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What Is the Forecast for the Oxygen Therapy Market from 2024 to 2025?
In the past few years, the oxygen therapy market size has experienced robust growth. It is forecasted to rise from $28.42 billion in 2024 to $30.97 billion in 2025, achieving a compound annual growth rate (CAGR) of 9.0%. The substantial growth during the historical period can be attributed to factors such as a surge in respiratory diseases and disorders, an increase in the elderly population worldwide, governmental efforts to boost healthcare infrastructure, the proliferation of home healthcare services and a rise in health issues related to smoking.
What Is the Projected Market Size of the Oxygen Therapy Market?
In the coming years, the oxygen therapy market is anticipated to experience significant expansion. The predicted size of the market is $46.4 billion in 2029, with a compound annual growth rate (CAGR) of 10.6%. This growth during the projected period is credited to the introduction of innovative devices, personalized medical treatments, R&D investments, the effects of climate change, and sectors of sports and fitness. The upcoming trends for this projected period encompass value-based care systems, advancements in regulations, initiatives in patient education, alternative models for oxygen delivery, and a design focused on patients.
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Who are the Major Competitors in the Oxygen Therapy Market Outlook?
Major companies operating in the oxygen therapy market include 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, Gas Control Equipment Group, Thermo Fisher Scientific Inc., OxyBand Technologies Inc., Nidek Medical Products Inc., Linde Healthcare, Taiyo Nippon Sanso Corporation, Inogen Inc., Heinen + Löwenstein GmbH & Co. KG, Messer Medical Austria GmbH, TECNO-GAZ S.p.A, HUM – Gesellschaft für Homecare und Medizintechnik mbH, medicap homecare GmbH, GCE Holding AB, Salter Labs, Vyaire Medical Inc., CAIRE Inc., Precision Medical Inc., O2 Concepts LLC, AirSep Corporation
What Is Fueling Growth in the Oxygen Therapy Market?
The surge in tobacco smoking is anticipated to fuel the expansion of the oxygen therapy market. The term refers to the act of inhaling the smoke of burned tobacco into the bloodstream for taste and absorption. Those suffering from respiratory disorders related to smoking often struggle with breathing and have low oxygen levels in their blood. In such instances, oxygen therapy plays a vital role by supplying additional oxygen, thereby mitigating breathing problems and enhancing oxygen saturation levels. For example, as per the National Health Service, a UK government department, there has been a projected rise of 4.8% in hospital admissions due to smoking, from 389,800 in 2021-22 to an estimated 408,700 in 2022-23, in December 2023. Hence, the rising prevalence of tobacco smoking is catalyzing the growth of the oxygen therapy market.
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Which Oxygen Therapy Market Segments Are Growing the Fastest?
The oxygen therapy market covered in this report is segmented –
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
Subsegments:
1) By Oxygen Delivery Devices: Nasal Cannulas, Oxygen Masks, Venturi Masks, Non-Rebreather Masks
2) By Oxygen Source Equipment: Oxygen Concentrators, Compressed Oxygen Cylinders, Liquid Oxygen Systems, Portable Oxygen Systems
Which Industry Trends Are Shaping the Future of the Oxygen Therapy Market?
Key players in the oxygen therapy market are innovating products such as compact oxygen concentrators to cater to the needs of those with respiratory illnesses. A portable oxygen concentrator is a small, lightweight piece of medical equipment that converts regular air into a constant and modifiable source of oxygen for individuals with lung diseases. For example, in October 2022, O2 Concepts, a medical device company from the US, introduced Oxlife Liberty. This device is a portable oxygen concentrator that delivers both continuous flow and pulse dose oxygen. The device can offer pulse flow settings between 1 and 9, creating a broad range of oxygen delivery settings for a variety of respiratory illnesses. This leads to a more bespoke oxygen therapy experience. It comes packed with O2 Concepts’ exclusive Dynamic Network Analysis (DNA) Technology, which allows for the integration of Durable Medical Equipment (DME) with device data to improve operations, manage assets, and oversee inventory. The Oxlife Liberty, with its cutting-edge features and technology, sets a new benchmark for portability, adaptability, and clinical oxygen therapy, delivering a dependable and efficient solution for patients’ oxygen therapy requirements.
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Which Countries Are Leading the Oxygen Therapy Market?
North America was the largest region in the oxygen therapy market in 2024. The regions covered in the oxygen therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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This Report Delivers Insight On:
1. How big is the oxygen therapy market, and how is it changing globally?
2. Who are the major companies in the oxygen therapy market, and how are they performing?
3. What are the key opportunities and risks in the oxygen therapy market right now?
4. Which products or customer segments are growing the most in the oxygen therapy market?
5. What factors are helping or slowing down the growth of the oxygen therapy market?
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