The oxygen therapy market is estimated to be valued at US$ 36.75 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Oxygen therapy involves the administration of supplemental oxygen for relieving hypoxemia and improving oxygen saturation in the blood. It is mainly used for treating chronic respiratory conditions such as chronic obstructive pulmonary disease (COPD), asthma, cystic fibrosis, and pneumonia among others. Oxygen therapies include oxygen concentrators, liquid oxygen devices and cylinders. These devices help deliver oxygen to the lungs and bloodstream.

Market Dynamics:
Rapidly increasing prevalence of chronic respiratory diseases is expected to be a major driver for the oxygen therapy market growth over the forecast period. According to the Global Burden of Disease Study, 285 million people suffer from asthma and over 3 million people die because of COPD each year globally. Growing geriatric population which is more susceptible to develop respiratory diseases will further propel the market growth. Around 65% of people over 65 years of age experience some form of respiratory disease. In addition, technological advancements in portable oxygen concentrators and their wide adoption is also fueling the market growth. However, certain drawbacks associated with oxygen therapy such as dryness of mucous membrane and potential risks of fire hazards restrain the market to some extent.

SWOT Analysis

Strength:
- Growing aging population suffering from chronic respiratory diseases drives the demand.
- High adoption of home-based oxygen therapy over hospital-based treatment.
- Technological advancements in oxygen delivery devices enhancing portability.

Weakness:
- High costs associated with oxygen therapy systems limits the adoption in developing regions.
- Lack of awareness about oxygen therapy in rural areas.

Opportunity:
- Untapped growth opportunities in emerging markets of Asia Pacific and Middle East & Africa.
- Increasing insurance coverage and reimbursement policies favoring the market growth.

Threats:
- competition from alternative therapies such as portable ventilators and concentrators.
- Stringent regulatory approvals for new product launches.

Key Takeaways

The global oxygen therapy market forecast is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of chronic respiratory diseases such as COPD and asthma. As per recent estimates, COPD affects over 329 million people globally and is the third leading cause of death. Thus, growing COPD burden will significantly drive the oxygen therapy adoption during the forecast period.

Regional analysis

North America currently dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to growing geriatric population, high healthcare spending, and presence of major players in the region. However, Asia Pacific market is expected to grow at fastest CAGR supported by increasing healthcare investments, rising medical tourism, and growing patient awareness.

Key players

Key players operating in the oxygen therapy market are GE Healthcare,,Invacare Corporation,,Inogen,,IUC Medical (Smiths Medical),,HERSILL S.L.,,Fisher & Paykel Healthcare Limited,,Philips Respironics, Inc.,,DeVilbiss Healthcare,,Tecno-Gaz Industries,,Allied Healthcare Products, Inc.,,Teleflex Incorporated,,Chart Industries,,ResMedDrägerwerk AG & Co. KGaALinde,,CAIRE. Major players are focusing on new product launches and enhancing their global presence through mergers & acquisitions to strengthen their market share.

Get more insights on this topic: https://www.newsstatix.com/oxygen-therapy-market-industry-insights-trends-oxygen-therapy-market/

Explore more information on this topic, Please visit: https://wotpost.com/wireless-waves-weaving-navigating-the-landscape-of-land-mobile-radio-systems/