Oxygen therapy equipment market is witnessing significant growth, fueled by an increasing prevalence of respiratory diseases

VANCOUVER, BRITISH COLUMBIA, CANADA, June 23, 2024 /EINPresswire.com/ -- The global oxygen therapy equipment market is witnessing significant growth, fueled by an increasing prevalence of respiratory diseases, a growing geriatric population, and a rising preference for home-based care. According to a report by Emergen Research, the market is expected to reach USD 5.30 billion by 2022 and is projected to further expand to USD 10.29 billion by 2032, at a healthy Compound Annual Growth Rate (CAGR) of 6.9%.

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Market Overview

Oxygen therapy equipment is used to deliver supplemental oxygen to patients suffering from respiratory problems. These devices increase the concentration of oxygen in the bloodstream, improving breathing and overall health. The market encompasses various products, including oxygen source equipment (concentrators, cylinders) and delivery devices (masks, cannulas).

Key Trends and Drivers

The rising burden of chronic respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and cystic fibrosis is a primary driver of the oxygen therapy equipment market. The aging population is another significant factor, as respiratory problems are more prevalent among older adults. Additionally, the growing preference for home-based care, driven by advancements in portable oxygen therapy equipment, is fostering market growth.

Technological Advancements

Technological advancements are playing a crucial role in shaping the oxygen therapy equipment market. The introduction of portable oxygen concentrators, which are lightweight and quiet, has enabled patients to receive treatment comfortably at home, improving their quality of life. Furthermore, innovations in oxygen delivery systems, like high-flow nasal cannulas, are enhancing patient care by delivering precise oxygen flow rates.

Restraints and Challenges

Despite the positive outlook, the market faces certain challenges. Stringent regulatory requirements for medical devices can hinder market entry for new players. Additionally, the high cost of oxygen therapy equipment and consumables can limit access for patients in low- and middle-income countries.

Growth Opportunities

Emerging economies in Asia Pacific are expected to present lucrative growth opportunities due to rising disposable incomes, increasing awareness of respiratory diseases, and growing investments in healthcare infrastructure [2]. Moreover, the development of telehealthcare solutions for remote monitoring of patients undergoing oxygen therapy at home holds immense potential for market expansion.

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SWOT Analysis

Strengths:

Increasing prevalence of respiratory diseases

Growing geriatric population

Technological advancements

Preference for home-based care

Weaknesses:

Stringent regulatory requirements

High cost of equipment and consumables

Opportunities:

Emerging markets in Asia Pacific

Telehealth solutions for remote patient monitoring

Development of portable and user-friendly equipment

Threats:

Reimbursement issues

Fluctuations in raw material prices

Latest Strategic Developments

On July 2021, Belluscura signed a third distribution deal and first agreement with a durable medical equipment provider, for its X-PLO2R portable oxygen concentrator portfolio. The durable medical equipment has multiple stores in several states and an online store. Meanwhile, the third distributor has issued its first purchase order with anticipated delivery of the X-PLO2R portable oxygen concentrator expected in less than ninety days.

Oxygen Therapy Equipment Top Companies and Competitive Landscape

The global oxygen therapy equipment market is fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective oxygen therapy equipment solutions.

Some major players included in the global oxygen therapy equipment market report are:

Fisher & Paykel Healthcare Limited

Allied Healthcare Products, Inc.

Caire Inc.

Drive DeVilbiss International

Koninklijke Philips N.V.,

Hersill

Invacare Corporation

Tecno-Gaz S.p.A.

Inogen, Inc.

Teleflex Incorporated

Oxygen Therapy Equipment Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global oxygen therapy equipment market on the basis of product, portability, application, end-use, and region:

Product Outlook (Revenue, USD Billion; 2019-2032)

Oxygen Cylinders

Oxygen Concentrators

Liquid Oxygen Devices

Others

Portability Outlook (Revenue, USD Billion; 2019-2032)

Stationary devices

Portable devices

Application Outlook (Revenue, USD Billion; 2019-2032)

Asthma

Obstructive Sleep Apnea

Chronic Obstructive Pulmonary Disorder (COPD)

Respiratory Distress Syndrome

Others

End-Use Outlook (Revenue, USD Billion; 2019-2032)

Hospitals

Home Healthcare

Ambulatory surgical devices

Others

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Country scope: U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of MEA

Eric Lee
Emergen Research
+91 90210 91709
sales@emergenresearch.com
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