Oxygen Therapy Equipment Market
Number of pages: 100 | Report Format: PDF | Published date: February 08, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market Size Value in 2021 |
US$ 3.87 billion |
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Revenue Forecast in 2030 |
US$ 6.81 billion |
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CAGR |
7.32% |
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Base Year For Estimation |
2021 |
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Forecast Period |
2022-2030 |
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Historical Year |
2020 |
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Segments Covered |
Product, Application, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global oxygen therapy equipment market was valued at US$ 3.87 billion in 2021 and is expected to register a revenue CAGR of 7.32% to reach US$ 6.81 billion by 2030.
Oxygen Therapy Equipment Market Fundamentals
The usage of oxygen as a medical treatment is known as oxygen therapy, commonly referred to as supplementary oxygen. Hypoxemia (low blood oxygen levels), carbon monoxide poisoning, and cluster headaches are acute indications for treatment. Oxygen therapy equipment are frequently helpful in cases of chronic hypoxemia brought on by diseases, such as severe chronic obstructive pulmonary disease (COPD) or cystic fibrosis. According to the National Institutes of Health (NIH), COPD has been diagnosed in nearly 12 million adults in the United States, and 120,000 people pass away every year due to this disorder. The Global Asthma Network (GAN) reports that about 334 million people globally are asthmatic.
Oxygen therapy can be administered as a preventative measure to stabilize blood oxygen levels while anesthesia is induced. Oxygen can be directed by a face mask or nasal cannula, as well as in high-pressure settings, such as an endotracheal intubation or hyperbaric chamber. Additionally, it can be administered by obstructing the airway, as in ECMO therapy. Regardless of the cause, oxygen therapy can be helpful for people who frequently have low oxygen levels. Frequent oxygen therapy can enable people to be more active and mobile by reducing shortness of breath. Additionally, it can considerably raise the quality of life and frequently lengthen lifespan. Depending on the patient’s condition, various kinds of oxygen therapy can be used.
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Oxygen Therapy Equipment Market Dynamics
The rise in tobacco consumption, the prevalence of respiratory disorders, the preference for separate oxygen therapy equipment over portable equipment, and ongoing technological advancements in the field of oxygen therapy contribute to the revenue growth of the oxygen therapy equipment market. One of the main factors driving revenue growth in the market includes rising prevalence of chronic respiratory disorders. According to the National Institutes of Health (NIH), COPD has been diagnosed in nearly 12 million adults in the United States, and 120,000 people pass away every year. The Global Asthma Network (GAN) reports that about 334 million people globally are asthmatic. The market is anticipated to grow at a significant revenue CAGR during the forecast period due to the introduction of technologically advanced oxygen sources and delivery systems that provide effective patient care. These improvements include sensors, flow regulators, and delivery devices coupled with pulse dose meters.
Smoking has long been known to have harmful consequences on the respiratory system, including the development of both cancerous and noncancerous diseases, as well as responsible for the escalation of chronic lung conditions and an increased risk of respiratory infections. According to WHO, more than 8 million people are killed each year due to tobacco. Around 1.2 million of those fatalities are caused by non-smokers being exposed to secondhand smoke, and more than 7 million are caused due to direct tobacco usage. Additionally, more than 80% of the 1.3 billion cigarette smokers worldwide reside in low- and middle-income nations. About 22.3% of people worldwide used tobacco in 2020.
Oxygen therapy is becoming more widely used as a result of its potential advantages, including controlled flow, effective dosing, quicker response times, and increased durability and dependability. The need is also likely to be fuelled by the growing population and the adoption of on-demand and continuous portable oxygen concentrators in a variety of applications, including emergency medicine. This increase can be attributed to the market entry of international competitors, consumer demand for portable technology, and the clinical necessity of providing better mobility support for the elderly population. The oxygen therapy equipment market is expected to grow as a result of ongoing innovation that produces more effective equipment at lower prices.
However, the primary barriers to the revenue growth of the oxygen therapy equipment market include the high cost of oxygen concentrators and the adverse effects of nasal dryness associated with the therapeutic usage of this equipment. The expansion of the market for oxygen therapy equipment is also hampered by the stringent regulatory guidelines that may cause delays in product approvals. Additionally, the availability of inexpensive substitutes manufactured by regional manufacturers and reductions in Medicare reimbursement rates for home oxygen therapy may constrain and slow down the market's development pace.
Oxygen Therapy Equipment Market Ecosystem
The global oxygen therapy equipment market is analyzed from four perspectives: product, application, end-user, and region.
Oxygen Therapy Equipment Market by Product
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Based on the products, the global oxygen therapy equipment market is segmented into oxygen source equipment and oxygen delivery devices.
