Oxygen Therapy Device Market Analysis | 2023-2028

Market Insights

The oxygen therapy device market was estimated at USD 35.29 billion in 2022 and is likely to grow at a CAGR of 5.74% during 2023-2028 to reach USD 49.44 billion in 2028.

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Market Dynamics

Introduction

Oxygen therapy device is designed to provide oxygen to people who are not able to get oxygen on their own due to the prevalence of various diseases such as pneumonia, chronic obstructive pulmonary disease (COPD), bronchopulmonary dysplasia (underdeveloped lungs in new-borns), sleep apnea, asthma, heart failure, cystic fibrosis, and lung disease among others.

COVID-19 Impact

The covid-19 outbreak impacted the growth of the oxygen therapy devices positively. The significant surge in COVID-19 cases resulted in breathing issues among various people which in turn increased demand for oxygen therapy devices. Additionally, the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC) recommended the use of oxygen therapy as the first?line therapy for treating COVID?19?induced respiratory distress and hypoxia.

Market Dynamics

The growth of the oxygen therapy device market is primarily driven:

• By the increasing use of oxygen therapy devices for people suffering from chronic lung-related diseases.
• An increasing number of people facing difficulty in breathing due to the degrading environment, food consumption habits, and changing lifestyle.
• Growing emphasis on the development of cost-effective and rapid oxygen therapy devices is witnessed to create lucrative opportunities for the players in the global market.

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Key Players

The following are the key players in the oxygen therapy device market:

• Koninklijke Philips N.V. (Netherlands),
• Becton, Dickinson and Company (The U.S.),
• Linde Group (Ireland),
• Smiths Group PLC (UK),
• Taiyo Nippon Sanso Corporation (Japan),
• Teleflex Incorporated (The U.S.),
• Drägerwerk AG & Co. KGaA (Germany),
• Invacare Corporation (The U.S.),
• Fisher & Paykel Healthcare Corporation Limited (New Zealand),
• Chart Industries, Inc. (The U.S.), and
• Inogen, Inc. (The U.S.).

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Product Type

"Oxygen source equipment segment accounted for the largest market share in 2022"

• Based on product, the market has been segmented into oxygen source equipment and oxygen delivery devices.
• The oxygen source equipment segment accounted for the largest market share in 2022.
• The segment growth can be attributed to the increasing number of people suffering from respiratory disorders.
• The oxygen source equipment segment has further been sub-segmented into oxygen concentrators, liquid oxygen devices, and oxygen cylinders.

Regional Analysis

"North America accounted for the largest market share in 2022"

• Geographically, the market in North America accounted for the largest market share in 2022 owing to the increasing prevalence of respiratory diseases particularly asthma and COPD.
• For instance, around 14.8 million adults in the US have been diagnosed with COPD and more than 25 million people have asthma.
• Additionally, increased spending on R&D activities to develop advanced solutions is likely to propel the market growth at a significant rate in the region.
• The market in Asia-Pacific is expected to register the fastest growth during the review period on account of the rapidly expanding healthcare industry in developing countries.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s functional oxygen therapy device market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The oxygen therapy device market is segmented into the following categories:

By Product Type

• Oxygen Source Equipment
• Oxygen Delivery Devices

By Portability Type

• Stationary Oxygen Therapy Devices
• Portable Oxygen Therapy Devices

By Application Type

• COPD
• Asthma
• Cystic Fibrosis
• Respiratory Distress Syndrome
• Pneumonia
• Other Diseases

By End User Type

• Home Care Settings
• Hospitals
• Ambulatory Surgical Centers 
• Physician Offices

By Region 

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].