Oxygen Therapy Device Market to Reach USD 18 Billion by 2028
Published | 08 February 2022
The global oxygen therapy device market is exhibiting promising growth. The market's growth can be attributed to the growing geriatric population and the growing prevalence of respiratory diseases across the globe. Read on to know more about the trends shaping the oxygen therapy device market.
A recent study by the strategic consulting and market research firm BlueWeave Consulting revealed that the global oxygen therapy device market was worth USD 9.4 billion by 2021 and is expected to reach a market value of USD 18,173.9 million by 2028, exhibiting a CAGR of around 10.2% during the forecast period 2022-2028. Oxygen therapy devices (OTD) are experiencing a boom due to the growing numbers of patients with respiratory diseases who are in need of OTD almost all of the time. Healthcare settings are increasingly being pushed to handle patients who constantly require OTD, which drives the demand for such devices. Additionally, increasing pollution and tobacco smoking contribute to growth of the oxygen therapy devices market. During the forecast period, the growth of several key market players on a global scale and the emergence of innovative products are anticipated to support the global oxygen therapy market.
Increasing Prevalence of Respiratory Diseases Contributing to the Growth of Oxygen Therapy Device Market
Chronic respiratory diseases rank among the most common non-communicable diseases. Aside from chronic obstructive pulmonary diseases (COPD) and allergies, lungs diseases and pulmonary sarcoidosis are also common respiratory diseases. The prevalence of respiratory diseases is on the rise across the globe. The WHO estimates that nearly two billion people over 60 will suffer from respiratory diseases by 2050, resulting in a growing market demand for oxygen therapy devices. Additionally, increased environmental pollution has caused a rise in respiratory diseases such as COPD, asthma, and bronchitis. These factors will cause an accelerated demand for oxygen therapy devices during the forecast period.
Technological Advancements Promoting the Global Oxygen Therapy Device Market
Technology advancements in oxygen therapy include the development of standalone and portable oxygen therapy devices. Generally, oxygen is used to deal with patients who cannot obtain sufficient amounts of oxygen through normal breathing or those who require higher levels of oxygen. Ultimately, portable oxygen concentrators will replace traditional cylinder-based oxygen transport methods. Portable oxygen concentrators filter the air in a room to generate clinical oxygen, while oxygen cylinders rely on a limited supply of oxygen. Portable oxygen concentrators, especially those that are transportable, are considered the future of oxygen therapy and could help patients lead more fulfilling lives. Moreover, the existing players are also focusing on different R&D approaches, which will contribute to the growth of the global oxygen therapy market in the coming years.
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The Home Care Setting Expected to Grow at the Fastest Pace During the Forecast Period
Based on end-users, the oxygen therapy devices industry is segmented into hospitals, home care, and others. The hospital's segment leads the market because of its well-equipped infrastructure, medical expertise, and increased admission of patients with chronic respiratory conditions. On the other hand, the home care setting segment is expected to grow at the fastest pace during the forecast period due to the efficient usage of oxygen therapy devices in homecare settings to provide supplemental oxygen to patients, primarily geriatric patients. In addition, home care setting makes the patient feel more relaxed and independent, which helps drive the segment’s growth in the global oxygen therapy device market.
Impact of COVID-19 on the Global Oxygen Therapy Device Market
Oxygen therapy has become an important treatment option for COVID-19 patients whose respiratory function has been impaired. In 2020, the overall shift from standalone to portable concentrators accelerated after health care providers invested more money in the less expensive stationary devices. However, because of lockdown restrictions around the globe, fewer users needed portability. Despite the downturn, the portable OTD market is expected to proliferate and witness significant growth during the forecast period. Furthermore, the occurrence of COPD, which is known to increase the risk of severe illness from COVID-19, has led to the development of treatments that provide a higher flow of oxygen, including high-flow nasal therapy. Thus, the factors mentioned above will drive the growth of oxygen conserving devices during the forecast period.
North America Dominates the Global Oxygen Therapy Device Market
Based on regions, the oxygen therapy device market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. The North America is the largest market for oxygen therapy devices across the globe. The United States is the largest market for oxygen treatment equipment, accounting for over half of all sales. On the other hand, Europe is also coming up as the second largest market for oxygen therapy devices. Furthermore, Asia-Pacific is expected to have a significant CAGR in the coming years, making it the fastest growing market.
Global Oxygen Therapy Device Market - Competitive Landscape
The global oxygen therapy device market is fragmented in nature. The key players in the oxygen therapy device market are Invacare Corporation, Chart Industries, Koninklijke, Philips N.V, BD, Smiths Medical, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, Drägerwerk AG & Co., Inogen Inc., Messer Medical, HERSILL and other prominent players.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global oxygen therapy device market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global oxygen therapy device market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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