Oxygen Therapy Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Oxygen Therapy market in 2021?

The global oxygen therapy market is expected to reach a market size of USD 9.5 billion by the end of 2021. The market is projected to grow at a CAGR of 7.8% from 2021 to 2025. The increasing prevalence of respiratory disorders such as COPD, asthma, and pneumonia, along with the rising geriatric population, is driving the growth of the oxygen therapy market. Additionally, the COVID-19 pandemic has further accelerated the demand for oxygen therapy devices and equipment.

COVID-19 Impact on the Oxygen Therapy Market

The COVID-19 pandemic has had a significant impact on the oxygen therapy market. The surge in cases of COVID-19 led to a high demand for oxygen therapy equipment such as oxygen concentrators, ventilators, and oxygen masks. The shortage of oxygen supply in hospitals and healthcare facilities further highlighted the importance of access to oxygen therapy. As a result, there was a rapid increase in the production and distribution of oxygen therapy devices to meet the growing demand.

Oxygen Therapy Dynamics

Oxygen therapy is a critical medical intervention used to support patients with respiratory conditions or illnesses. It involves the delivery of oxygen at higher concentrations than present in ambient air to improve oxygenation and alleviate symptoms of hypoxia. Oxygen therapy can be administered through various methods such as nasal cannulas, oxygen masks, oxygen tanks, and oxygen concentrators. The goal of oxygen therapy is to increase the oxygen levels in the blood and improve overall oxygen delivery to the body's tissues and organs.

Segments and Related Analysis

The oxygen therapy market can be segmented based on product type, application, end-user, and region. The product type segment includes oxygen concentrators, liquid oxygen systems, oxygen cylinders, oxygen masks, and others. The application segment comprises COPD, asthma, pneumonia, respiratory distress syndrome, and others. The end-user segment covers hospitals, homecare settings, ambulatory surgical centers, and others. Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

By Region Analysis

1. North America: The North American region accounted for the largest market share in the global oxygen therapy market in 2021. The presence of well-established healthcare infrastructure, high prevalence of respiratory disorders, and increasing adoption of advanced oxygen therapy devices are driving the market growth in this region.

2. Europe: Europe is anticipated to witness significant growth in the oxygen therapy market due to the rising geriatric population, increasing healthcare expenditure, and advancements in healthcare technology. Countries like Germany, the UK, and France are leading contributors to the market growth in Europe.

3. Asia Pacific: The Asia Pacific region is expected to experience rapid growth in the oxygen therapy market owing to the increasing prevalence of respiratory diseases, improving healthcare infrastructure, and expanding geriatric population. Countries like China, India, and Japan are key markets in the region.

4. Latin America: Latin America is projected to show steady growth in the oxygen therapy market due to the growing awareness about respiratory health, improving access to healthcare services, and rising government initiatives to tackle respiratory diseases.

5. Middle East and Africa: The Middle East and Africa region are likely to witness a moderate growth rate in the oxygen therapy market. Factors such as increasing healthcare investments, rising prevalence of respiratory conditions, and developing healthcare infrastructure are driving market growth in this region.

Key Market Players and Competitive Landscape

Some of the key players in the oxygen therapy market include Philips Healthcare, Invacare Corporation, ResMed Inc., Linde Healthcare, Chart Industries, Inc., Fisher & Paykel Healthcare, Inogen, Inc., Drive DeVilbiss Healthcare, and Nidek Medical Products, Inc. These companies are focused on product innovation, strategic partnerships, mergers, and acquisitions to strengthen their market presence and expand their product offerings.

Recent Happenings in the Oxygen Therapy Market

1. In January 2022, Philips Healthcare launched a new range of portable oxygen concentrators designed for homecare settings to improve patient comfort and mobility.

2. In March 2022, ResMed Inc. acquired a leading manufacturer of oxygen therapy devices to enhance its product portfolio and geographical reach in the oxygen therapy market.

3. In May 2022, Linde Healthcare collaborated with a research institute to develop innovative oxygen therapy solutions for patients with respiratory disorders, focusing on personalized treatment options.

4. In July 2022, Fisher & Paykel Healthcare introduced a novel nasal high-flow therapy system for neonatal and pediatric patients to improve oxygen delivery and respiratory support.

5. In September 2022, Inogen, Inc. partnered with a telehealth platform to offer remote monitoring services for patients using oxygen therapy devices, enhancing patient compliance and clinical outcomes.