The global oxygen therapy market size was estimated at USD 7.09 billion in 2015 and is anticipated to grow at a CAGR of 11.1% over the forecast period. Increasing incidences of chronic respiratory diseases coupled with 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. 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.
In addition, the advent of the technologically advanced oxygen source and delivery devices, which offers efficient patient care, is expected to boost the industry. 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 & reliability. The aforementioned factors are anticipated to propel the 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 is also expected to fuel the demand over the future years. This surge is attributable to global competitors entering the market, demand for the 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 and resulting in more efficient units and reduced prices.
As of 2015, oxygen source equipment held the substantial share of the product segment and accounted for 66.1% of the overall market 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 contributing factor towards 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 towards the potential demand for this segment.
The oxygen delivery devices segment is anticipated to exhibit a lucrative growth 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.
Oxygen masks segment is expected to be growing 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 contributing factor towards market growth over the future period. Additionally, these devices facilitate accurate O2 concentration delivery, sustained flow & pressure, and patient comfort, which are anticipated to increase the segment demand.
Chronic Obstructive Pulmonary Disorder (COPD) segment dominated the market with a significant share of 38.13% 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 fifth 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 of the industry based on application. The evolving O2 treatment modalities such as high flow nasal cannula delivery of O2 in the 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.
Sleep apnea segment is anticipated to witness exponential growth in future owing to 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.
Respiratory Distress Syndrome segment is anticipated to exhibit a moderate growth rate during the future 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.
Hospitals & Clinics segment is expected to grow at a steady rate over the forecast period. Technologically advanced medical equipment is being used extensively in hospitals to improve the point of care. Hospital segment is anticipated to grow at a steady rate owing to the use of O2 therapy equipment and other associated supplies in hospitals.
Moreover, hospital settings present a wide range of facilities coupled with controlled environments that drive the preference of patients with severe disorders, thereby boosting the growth of this segment. The aforementioned factors are expected to contribute to a steady market growth.
Home healthcare held a substantial share of the end-use segment in terms of revenue in 2015. Growing population base having a low mobility profile and favorable reimbursement policies are contributing to the growth of this segment. The rising incorporation of Long Term Oxygen Therapy (LTOT) equipment in home settings are anticipated to boost the demand for these products over the forecast period.
Large-scale availability of a wide range of home O2 therapy equipment is expected to widen the base for growth during the forecast period. All these factors are anticipated to provide the industry with potential growth opportunities.
North America dominated the industry and was valued at USD 2,844 million in 2015. North America accounted for the largest share of the global O2 therapy market owing to high R&D investments and trials pertaining to O2 therapy. 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, increasing popularity of hyperbaric oxygen therapy and Topical Wound Oxygen therapy (TWO) over this region is contributing towards the market demand. Additionally, as a result of urbanization and occupational hazards over this region, it poses a high risk of contraction of respiratory disorders, which is anticipated to augment the market 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 as well as increasing commercialization of O2 therapy equipment developed by these players.
Moreover, the urgent need for the development of new systems and replacement & upgrading of medical infrastructure is anticipated to address the business with lucrative growth opportunities over the forecast period. The perpetual technological innovations coupled with rising collaboration of global players and their expansion of distribution networks are propelling the growth of O2 therapy in this region.
The industry is developing due to the growing demand for greater comfort, controlled flow rate as required by the patient, enhanced patient response, and reduced wastage of gas. The O2 therapy market is highly competitive in nature with a limited number of players having a high level of dominance over the overall revenue share.
Key players in this industry are GE Healthcare, Invacare Corporation, CareFusion Corporation, Smiths Medical, HERSILL S.L., Fisher & Paykel Healthcare Limited, Philips Respironics Inc., DeVillbiss Healthcare, Tecno-Gaz Industries, Allied Healthcare Products, Inc., Teleflex Incorporated, Chart Industries and MAQUET Medical Systems. The development of better products and increased patient outcomes has resulted owing to the competitive environment in the market.
Companies are employing strategies such as collaborations, mergers & acquisitions, new product launch and technological advancements for sustaining the competition, and better market penetration. For instance, in May 2016, Inogen launched its Inogen One G4 portable oxygen concentrator used in homecare settings. This helps Inogen to extend its product portfolio and is expected to contribute to market share over the forecast period.
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.
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Attribute |
Details |
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Base year for estimation |
2015 |
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Actual estimates/Historical data |
2014 |
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Forecast period |
2016 - 2024 |
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Market representation |
Revenue in USD Million and CAGR from 2016 to 2024 |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Country scope |
U.S., Canada, UK, Germany, Japan, China, India, Brazil, Mexico, South Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors and trends |
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15% free customization scope (equivalent to 5 analyst working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customizatio |
This report forecasts revenue growth at global, regional, & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2024. 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, 2014 - 2024)
Oxygen Source Equipment
Oxygen Cylinders
Oxygen Concentrators
Liquid Oxygen Devices
PAP Devices
Oxygen Delivery Devices
Oxygen Masks
Nasal Cannula
Venturi Masks
Non-rebreather Masks
Bag Valve Masks
CPAP Masks
Others
Application Outlook (Revenue, USD Million, 2014 - 2024)
Chronic Obstructive Pulmonary Disease
Asthma
Obstructive Sleep Apnea
Respiratory Distress Syndrome
Cystic Fibrosis
Pneumonia
Others
End Use Outlook (Revenue, USD Million, 2014 - 2024)
Home Healthcare
Hospitals
Regional Outlook (Revenue, USD Million, 2014 - 2024)
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
Japan
China
India
Latin America
Brazil
Mexico
The Middle East and Africa
South Africa
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