Home > Medical Devices > Oxygen Therapy Devices Market Analysis, Top Trends, Forecast to 2029
Straits Research

Oxygen Therapy Devices Market

Oxygen Therapy Devices Market: Information by Product (Oxygen Source Devices), Application (Chronic Obstructive Pulmonary Disease), End-User (Home Healthcare), and Region — Forecast till 2030

Table of Content Download Sample

Market Overview

The oxygen therapy devices market size was estimated at USD 2,870 million in 2019 and is projected to grow with a CAGR of 8.5%.

In the atmosphere, oxygen comprises about 21% of gases, which are sufficient for respiratory intake among people with healthy lungs, but insufficient for patients with chronic lung conditions such as COPD, asthma, and pneumonia, further prompting the need for oxygen therapy devices.

The market players are actively working to develop technologically advanced devices to address the rising prevalence of asthma and COPD caused due to high tobacco smoking. For instance, Philips Respironics Oxygen Concentrator is widely used across the U.S. Apart from this, the availability of low-cost alternatives by local manufacturers and increasing adoption of telemedicine and telemonitoring provide an impetus to the market growth.

Market Snapshot

market snapshot
Base Year
: 2021
Study Period
: 2020-2030
CAGR
: 8.5 %
Fastest Growing Market
: Asia Pacific
Largest Market
: North America
Market Size
: USD 2,870 million in 2019
Get more information on this report Download Sample Report

Market Dynamics

Rising Number of Awareness Programs by Market Players to Drive the Market Growth

Growing environmental pollution and occupational exposure to toxic gases is subsequently increasing the prevalence of chronic respiratory conditions across the globe. As per the National Institutes of Health (NIH), in the U.S., approximately 12 million people were diagnosed with COPD in 2017, and about 120,000 people die of COPD each year. As per the data reported by the Global Asthma Network (GAN), globally, nearly 334 million people had asthma in 2018. As per the World Health Organization (WHO) estimates, COPD is the third leading cause of death across the globe, with more than 380 million people currently suffering from the disease. In China, India, Brazil, and Eastern European countries, COPD is largely undiagnosed due to high healthcare costs. 

In developing countries, more than 90% of COPD related deaths are caused due to high pollution levels and the rising number of smokers. Governments and market players are conducting awareness programs to raise awareness regarding oxygen therapy. For instance, the World COPD Day announced the Global Initiative for Chronic Obstructive Lung Disease (GOLD), aimed at educating and empowering patients suffering from COPD. Similarly, Phillips in collaboration with COPD athlete Russell Winwood developed motivational content for educating and empowering patients and physicians to adopt oxygen therapy equipment.   

Technological Advancement in Oxygen Therapy Devices

Today, oxygen therapy devices are equipped with technologically advanced sensors, flow-regulating devices, and pulse dosemeters to provide efficient patient care. These devices offer controlled flow, efficient dosing, faster response rates, and greater durability & reliability, further driving their adoption across the globe. Some of the emerging technologies are listed below;

  • Recently, the National Space Biomedical Research Institute developed a smart medical device with pressure swing adsorption technology to fulfill the oxygen requirements of the astronauts
  • In January 2016, ResMed launched portable oxygen concentrator for patients with COPD or other respiratory conditions
  • In October 2019, OXYjet UK Ltd. launched a patented OXYjet GO device, which uses pulse pressure to allow microencapsulated oxygen to be delivered to the deep layers of the lungs. 
  • In April 2019, Inogen launched Inogen One G5, a portable oxygen concentrator for home and travel use

Segmental Analysis

Oxygen Source Devices Segment to Hold the Largest Market Share

The oxygen source devices segment holds the largest market share as it is extensively used in oxygen cylinders, oxygen concentrators, liquid oxygen devices, and continuous positive airways pressure (CPAP) devices. In the oxygen source devices segment, the portable oxygen concentrators segment is projected to grow with a lucrative CAGR during the forecast period. The portable oxygen concentrators are largely used in various medical emergencies, ambulances, rails, and aircraft, further driving the segment growth.

Rising Use of Oxygen Delivery Devices to Drive the Segment Growth

The oxygen delivery devices segment is projected to grow with a significant CAGR. Availability of a wide range of delivery devices such as oxygen masks, nasal cannula, venturi masks, non-rebreather masks, bag valve masks, and CPAP masks used in different respiratory and physiological needs drive the segment growth. These devices offer constant oxygen flow and variable pressure and flow dilution, further driving the segment growth.  In the oxygen delivery devices segment, the oxygen masks segment is expected to witness the fastest growth.

Asthma Segment to Hold the Second Largest Market Share

The asthma segment held the second-largest market share in 2018. Emerging oxygen delivery modalities, such as high flow nasal cannula, is subsequently driving its demand across emergency care and non-invasive ventilation for asthma treatment, further driving the segment growth. As per the Centers for Disease Control and Prevention (CDC), in the U.S., around 25 million people have asthma.

Obstructive Sleep Apnea Segment to Witness Exponential Growth during the Forecast Period

The obstructive sleep apnea segment is projected to witness exponential growth during the forecast period. Increasing the use of nocturnal oxygen therapy, growing prevalence of sleep apnea and supplemental oxygen administration, and rising adoption of CPAP devices drive the segment growth. As per Sleepapnea.org, in the U.S., around 22 million people suffer from sleep apnea.

