Global Oxygen Therapy Market Opportunities And Strategies 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s oxygen therapy market report forecasts the oxygen therapy market size to grow to $36.53 Billion by 2027, with a CAGR (compound annual growth rate) of 9%.
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Oxygen Therapy Market Size Forecast
The global oxygen therapy market is expected to grow from $23.70 billion in 2022 to $25.89 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global oxygen therapy market size is expected to reach $36.53 billion in 2027 at a CAGR of 9.0%.
North America held the largest oxygen therapy market share.
Key Oxygen Therapy Market Driver – Rise In The Prevalence Of Respiratory Disorders
According to a report issued in February 2023 by the American Lung Association, a US-based voluntary lung health and preventing lung disease organisation, a chronic lung condition, such as asthma or COPD, which also includes emphysema and chronic bronchitis, will impact more than 34 million Americans. Furthermore, more than 25 million Americans, including more than 4 million children, suffer respiratory problems caused by asthma. As a result, the rising prevalence of respiratory illnesses is propelling the oxygen therapy market forward.
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Key Oxygen Therapy Market Trend – Technological Advancement
Companies in the oxygen therapy industry are embracing new technology in order to maintain their market position. Omron Healthcare, a Japanese-based electrical equipment manufacturer firm, for example, launched a portable oxygen concentrator in July 2022 to aid home care professionals in addressing the therapeutic and lifestyle demands of COPD and respiratory patients. PSA (Pressure Swing Adsorption) technology is used in this portable oxygen concentrator to offer a constant supply of oxygen (5L per minute). Furthermore, medical molecular sieves are used to ensure the efficiency and purity of the oxygen while keeping the device’s mobility, making it easier to move.
Oxygen Therapy Market Segment
1) By Product: Oxygen Delivery Devices, Oxygen Source Equipment
2) By Portability: Stationary Devices, Portable Devices
3) By Application: Pneumonia, Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnea, Respiratory Distress Syndrome, Cystic Fibrosis, Other Applications
4) By End User: Hospitals, Clinics, Home Care, Post Acute Care Settings
Oxygen Therapy Market Major Players and Strategies
Major players in the oxygen therapy market are Smiths Medical Inc., Hersill SL, Fisher & Paykel Healthcare Corporation Limited, Invacare Corporation, Teleflex Incorporated, Koninklijke Philips N.V., Drive Devilbiss International, Allied Healthcare Products Inc., Becton, Dickinson and Company, General Electric Company, Getinge Group, Essex Industries Inc., Chart Industries Inc., Drägerwerk AG & Co. KGaA, GCE Group, Thermo Fisher Scientific Inc., OxyBand Technologies Inc., and Nidek Medical Products Inc.
CAIRE Inc, a medical equipment manufacturing firm based in the United States, acquired MGC Diagnostics for an unknown sum in January 2023. CAIRE Inc hopes to expand its diagnostic technology portfolio and treat patients with pulmonary disease with this purchase. MGC Diagnostics is a firm established in the United States that manufactures and sells oxygen therapy products such as pulse oximeters.
The Oxygen Therapy Global Market Report 2023 covers regional data on oxygen therapy market size, oxygen therapy market trends and drivers, opportunities, strategies, and oxygen therapy market competitor analysis. The countries covered in the oxygen therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Oxygen therapy is the use of extra oxygen as part of sickness management in patients suffering from respiratory issues who are unable to breathe in enough oxygen naturally owing to a variety of diseases and disorders. Oxygen treatment supplies people with lung illnesses or breathing problems with the oxygen their bodies need to function.
View More Reports Related To The Oxygen Therapy Market –
Oxygen Global Market Report 2023
Oxygen Concentrators Global Market Report 2023
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