Oxygen therapy, also known as supplemental oxygen therapy, refers to using oxygen for medical purposes. oxygen can be self-administered via an oxygen concentrator, liquid oxygen, or oxygen cylinders and is prescribed to treat respiratory conditions such as chronic obstructive pulmonary disease, asthma, pneumonia, and other lung-related ailments. With a growing geriatric population and rising prevalence of respiratory illnesses, oxygen therapy has become a mainstream treatment method.
The global oxygen therapy market is estimated to be valued at US$ 36.75 billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing prevalence of respiratory diseases represents a major market opportunity for oxygen therapy. According to the World Health Organization, respiratory diseases claim over 4 million lives each year. COPD alone is projected to be the 3rd leading cause of death globally by 2030. With aging populations in developed nations and rising pollution levels worldwide, the incidence of lung conditions is set to rise substantially. Furthermore, long-term oxygen therapy has emerged as an effective treatment option for stable COPD and other chronic respiratory illnesses. This growing need to effectively manage such diseases through supplemental oxygen presents a massive opportunity for oxygen therapy products over the coming years. Manufacturers can capitalize on this opportunity by developing advanced portable oxygen concentrators and cylinders tailored for the home healthcare market.
Porter's Analysis
Threat of new entrants: The oxygen therapy market requires high initial investments and strict regulatory approvals which creates significant barriers for new companies.
Bargaining power of buyers: Individual buyers have low bargaining power due to need for oxygen therapy however hospitals and large healthcare organizations have moderate bargaining power.
Bargaining power of suppliers: A few large players dominate the supply market for oxygen delivery equipment which gives them some bargaining power over prices.
Threat of new substitutes: There are limited substitutes for oxygen therapy so threat from new substitutes is low.
Competitive rivalry: The market is led by major international players however regional players also account for significant share leading to high competitive rivalry.
SWOT Analysis
Strength: Wide applications in treating several respiratory conditions, rising cases of respiratory diseases and increasing healthcare spending augment market growth.
Weakness: High cost of oxygen delivery equipment and therapy limits usage. Logistical challenges in transporting oxygen restrict market potential.
Opportunity: Untapped developing regions offer immense opportunities. Technological advancements enabling portable oxygen delivery devices will drive future demand.
Threats: Stringent regulatory norms increase market entry barriers. Substitute modes of non-invasive respiratory support threaten part of the market.
Key Takeaways
Global Oxygen Therapy Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 driven by rising cases of respiratory disorders. Asia Pacific region dominates currently due to large patient pools and increasing healthcare infrastructure in countries like China and India. North America and Europe are also major revenue generators owing to high healthcare expenditures and widespread medical oxygen availability.
Regional analysis: Asia Pacific accounts for the largest share of the global oxygen therapy market currently. Countries like China and India have huge patient populations and growing medical infrastructure which boosts the regional market. Developing economies offer immense future potential as access and affordability of oxygen therapy increases over the coming years.
Key players: Key players operating in the oxygen therapy market are Ottobock, Össur hf, Teh Lin Pros. & Ortho. Inc., Shijiazhuang Wonderfu Rehabilitation Device Technology Co., Ltd., Hebei Baisite Prosthetic Orthotic Technology Co., Ltd., Beijing Jingbo Prosthetics & Orthotics Technical Co., Ltd., Nobel China Limited, Shijiazhuang Aofeite Import & Export Co., Ltd., e-Life International Co., Ltd., Rehan International Co., Ltd., and Xiamen Huakang Orthopedic Co., Ltd.
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