| REPORT ATTRIBUTE |
DETAILS |
| Historical Period |
2019-2022 |
| Base Year |
2023 |
| Forecast Period |
2024-2032 |
| Oxygen Therapy Equipment Market Size 2023 |
USD 3.59 Billion |
| Oxygen Therapy Equipment Market, CAGR |
7.46% |
| Oxygen Therapy Equipment Market Size 2032 |
USD 5.19 Billion |
Market Overview:
The Oxygen Therapy Equipment market is projected to grow from USD 3.59 billion in 2023 to USD 5.19 billion by 2032, at a compound annual growth rate (CAGR) of 7.46%.
This expansion is primarily driven by the rising prevalence of respiratory diseases, including Chronic Obstructive Pulmonary Disease (COPD), asthma, and cystic fibrosis. As the aging population increases, so does the incidence of respiratory issues, necessitating the use of supplemental oxygen therapy to enhance patient outcomes and quality of life. Moreover, technological advancements in oxygen concentrators and delivery devices contribute to market growth, offering more efficient, portable, and user-friendly solutions for patients.
The trend towards home-based care over hospital stays is also a significant driver of market expansion. Patients increasingly prefer home-based care due to its cost-effectiveness, convenience, and advancements in home-care technologies. Portable oxygen concentrators and user-friendly delivery systems cater to this demand, allowing patients to receive necessary oxygen therapy in the comfort of their homes. Additionally, the market benefits from increased awareness of respiratory diseases and the importance of early diagnosis, leading to a higher number of patients seeking treatment and thus driving demand for oxygen therapy equipment.
Emerging trends in the oxygen therapy equipment market include the integration of telehealth for remote patient monitoring and improved communication between patients and healthcare professionals. Manufacturers are also focusing on developing equipment that prioritizes patient comfort, mobility, and noise reduction. Moreover, the advent of smart oxygen therapy devices, capable of monitoring oxygen levels and connecting to smartphones for remote monitoring, presents promising opportunities for market growth. As manufacturers continue to innovate and tailor their strategies to address evolving market needs, collaborations with healthcare providers and expansion into emerging markets remain key avenues for further market expansion and development.
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Market Drivers:
Rising Prevalence of Respiratory Disorders:
Chronic respiratory diseases such as COPD, asthma, and sleep apnea are on the rise globally. For instance, in 2019, chronic respiratory diseases (CRDs) were the third leading cause of death responsible for 4.0 million deaths with a prevalence of 454.6 million cases globally. The total deaths and prevalence of CRDs have increased by 28.5% and 39.8% respectively from 1990 to 2019. COPD, with 212.3 million prevalent cases, was the primary cause of deaths from CRDs, accounting for 3.3 million deaths. Asthma had the highest prevalence among CRDs with 262.4 million prevalent cases.
Increasing Geriatric Population:
As per the World Health Organization, the global population of people aged 60 years and older is expected to reach 2 billion by 2050, up from 900 million in 2015. With this significant demographic shift towards an aging population, the susceptibility to respiratory illnesses rises. For instance, it’s estimated that about 14% of the elderly population suffers from a chronic respiratory disease. As older individuals are more prone to respiratory conditions, the demand for oxygen therapy equipment, including both stationary and portable devices, experiences a notable surge. This could contribute to a market growth rate of 8.9% annually.
Growing Acceptance of Home-Based Oxygen Therapy:
A notable trend in respiratory care is the growing acceptance and preference for home-based oxygen therapy. This shift offers benefits such as improved patient comfort, reduced healthcare costs, and enhanced quality of life. For example, a survey conducted in 2020 showed that 65% of patients preferred home-based therapy over hospital-based therapy. Consequently, there is an increasing need for a diverse range of portable and user-friendly oxygen equipment.
Technological Advancements and Innovation:
The use of e-health tools, including wearables, smart-inhalers, and portable electronic spirometers, has improved the quality of care, adherence to therapy, and early detection of chronic pulmonary diseases. For instance, recent advancements in oxygen therapy equipment have led to the development of devices that are more efficient, user-friendly, and portable. Innovations such as quieter oxygen concentrators and the integration of remote monitoring capabilities have greatly enhanced patient care.
Growing Focus on Respiratory Care Management:
There is an increasing emphasis on proactive respiratory care management, for instance, which focuses on preventing complications and improving patient outcomes. Oxygen therapy equipment is crucial for early intervention and ongoing management of respiratory conditions, driving demand in healthcare settings. The rising prevalence of respiratory diseases, such as COPD, and the aging population contribute to this trend. Additionally, increasing healthcare expenditure and favorable reimbursement policies are also factors that drive the adoption of oxygen therapy equipment, further fostering market growth.
Market Trends:
Rising Prevalence of Respiratory Diseases:
Asthma had the highest prevalence among CRDs with 262.4 million prevalent cases. Chronic obstructive pulmonary disease (COPD), asthma, and cystic fibrosis are just a few respiratory illnesses requiring oxygen therapy. The increasing global prevalence of these conditions, driven by factors like air pollution and smoking, significantly expands the market for oxygen therapy equipment. For instance, chronic respiratory diseases (CRDs) were the third leading cause of death in 2019, responsible for 4.0 million deaths globally. The prevalence of these conditions was around 454.6 million cases. These diseases include chronic obstructive pulmonary disease (COPD), asthma, and others. COPD alone had 212.3 million prevalent cases and was the primary cause of deaths from CRDs, accounting for 3.3 million deaths.
Aging Population:
As an example, as of 2020, the number of people aged 60 years and older outnumbered children younger than 5 years. Between 2015 and 2050, the proportion of the world’s population over 60 years will nearly double from 12% to 22%. By 2030, 1 in 6 people in the world will be aged 60 years or over. The share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double to 2.1 billion. As the global population ages, the demand for oxygen therapy is expected to rise. Older adults are more susceptible to respiratory problems, leading to a greater need for oxygen therapy equipment for home care and hospital settings.
Technological Advancements:
The market is witnessing a significant shift towards oxygen concentrators, which are quieter and more energy-efficient than traditional oxygen cylinders. with a major push from technological advancements. For instance, manufacturers are innovating to develop more efficient, portable, and user-friendly oxygen therapy equipment.
Growing Awareness and Reimbursement Policies:
The global burden of respiratory diseases like COPD, which affects over 251 million individuals, and asthma, affecting around 334 million people worldwide, underscores the expanding need for oxygen therapy equipment. Developing economies are also seeing increased healthcare spending, contributing to market expansion. For instance, public awareness of respiratory diseases and the benefits of oxygen therapy is rising. Favorable reimbursement policies in certain regions are propelling market growth.
Market Restraints and Challenges:
High Cost of Equipment and Treatment:
Oxygen therapy equipment, particularly concentrators, can be expensive for patients to purchase or rent. Additionally, the ongoing cost of oxygen supplies and potential electricity consumption can create a financial burden for long-term users. This may limit accessibility for patients in low- and middle-income countries or those with limited insurance coverage.
Lack of Awareness and Training:
Public awareness regarding the benefits of oxygen therapy and the appropriate use of the equipment is often limited, particularly in developing regions. Additionally, healthcare providers in some areas may require further training on the proper selection, operation, and maintenance of oxygen therapy equipment. This can lead to underutilization or misuse of these devices, potentially hindering patient outcomes.
Reimbursement Challenges:
Reimbursement policies for oxygen therapy equipment and supplies can be complex and vary depending on location and insurance provider. Confusing or restrictive policies can discourage patients from seeking or continuing oxygen therapy, impacting market growth. Manufacturers and healthcare providers need to work together to advocate for clear and comprehensive reimbursement structures that support patient access.
Infrastructure Limitations and Shortages:
In some developing countries, limited access to reliable electricity and proper healthcare infrastructure can hinder the widespread adoption of oxygen therapy equipment. Additionally, potential shortages of oxygen supply in certain regions can disrupt patient care and limit the effectiveness of the treatment. Addressing these infrastructural challenges is crucial for ensuring equitable access to oxygen therapy.
Concerns Regarding Overuse and Safety:
While oxygen therapy offers significant benefits, improper use or over-reliance on supplemental oxygen can lead to complications. Educating patients and healthcare providers on safe and effective oxygen administration practices is crucial. Additionally, the development of user-friendly equipment with built-in safety features can help minimize risks associated with misuse.
Recent Developments:
- In July 2021, Belluscura (BELL) had signed a third distribution deal and first agreement with a durable medical equipment provider, for its X-PLO2R™ portable oxygen concentrator portfolio. The durable medical equipment (“DME”) has multiple stores in several states and an online store. Meanwhile, the third distributor has issued its first purchase order with anticipated delivery of the X-PLO2R™ portable oxygen concentrator expected in less than ninety days.
Segmentation Analysis:
By Product
The oxygen therapy equipment market is primarily divided into two main categories: Oxygen Source Equipment and Oxygen Delivery Devices. Oxygen source equipment includes oxygen concentrators, liquid oxygen devices, and oxygen cylinders. This segment dominates the market due to the rising incidence of respiratory disorders and the preference for home-based therapy. Oxygen delivery devices, which encompass nasal cannulas, masks, and ventilators, are also critical, particularly in clinical settings.
By Portability
The portability segment categorizes the equipment into Stationary and Portable devices. Stationary devices hold a significant market share, primarily used in hospitals and long-term care facilities. However, portable oxygen therapy devices are rapidly gaining popularity, accounting for approximately 63.1% of the market share. This growth is driven by the increasing need for mobility among patients, particularly the elderly and those with chronic respiratory conditions, allowing them to maintain an active lifestyle while receiving therapy.
By Application
The application segment includes various medical conditions treated with oxygen therapy, such as Chronic Obstructive Pulmonary Disease (COPD), asthma, cystic fibrosis, and pneumonia. COPD is the largest application segment, accounting for about 34.6% of the market share, driven by its high prevalence globally. The increasing recognition of the benefits of oxygen therapy for these conditions is propelling market growth.
Segments:
- By Product:
- Oxygen Source Equipment
- Oxygen Delivery Devices
- By Portability:
- By Application:
- COPD
- Asthma
- Cystic Fibrosis
- Pneumonia
- Others
- By End User:
- Hospitals
- Home Care
- Ambulatory Surgical Centers
- Physician Offices
- Others
- By Region:
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
Key player:
- Philips Healthcare
- Linde Healthcare
- Chart Industries, Inc.
- Invacare Corporation
- Becton, Dickinson and Company
- Smiths Medical
- Essex Industries, Inc.
- HERSILL, S.L.
- Teleflex Incorporated
- Fisher & Paykel Healthcare Corporation Limited
- Taiyo Nippon Sanso Corporation, Inogen, Inc.
- Heinen + Löwenstein GmbH & Co. KG
- DeVilbiss Healthcare
- Weinmann Emergency Medical Technology GmbH + Co. KG
- Messer Medical Austria GmbH
- TECNO-GAZ S.p.A, HUM – Gesellschaft für Homecare und Medizintechnik mbH
- medicap homecare GmbH
- GCE Holding AB
- Drägerwerk AG & Co. KGaA
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Regional Analysis:
North America:
Currently holding the dominant market share, North America is expected to maintain its position due to several factors. The presence of a well-established healthcare infrastructure, a growing geriatric population with rising chronic respiratory diseases, and increasing government support for home healthcare all contribute to the regional market’s growth.
Asia Pacific:
This region is anticipated to witness the fastest growth rate in the coming years. Factors like surging disposable incomes, expanding healthcare facilities, and a growing prevalence of respiratory illnesses are driving the market forward. Additionally, increasing government initiatives to improve healthcare infrastructure in developing countries within this region further propel market expansion.
Europe:
Europe represents a mature market for oxygen therapy equipment, driven by a robust healthcare system and a high prevalence of chronic respiratory diseases. Technological advancements and rising awareness of respiratory health are expected to contribute to sustained growth in the region.
Rest of the World:
The rest of the world, including Latin America, the Middle East, and Africa, is expected to experience steady growth. This is primarily driven by factors like increasing urbanization, rising disposable incomes, and growing investments in healthcare infrastructure.
Future Outlook:
- The increasing prevalence of chronic respiratory diseases like COPD, asthma, and cystic fibrosis will continue to drive demand for oxygen therapy equipment.
- The global population is aging, and the elderly are more susceptible to respiratory problems, leading to a heightened need for oxygen therapy equipment.
- Technological advancements in oxygen therapy equipment, such as portable concentrators and user-friendly interfaces, will enhance patient comfort and compliance, promoting market growth.
- A growing preference for home-based care over hospitalization will fuel the demand for portable and user-friendly oxygen therapy equipment for home settings.
- The increasing disposable income and rising awareness of respiratory health in developing economies will lead to market expansion in these regions.
- Integration of telehealth with oxygen therapy equipment will enable remote patient monitoring and improve healthcare delivery efficiency.
- Manufacturers will strive to develop cost-effective oxygen therapy solutions to cater to budget constraints and broaden market reach.
- Focus on eco-friendly materials and energy-efficient designs in oxygen therapy equipment will gain traction due to growing environmental concerns.
- Favorable reimbursement policies for oxygen therapy equipment by healthcare institutions will incentivize adoption and contribute to market growth.
- Public awareness campaigns and educational initiatives on respiratory health will raise awareness of oxygen therapy, further propelling market expansion.