Impact of covid-19

Oxygen therapy is the ideal treatment intervention for patients suffering from COVID-19. Disruption in the supply chain has compelled the leading players to develop efficient oxygen source and oxygen delivery devices. For instance, ResMed is actively working to develop oxygen therapy devices such as oxygen concentrators, liquid oxygen devices, and CPAP devices. Thus, the rising prevalence of the COVID-19 is subsequently prompting the dire need for effective oxygen therapy devices. 

Regional Analysis

Increasing Prevalence of Chronic Respiratory Disorders to Prompt the Need for Effective Oxygen Therapy Devices across North America

North America dominates the oxygen therapy devices market on account of increasing R&D investments in oxygen therapy. For instance, the North American Nocturnal Oxygen Therapy Association collaborated with the British Medical Research Council to study the efficacy of long-term oxygen therapy. The increasing popularity of hyperbaric oxygen therapy and topical wound oxygen THERAPY (TWO) drives market growth. Rising incidences of occupational hazards, increasing prevalence of chronic respiratory disorders, supportive government initiatives, and the presence of leading players, such as SeQual, Inogen, Invacare, Oxus, AirSep, Philips Respironics, and Inova Labs Inc., provide an impetus to the market growth. The Federal Aviation Administration (FAA) is actively working to develop oxygen therapy devices in North America, further driving the market growth.

Increasing Healthcare Spending to Drive Asia-Pacific’s Oxygen Therapy Devices Market Growth

Asia-Pacific is expected to witness exponential growth during the forecast period on account of rising R&D investment by prominent players, increasing commercialization of oxygen therapy devices, surging healthcare spending, and government support. Consistent technological advancements, coupled with rising collaboration among the leading players provide an impetus to the market growth.

Oxygen Therapy Devices Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of Oxygen Therapy Devices Market

  1. Philips Respironics Inc.
  2. ResMed
  3. Fisher & Paykel Healthcare Limited
  4. MAQUET Medical Systems
  5. GE Healthcare
  6. Invacare Corporation
  7. CareFusion Corporation
  8. Smiths Medical
  9. CAIRE
  10. DeVilbiss Healthcare
  11. Tecno-Gaz Industries
  12. Teleflex Incorporated
  13. Chart Industries

Report Scope

Report Metric Details
CAGR 8.5%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Product
    1. Oxygen source devices
    2. Oxygen delivery devices
  2. By Application
    1. Chronic obstructive pulmonary disease
    2. Asthma
    3. Obstructive sleep apnea
    4. Respiratory distress syndrome
    5. Cystic fibrosis
    6. Pneumonia
  3. By End-Use
    1. Home healthcare
    2. Hospitals and clinics
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa
  • LATAM

Recent Developments

  • In January 2018, ResMed launched Mobi, a portable oxygen concentrator in the U.S market. The commercialization of this product has enhanced the company’s revenue stream by catering to large COPD patient pools across the U.S.
  • In November 2019, CAIRE, a Georgia-based oxygen therapy devices manufacturer, launched a new FreeStyle® Comfort® portable oxygen concentrator equipped with autoSAT® technology. This technology has a proven self-adjusting and proprietary clinical feature, which ensures the device delivers the oxygen bolus

Oxygen Therapy Devices Market Segmentation

By Product

  • Oxygen source devices
  • Oxygen delivery devices

By Application

  • Chronic obstructive pulmonary disease
  • Asthma
  • Obstructive sleep apnea
  • Respiratory distress syndrome
  • Cystic fibrosis
  • Pneumonia

By End-Use

By Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa

Frequently Asked Questions (FAQs)

What is the growth rate for the Oxygen Therapy Devices Market?
Oxygen Therapy Devices Market size will grow at approx. CAGR of 8.5% during the forecast period.
Some of the top industry players in Oxygen Therapy Devices Market are, Philips Respironics Inc., ResMed, Fisher & Paykel Healthcare Limited, MAQUET Medical Systems, GE Healthcare, Invacare Corporation, CareFusion Corporation, Smiths Medical, CAIRE, DeVilbiss Healthcare, Tecno-Gaz Industries, Teleflex Incorporated, Chart Industries, etc.
In the Oxygen Therapy Devices Market, North America has established itself as the market leader with a significant market share.
The Oxygen Therapy Devices Market has seen the most substantial growth rate in Asia Pacific.
The global Oxygen Therapy Devices Market report is segmented as follows: By Product, By Application, By End-Use
Price Starts From
USD 995

Purchase Benefits

  • Eligible for a free updated report next year
  • Completely customizable scope
  • 30% discount on your next purchase
  • Dedicated account manager
  • Query resolution within 24 hours
  • Permission to print the report
Want to learn more about recent trends and data ?
They Already Trust Us :
Veto-Pharma
Nippon Becton Dickinson
Merck
Argon Medical Devices
Abbott
Johnson & Johnson
Need Assistance?
+1 646 905 0080 (U.S.)
+44 203 695 0070 (U.K.)
sales@straitsresearch.com

Report Benefits

  • Develop business strategies by understanding the trends shaping and driving the Market.
  • Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Market in the future.
  • Formulate effective sales and marketing strategies by understanding the competitive landscape and by analysing the company share of market leaders.
  • Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
  • Track sales in the global and country-specific Market.
  • Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
Report Snapshot
Looking For Custom Report ?
Check Our License Options :

As featured on :

clients
Trusted by Fortune 500
Over 30000+ subscribers