Oxygen Therapy Market Size, Share & Trends Analysis Report By Product (Oxygen Source Equipment, Oxygen Delivery Devices), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global oxygen therapy market size was valued at USD 34.5 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.51% from 2023 to 2030. Increasing incidence of chronic respiratory diseases and rising demand for home healthcare are the major drivers of the market. As per the National Institutes of Health (NIH), nearly 12 million adults have been diagnosed with 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. The increasing patient population is expected to boost the demand for these products. This consequent increase in demand is expected to drive the industry over the coming years

The COVID-19 pandemic disrupted the medical device market drastically due to lockdown restrictions and disturbance in supply chain management. However, oxygen therapy devices witnessed significant demand during the crisis as it was included in the first line of treatment for critically ill patients with coronavirus infections. A significant shortage of ventilators globally resulted in the increased demand for oxygen concentrators. To overcome this shortage, biomedical engineers and scientists have developed makeshift devices to mimic the basic functionality of ventilators using existing devices, such as oxygen concentrators, PAP devices, anesthesia machines, and manual resuscitators.

Furthermore, the U.S. FDA has allowed the usage of these concentrators under the Emergency Use Authorization scheme, which will significantly increase the demand for oxygen concentrators in the coming quarters. As most of the critical cases of COVID-19 require some form of artificial ventilation, demand for wall-mounted oxygen concentrators and canned oxygen is witnessing a significant rise. Moreover, growing demand for technologically advanced devices, such as portable oxygen concentrators, has aided the market growth. Key advancements in the market are pulse oximetry devices and nasopharyngeal oxygen treatment.

Product Insights

Oxygen source equipment accounted for the largest share in 2022 owing to its high availability and utilization in the form of O2 concentrators, compressed gas systems, cylinders, and liquid oxygen. Moreover, these devices serve as the primary source and initiation step for O2 therapy, acting as a key factor contributing to the overall growth of the industry. Oxygen concentrators in the oxygen source equipment segment are anticipated to grow at a lucrative rate. The transportable concentrators are expected to present significant growth potential owing to their applicability in various medical emergencies, usage in ambulances, rails, and aircraft; therefore, contributing to the potential demand for this segment.

In addition, the advent of the technologically advanced oxygen source and delivery devices, which offers efficient patient care, is expected to boost the industry growth. These advancements include flow regulating devices, sensors, and conjunction of delivery devices with pulse dose meters. The adoption of O2 therapy is increasing owing to the potential benefits such as controlled flow, efficient dosing, faster response rates, and greater durability and reliability. The aforementioned factors are anticipated to propel industry expansion.

Rising popularity and adoption of on-demand and continuous Portable Oxygen Concentrators (POC) in a wide range of applications such as emergency medicine are also expected to fuel the demand over the coming years. This surge is attributed to global competitors entering the market, demand for portable technology by consumers, and the clinical urgency for greater mobility support for the geriatric population. The business is anticipated to increase owing to continuous innovation, resulting in more efficient units and reduced prices.

The oxygen delivery devices segment is anticipated to exhibit a lucrative growth rate owing to the availability of a wide range of delivery devices pertaining to different patients’ inspiratory and physiological needs. Additionally, the potential advantages associated such as constant O2 flow, elimination of complicated masks, variable pressure demand, and flow dilution are expected to facilitate demand over the coming years.

The oxygen masks segment is expected to grow at a steady growth rate as a consequence of these masks being an indispensable part of the O2 delivery system, resulting in increased consumption, thereby serving as a key factor contributing to market growth over the forecast period. Additionally, these devices facilitate accurate O2 concentration delivery, sustained flow and pressure, and patient comfort, which, in turn, is anticipated to increase the segment demand.

Application Insights

The Chronic Obstructive Pulmonary Disorder (COPD) segment dominated the market in 2022 with a revenue share of over 35.0% owing to the increasing incidence of COPD. As per the estimates reported by the WHO, there are approximately 65 million people suffering from COPD, and is the third leading cause of mortality. The rising prevalence of COPD is driving the clinical urgency for the treatment of COPD, thereby contributing to the expansion of the business.

Asthma held the second-largest share in 2021. The evolving O2 treatment modalities such as high flow nasal cannula delivery of O2 in emergency care and non-invasive ventilation for the treatment of asthma are expected to present the industry with future growth opportunities in this segment during the study period.

The sleep apnea segment is anticipated to witness exponential growth in the future owing to the utilization of nocturnal oxygen therapy as an alternative for the treatment of obstructive sleep apnea. The growing prevalence of this disorder and supplemental O2 administration in conjunction with CPAP devices for improved patient outcomes is responsible for driving the demand for this segment over the next few years.