The oxygen source equipment segment is further sub-segmented into oxygen concentrators, liquid oxygen devices, and oxygen cylinders. Also, the oxygen delivery devices segment is sub-segmented into oxygen masks, nasal cannulas, venturi masks, non-rebreather masks, bag-valve masks, and other oxygen delivery devices. The oxygen source equipment segment accounted for the largest revenue share of the global oxygen therapy equipment market in 2021. Among the sub-segments of oxygen source equipment, the oxygen concentrators sub-segment dominated the global market. Proper oxygenation is essential for those with COPD or other lung conditions. Oxygen concentrators are crucial for these individuals as they provide pure, medical-grade oxygen. Thus, the increased prevalence of COPD is the most important reason for revenue growth in the segment.
Concentrators of oxygen do not require refilling. Since the concentrators are powered by electricity, they can provide an endless supply of oxygen. With a battery pack, portable concentrators can be used in on-the-go mode, providing up to 12 hours of continuous use for some models. Concentrators are reported to last for up to 1500 hours of continuous operation, making them more cost-effective than compressed gas cylinders in the long run.
Oxygen Therapy Equipment Market by Application
Based on the application, the oxygen therapy equipment market is segmented into COPD, asthma, cystic fibrosis, respiratory distress syndrome, pneumonia, and others.
The COPD segment accounted for the highest market revenue growth in 2021 due to the high prevalence of chronic obstructive pulmonary disease. The cause behind the development of COPD includes extensive tobacco smoking, occupational exposure to dust, fumes, or chemicals, indoor air pollution, biomass combustion (wood, animal dung, and crop residue), or coal is quite often used for cooking and heating in low- to middle-income countries with high levels of smoke exposure, and early-life occurrences such as poor fetal growth and premature birth. Due to the prevalence of harmful environmental, occupational, and behavioral inhalational exposures, chronic respiratory disorders are among the most prevalent non-communicable diseases like COPD worldwide. The Forum of International Respiratory Societies (FIRS) stated on World Lung Day, September 25, 2022, that about 200 million people worldwide had COPD, with 3.2 million dying from it annually, making it the third-leading cause of mortality globally. Therefore, the clinical need for COPD treatment is driven by the disease’s increasing prevalence, which is helping the market to grow.
Oxygen Therapy Equipment Market by End-user
The global oxygen therapy equipment market is segmented into home care settings, hospitals, ambulatory surgical centers & physician offices, and others based on the end-user.
The homecare setting accounted for the largest revenue share of the global oxygen therapy equipment market in 2021, owing to the increased demand for personalized treatment in homecare settings. The increasing usage of long-term oxygen therapy (LTOT) equipment in residential settings is expected to play a crucial role in fueling revenue growth in the market during the forecast period. Since these devices have advantages over more traditional options, such as ease of use, a lower risk of hospitalization, convenience, and mobility, doctors are increasingly prescribing them, which is anticipated to fuel market expansion in the next few years.
Oxygen Therapy Equipment Market by Region
Geographically, the global oxygen therapy equipment market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Due to significant R&D expenditures and trials using oxygen therapy in this region, North America accounted for a dominant position in the market in 2021 and generated the highest revenue share. For instance, research was done to determine the effectiveness of long-term oxygen therapy by the British Medical Research Council and North American Nocturnal Oxygen Therapy. The market demand is also influenced by the rising usage of topical wound oxygen therapy (TWO) and hyperbaric oxygen therapy in this area. Additionally, this region has a greater chance of contracting respiratory illnesses due to urbanization and occupational dangers, which is expected to fuel market revenue growth throughout the projection period.
Oxygen Therapy Equipment Market Competitive Landscape
The key companies operating in the global oxygen therapy equipment market are:
Oxygen Therapy Equipment Market Strategic Developments
Oxygen therapy equipment refer to the devices used for oxygen therapy to treat several respiratory diseases, including COPD and pulmonary fibrosis.
The rising prevalence of respiratory conditions, such as COPD, sleep apnea, asthma, and others, and the COVID-19 pandemic has resulted in the significant usage of oxygen therapy equipment in critical care. Moreover, the market is being driven by the mounting uptake of minimally invasive procedures and the quick pace of technological innovations in product development.
GE Healthcare Technologies Inc., Invacare Corporation, Inogen, Inc., ICU Medical (Smiths Medical), and HERSILL S.L. are among the key players in the market.
The high cost of oxygen concentrators and the negative effects of nasal dryness associated with the therapeutic usage of this equipment serve as the main obstacles to the revenue growth of the oxygen therapy equipment market. The stringent regulatory requirements that delay product approval are another obstacle to the revenue growth of the oxygen therapy equipment market. Additionally, the Medicare payment rate decreases for home oxygen therapy, and the availability of affordable replacements created by local manufacturers could impede the market's expansion to some extent.
The global oxygen therapy equipment market is expected to register a revenue CAGR of 7.32% during the forecast period from 2020-2030.
*Insights on financial performance are subject to the availability of information in the public domain