Oxygen Therapy Market Anticipated to Witness High Growth Owing to Rising Prevalence of Respiratory Diseases

 

oxygen therapy market

Oxygen therapy involves the administration of oxygen to patients with low blood oxygen levels or hypoxia. It is a highly effective treatment for a wide range of respiratory diseases and has numerous advantages such as rapid onset of action and high success rate. Oxygen therapy systems include oxygen concentrators, liquid oxygen devices, and oxygen cylinders. These systems are extensively utilized in chronic obstructive pulmonary disease (COPD), pneumonia, lung fibrosis, asthma, and cystic fibrosis patients experiencing hypoxemia.

The Global Oxygen Therapy Market is estimated to be valued at US$ 42.34 Mn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Oxygen Therapy are Schmitz Cargobull, China International Marine Containers (Group) Ltd., Polar Tank Trailer, Llc (Entrans International, Llc Company), Fontaine Commercial Trailer, Inc., Lamberet Sas (Xinfei France Sa), Great Dane, Krone Commercial Vehicle Group (Bernard Krone Holding), and Kogel Trailer Gmbh & Co.Kg.

The demand for oxygen therapy is increasing rapidly driven by the rising global prevalence of respiratory diseases such as COPD and lung fibrosis. According to the WHO, over 65 million people suffer from COPD worldwide. Moreover, aging population also drives the demand as the risk of developing lung diseases increases with age.

Oxygen therapy manufacturers are expanding their presence globally. In the last few years, companies have increased their investments in emerging markets of Asia Pacific, Latin America, and Middle East & Africa. Regulatory approvals and new product launches are helping companies strengthen their market position. Foreign direct investments and economic growth in developing nations are further boosting the oxygen therapy market.

Market drivers

The key driver propelling the oxygen therapy market is the growing prevalence of respiratory diseases globally. As per statistical data, over 334 million people suffer from asthma worldwide. The prevalence of COPD is also rising and it is estimated that over 3 million people died from COPD in 2019. The global pneumonia burden is even higher with over 150 million cases reported annually. Oxygen therapy plays a pivotal role in the treatment of all such respiratory illnesses. The rising air pollution levels and aging demographics are further contributing to the increased incidence of lung diseases and driving the demand for oxygen therapy products. Technological advancements enabling patient mobility and initiatives to raise awareness about respiratory illnesses are also supporting the market growth.

The ongoing geopolitical tensions and conflicts around the world are impacting the growth of the oxygen therapy market. The conflicts in countries like Ukraine, Afghanistan, Yemen and Taiwan Strait have disrupted global supply chains and created uncertainties. This is negatively affecting the oxygen therapy industry as raw material procurement and distribution of finished products have become challenging. The rising fuel prices and transportation costs due to the tensions are increasing the overall cost of oxygen therapy products. Many countries are also diverting their healthcare budgets to deal with consequences of conflicts like managing healthcare of refugees and injured people, which is reducing funds available for chronic disease management using oxygen therapy. The trade restrictions and sanctions imposed between major economies are further exacerbating the problems. To overcome these challenges, companies in the oxygen therapy market need to focus on local sourcing and manufacturing, developing alternative supply routes, and diversifying their geographic footprint. Contracting with local distributors can also help mitigate disruptions. Collaborating with governments and aid agencies can ensure uninterrupted oxygen supplies to areas affected due to conflicts. Adopting renewable energy solutions can insulate the industry from volatility in fuel prices.

The North American region currently dominates the oxygen therapy market and holds the highest market share in terms of value. This is attributed to the rising prevalence of chronic respiratory diseases like COPD in the US and Canada, growing elderly population susceptible to such conditions, well-developed healthcare infrastructure and higher spending on medical technologies. Furthermore, presence of leading oxygen therapy product manufacturers in the region is boosting market growth. Europe is the second largest regional market owing to increasing adoption of home-based oxygen concentrators and rising government focus on improving access to oxygen therapies. Asia Pacific is poised to be the fastest growing regional market during the forecast period due to developing healthcare systems, surging demand for portable oxygen concentrators and growing disposable incomes in middle-class populations in countries like China, India and Japan. Other emerging regions like Latin America and Middle East & Africa are also expected to showcase notable market expansion during this period.

The Asia Pacific region is projected to be the fastest growing geographical market for oxygen therapy over the forecast period from 2024 to 2030. This is attributed to the rising prevalence of respiratory diseases caused by growing air pollution and tobacco consumption in heavily populated countries like India and China. According to some estimates, China accounted for the largest COPD patient pool worldwide in 2017. Growing medical tourism and emergence of private healthcare providers are also boosting the adoption of home-based oxygen therapy devices in the Asia Pacific region. Favorable government initiatives to improve access to respiratory care in countries like India and China through programs such as 'National Program for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS)' are creating conducive business environment. In addition, low manufacturing and labor costs are aiding Japanese and American medical device giants to set up manufacturing plants in countries like India for cost-effective production and sourcing of oxygen therapy devices. Strengthening distribution networks of multinational companies will further accelerate market revenues from Asia Pacific region during the forecast period.

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