationary Devices, Portable Devices
- Application: Pneumonia, Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnea, Respiratory Distress Syndrome, Cystic Fibrosis, Other Applications
- End User: Hospitals, Clinics, Home Care, Post Acute Care Settings
- North America emerged as the largest region in the oxygen therapy market in 2023.
In conclusion, the oxygen therapy market continues to flourish, driven by various factors including the rise in respiratory diseases, technological advancements, and strategic acquisitions. As innovations in device technology and delivery methods progress, the market is poised to offer more personalized and effective solutions for individuals with respiratory conditions. With a focus on patient-centric design and continuous research and development, the oxygen therapy market is well-positioned to address the evolving healthcare needs of a diverse patient population globally.
Request A Sample Of The Global Oxygen Therapy Market Report 2024: