Oxygen Therapy Global Market Report 2024

The oxygen therapy market size has grown strongly in recent years. It will grow from $25.83 billion in 2023 to $28.24 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed during the historical period can be ascribed to factors such as the heightened prevalence of respiratory diseases and disorders, the expanding global geriatric population, government initiatives promoting healthcare infrastructure, the proliferation of home healthcare services, and an increase in health issues related to smoking.

The oxygen therapy market size is expected to see strong growth in the next few years. It will grow to $41.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The anticipated growth in the forecast period can be linked to factors such as the introduction of innovative devices, the advancement of personalized medicine, increased investments in research and development, the impact of climate change, and the emphasis on sports and fitness. Key trends expected during this period encompass the adoption of value-based care models, regulatory advancements, initiatives for patient education, alternative oxygen delivery models, and the incorporation of patient-centric design.

The growth of the oxygen therapy market is anticipated to be fueled by the increasing prevalence of tobacco smoking. Tobacco smoking involves the combustion of tobacco, with individuals inhaling the resulting smoke, leading to respiratory issues and reduced oxygen levels in the blood. Those with smoking-related respiratory diseases often require supplemental oxygen, making oxygen therapy a crucial intervention. As of 2021, the Centers for Disease Control and Prevention reported that approximately 11.5% of U.S. adults, or 28.3 million people, were smokers. This rising prevalence of tobacco smoking is a significant driver for the growth of the oxygen therapy market.

The escalating incidence of respiratory disorders is expected to contribute to the expansion of the oxygen therapy market. Respiratory disorders, including lung diseases such as tuberculosis, lung cancer, mesothelioma, cystic fibrosis, and asthma, impact the respiratory system and often result in difficulties breathing. Oxygen therapy is a vital treatment for individuals with respiratory disorders, providing an additional supply of oxygen to relieve shortness of breath. According to a report by the American Lung Association in February 2023, over 34 million Americans suffer from chronic lung illnesses, including asthma and chronic obstructive pulmonary disease (COPD), emphasizing the growing demand for oxygen therapy.

Major players in the oxygen therapy market are responding to the increasing demand by developing innovative products. One notable development is the introduction of portable oxygen concentrators designed to cater to individuals with breathing-related disorders. These devices, such as the Oxlife Liberty launched by O2 Concepts in October 2022, are compact and lightweight, delivering continuous and adjustable oxygen supply. The Oxlife Liberty features advanced technology, including Dynamic Network Analysis (DNA) Technology, enhancing operational efficiency and providing a personalized oxygen therapy experience. The market's focus on innovation in portable oxygen concentrators reflects a commitment to meeting the diverse needs of patients with respiratory conditions.

Technological advancements are a prominent trend in the oxygen therapy market, with companies adopting new technologies to maintain their competitive edge. For example, Omron Healthcare introduced a portable oxygen concentrator in July 2022, utilizing Pressure Swing Adsorption (PSA) technology to ensure a continuous supply of oxygen at 5L per minute. This technology maintains oxygen efficiency and purity while enhancing the device's mobility for easier transport.

In January 2023, CAIRE Inc., a U.S.-based medical equipment manufacturing company, completed the acquisition of MGC Diagnostics, a move aimed at strengthening CAIRE Inc.'s diagnostic technologies portfolio to better serve patients with pulmonary diseases. MGC Diagnostics, a U.S.-based company specializing in oxygen therapy tools such as pulse oximeters, adds value to CAIRE Inc.'s commitment to providing comprehensive solutions in the field of respiratory care.

Major companies operating in the oxygen therapy market report 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, Gas Control Equipment Group, Thermo Fisher Scientific Inc., OxyBand Technologies Inc., Nidek Medical Products Inc., Philips Healthcare, 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, DeVilbiss Healthcare, Salter Labs, Vyaire Medical Inc., CAIRE Inc., Precision Medical Inc., O2 Concepts LLC, AirSep Corporation.

North America was the largest region in the oxygen therapy market in 2023. The regions covered in the oxygen therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oxygen therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of oxygen therapy products encompass oxygen delivery devices and oxygen source equipment. Oxygen delivery devices serve as secondary means of supplying oxygen to individuals unable to maintain a safe level of oxygen saturation. In oxygen therapy, devices for controlling and monitoring respiratory failure include nasal or transtracheal catheters and nasal cannula. These devices exhibit various levels of portability, ranging from stationary devices to portable ones, and find applications in conditions such as pneumonia, chronic obstructive pulmonary disease, asthma, obstructive sleep apnea, respiratory distress syndrome, cystic fibrosis, among others. The utilization of these devices extends across diverse settings, including hospitals, clinics, home care, and post-acute care facilities.

The oxygen therapy market research report is one of a series of new reports that provides oxygen therapy market statistics, including the oxygen therapy industry global market size, regional shares, competitors with an oxygen therapy market share, detailed oxygen therapy market segments, market trends, and opportunities, and any further data you may need to thrive in the oxygen therapy industry. This oxygen therapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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