The respiratory distress syndrome segment is anticipated to exhibit a moderate growth rate during the forecast period owing to rising prevalence of respiratory distress syndrome in premature birth. The dearth of effective treatment alternatives is anticipated to drive the clinical urgency for the treatment of RDS, thereby presenting the segment with key growth opportunities in the near future.

End-use Insights

The home healthcare segment held the largest share of over 60.0% in 2022 and is expected to grow at a steady rate over the forecast period. The rising incorporation of Long-Term Oxygen Therapy (LTOT) devices in home settings is anticipated to boost market growth over the forecast period. These devices are increasingly prescribed by physicians owing to their associated advantages over conventional options such as ease of use, reduced incidence of hospitalization, convenience, and portability, which is expected to contribute to the market growth during the forecast period.

The non-home healthcare segment is anticipated to grow at a steady rate over the forecast period owing to the usage of oxygen therapy equipment and other associated supplies in non-home healthcare. Moreover, hospital settings present a wide range of facilities coupled with a controlled environment, which is expected to drive the preference of patients with severe disorders for non-home healthcare, thereby boosting the growth of this segment.

Regional Insights

North America dominated the market in 2022 with a revenue share of over 30.0% owing to high R&D investments and trials pertaining to O2 therapy in this region. For instance, the British Medical Research Council in collaboration with North American Nocturnal Oxygen Therapy conducted research to study the efficacy of long-term O2 therapy. Moreover, the increasing popularity of hyperbaric oxygen therapy and Topical Wound Oxygen therapy (TWO) in this region is contributing to the market demand. Additionally, as a result of urbanization and occupational hazards in this region, it poses a high risk of contraction of respiratory disorders, which, in turn, is anticipated to augment the market growth during the forecast period.

Asia Pacific is anticipated to witness exponential growth during the forecast period. The market is driven by high R&D investment by global players and increasing commercialization of O2 therapy equipment developed by these players. Moreover, the urgent need for the development of new systems and replacement and upgrading of medical infrastructure are anticipated to provide the business with lucrative growth opportunities over the forecast period. The perpetual technological innovations and the rising collaboration of global players and their expansion of distribution networks are propelling the growth of O2 therapy in this region.

Key Companies & Market Competitive Insights

The market is highly competitive with a limited number of players holding a major revenue share. The industry is growing due to the growing demand for greater comfort, controlled flow rate as required by the patient, enhanced patient response, and reduced wastage of gas. Companies are employing strategies such as collaborations, mergers & acquisitions, new product launches, technological advancements for sustaining the competition, and better market penetration.

For instance, in November 2021, UNICEF partnered with the U.K. government and Oxygen CoLab to develop a robust oxygen concentrator to use in low resource settings. This development is taking place as an initiative to fight the coronavirus crisis and fulfill the demand for oxygen in critical care settings. The increase in industry competition can be credited to the growing number of players, frequent product approvals, and efficient distribution agreements. As a result, competitive rivalry in the industry is anticipated to be high over the forecast period. Some prominent players in the global oxygen therapy market include:

• GE Healthcare

• Invacare Corporation

• Inogen

• IUC Medical (Smiths Medical)

• HERSILL S.L.

• Fisher & Paykel Healthcare Limited

• Philips Respironics, Inc.

• DeVilbiss Healthcare

• Tecno-Gaz Industries

• Allied Healthcare Products, Inc.

• Teleflex Incorporated

• Chart Industries

• ResMedDrägerwerk AG & Co. KGaALinde

• CAIRE

Oxygen Therapy Market Report Scope

Global Oxygen Therapy  Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global oxygen therapy market report on the basis of product, application, end-use, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Oxygen Source Equipment

    • Oxygen Cylinders

      • Fixed

      • Portable

    • Oxygen Concentrators

      • Fixed

      • Portable

    • Liquid Oxygen Devices

    • PAP Devices

      • CPAP

      • APAP

      • Bi-PAP

  • Oxygen Delivery Devices

    • Oxygen Masks

    • Nasal Cannula

    • Venturi Masks

    • Non-rebreather Masks

    • Bag Valve Masks

    • CPAP Masks

    • Others

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Chronic Obstructive Pulmonary Disease

  • Asthma

  • Obstructive Sleep Apnea

  • Respiratory Distress Syndrome

  • Cystic Fibrosis

  • Pneumonia

  • Others

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Non-home Healthcare

  • Home healthcare

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Singapore

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE