Global Oxygen Therapy Market 2024 Mega Trends, Industry Growth, Future Outlook And Forecast To 2033

The oxygen therapy market size has grown strongly in recent years. It will grow from $25.83 billion in 2023 to $28.24 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to increased prevalence of respiratory diseases and disorders, growing geriatric population globally, government initiatives promoting healthcare infrastructure, expansion of home healthcare services, increased smoking-related health issues..

The oxygen therapy market size is expected to see strong growth in the next few years. It will grow to $41.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to innovative devices, personalized medicine, r&d investments, climate change impact, sports and fitness.. Major trends in the forecast period include value-based care models, regulatory advances, patient education initiatives, alternative oxygen delivery models, patient-centric design..

Market Overview -
Oxygen therapy refers to using additional oxygen as part of sickness management in people suffering from respiratory problems who can't naturally breathe in sufficient oxygen due to various diseases and ailments. Oxygen therapy provides persons with lung disorders or breathing difficulties with the oxygen their bodies require to operate.

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Increasing Prevalence Of Tobacco Smoking Drives The Oxygen Therapy Market
The increasing prevalence of tobacco smoking is expected to propel the growth of the oxygen therapy market going forward. Tobacco smoking refers to the practice of burning tobacco with the smoke inhaled to be tasted and absorbed into the bloodstream. Individuals with smoking-related respiratory diseases often experience difficulties in breathing and reduced oxygen levels in their blood. Oxygen therapy becomes a critical intervention to provide supplemental oxygen, aiding in alleviating breathing difficulties and improving oxygen saturation levels. For instance, according to the Centers for Disease Control and Prevention, a US-based government agency, as of 2021, nearly 11.5% of U.S. adults, an estimated 28.3 million people smoked cigarettes, with 13.1% of men and 10.1% of women being smokers. Therefore, the increasing prevalence of tobacco smoking is driving the growth of the oxygen therapy market.

Competitive Landscape -
Major companies operating in the oxygen therapy market report are Smiths Medical Inc., Hersill SL, Fisher & Paykel Healthcare Corporation Limited, Invacare Corporation, Teleflex Incorporated, Koninklijke Philips N.V., Drive Devilbiss International, Allied Healthcare Products Inc., Becton Dickinson and Company, General Electric Company, Getinge Group, Essex Industries Inc., Chart Industries Inc., Drägerwerk AG & Co. KGaA, Gas Control Equipment Group, Thermo Fisher Scientific Inc., OxyBand Technologies Inc., Nidek Medical Products Inc., Philips Healthcare, Linde Healthcare, Taiyo Nippon Sanso Corporation, Inogen Inc., Heinen + Löwenstein 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, DeVilbiss Healthcare, Salter Labs, Vyaire Medical Inc., CAIRE Inc., Precision Medical Inc., O2 Concepts LLC, AirSep Corporation .

Revolutionizing Oxygen Therapy With Cutting-Edge Technology And Versatile Delivery Options
Major companies operating in the oxygen therapy market are developing innovative products such as portable oxygen concentrator to address the needs of individuals with breathing-related disorders. A portable oxygen concentrator is a compact, lightweight medical device that concentrates ambient air to provide a continuous and adjustable supply of oxygen for individuals with respiratory conditions. For instance, in October 2022, O2 Concepts, a US-based medical device manufacturer, launched Oxlife Liberty. The Oxlife Liberty is a portable oxygen concentrator offering both continuous flow and pulse dose oxygen delivery. The device offers pulse flow settings ranging from 1 to 9, providing a wide range of oxygen delivery options for various respiratory conditions. This allows for a more personalized oxygen therapy experience. It is equipped with O2 Concepts' proprietary Dynamic Network Analysis (DNA) Technology, which facilitates the connection of Durable Medical Equipment (DME) with device data to enhance operational efficiency, asset management, and inventory control. Oxlife Liberty's innovative features and advanced technology provide a new standard for portability, versatility, and clinical oxygen therapy, offering patients a reliable and effective solution for their oxygen therapy needs.

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Key Segments -
The oxygen therapy market covered in this report is segmented -
1) By Product: Oxygen Delivery Devices, Oxygen Source Equipment
2) By Portability: Stationary Devices, Portable Devices
3) By Application: Pneumonia, Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnea, Respiratory Distress Syndrome, Cystic Fibrosis, Other Applications
4) By End User: Hospitals, Clinics, Home Care, Post Acute Care Settings

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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