The Global Oxygen Therapy Equipment Industry is gearing up for an unprecedented upswing, set to experience a robust Compound Annual Growth Rate (CAGR) of 7.4% from 2022 to 2032. According to the latest market insights, the industry, currently valued at US$ 3.1 billion in 2022, is anticipated to soar to an astounding US$ 6.4 billion by 2032.
This exceptional growth trajectory is primarily propelled by the escalating demand for both on-demand and continuous Portable Oxygen Concentrators (POC) across diverse applications, with a particular emphasis on emergency medicine. As healthcare trends undergo dynamic shifts, the Global Oxygen Therapy Equipment Industry is strategically positioned to address the burgeoning needs of a global population grappling with chronic respiratory diseases.
The surging popularity and adoption of on-demand and continuous Portable Oxygen Concentrators (POC) in various applications, especially emergency medicine, are expected to be key drivers of demand in the upcoming years. This surge can be attributed to the entry of global competitors into the market, the increasing demand for portable technology by consumers, and the clinical imperative for enhanced mobility support for the geriatric population. The industry is poised for growth due to continuous innovation, leading to the development of more efficient units and reduced prices.
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Increasing incidences of chronic respiratory diseases coupled with rising demand for home healthcare are the major drivers of the market. This can be ascribed to increasing geriatric population suffering from various kinds of chronic diseases in which oxygen therapy or oxygen support is required. Additionally, increasing levels of air pollution, smoking habits of population especially youth, among others have significantly contributed to an increase in the prevalence of respiratory diseases, thereby increasing the demand for oxygen therapy equipment.
As per the National Institutes of Health (NIH), nearly 12 million adults have been diagnosed with Chronic Obstructive Pulmonary Disease (COPD) in the U.S. and 120,000 people die each year. According to the data published by the Global Asthma Network (GAN), asthma affects nearly 334 million people worldwide.
North America dominates the oxygen therapy equipment market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the growing awareness about the benefits associated with oxygen therapy in hospitals and an increasing number of end-users in this region.
Key Takeaways from the Global Oxygen Therapy Equipment Industry Study
- The global Oxygen Therapy Equipment Industry was valued at US$ 3.1 Million by the 2022-end
- The US to account for the highest value share of US$ 2.4 Billion of global market demand for Oxygen Therapy Equipment Market in 2032
- From 2015 to 2021, Oxygen Therapy Equipment demand expanded at a CAGR of 9.7%
- By Product, the Oxygen Source Equipment category constitutes the bulk of the Oxygen Therapy Equipment Market with a CAGR of 8.2%.
- By Portability, the Stationary Devices segment dominates the Oxygen Therapy Equipment Market with a CAGR of 7.8%.
“The rising popularity and adoption of on-demand and continuous Portable Oxygen Concentrators (POC) in a wide range of applications such as emergency medicine is also expected to fuel the demand over the forecast period,” remarks an FMI analyst.
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Global Oxygen Therapy Equipment Industry Competitive Landscape
Players in the Global Oxygen Therapy Equipment Industry focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In July 2021, Belluscura (BELL) had 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 (“DME”) 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.
- In June 2020, Armstrong Medical introduced the second generation FD140i, an improved dual therapy flow driver with an easier transition from CPAP to HFOT.
- In August 2019, OxyGo LLC announced the launch of their new six-flow setting, Bluetooth-enabled POC. At only 4.7 pounds, and with 6 flow settings, the OxyGo NEXT offers the highest oxygen output per pound of weight of any portable oxygen concentrators currently on the market. Created to meet the needs of oxygen therapy patients and home medical equipment providers – for use at home, away, and for travel. OxyGo NEXT will allow healthcare providers to improve patient outcomes through a new wireless connectivity platform using Bluetooth technology.
- In October 2018, Resmed launched CPAP mask-Airlift f30i for Hospitals and Respiratory Care Physicians in the US.
Global Oxygen Therapy Equipment Industry Key Companies Profiled:
- Philips Healthcare
- Linde Healthcare
- Chart Industries, Inc.
- Invacare Corporation
- Becton, Dickinson, and Company
- Smiths Medical
- Drägerwerk AG & Co. KGaA
- Teleflex Incorporated
- Fisher & Paykel Healthcare Corporation Limited
- Taiyo Nippon Sanso Corporation, Inogen, Inc.
- Heinen + Löwenstein GmbH & Co. KG
- Others
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Key Segments Covered in the Global Oxygen Therapy Equipment Industry Report
Global Oxygen Therapy Equipment Industry by Product:
- Oxygen Source Equipment
- Oxygen Therapy Equipment for Cardiovascular & Thoracic Surgeries
- Oxygen Concentrators
- Liquid Oxygen
- Oxygen Cylinders
- Oxygen Delivery Devices
- Oxygen Masks
- Nasal Cannulas
- Venturi Masks
- Non-Rebreather Masks
- Bag-Valve Masks
- Other Oxygen Delivery Devices
Global Oxygen Therapy Equipment Industry by Portability:
- Stationary Oxygen Therapy Equipment Devices
- Portable Oxygen Therapy Equipment Devices
Global Oxygen Therapy Equipment Industry by Application:
- Oxygen Therapy Equipment for COPD
- Oxygen Therapy Equipment for Asthma
- Oxygen Therapy Equipment for Cystic Fibrosis
- Oxygen Therapy Equipment for Respiratory Distress Syndrome
- Oxygen Therapy Equipment for Pneumonia
- Oxygen Therapy Equipment for Other Diseases
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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