Respiratory Therapy Is Fastest Growing Segment Fueling The Growth Of Oxygen Therapy Market

Oxygen Therapy Market 

 The global 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Oxygen therapy market provides oxygen delivery services for patients suffering from respiratory diseases. Long-term oxygen therapy helps to reduce the symptoms of hypoxemia by enriching the oxygen level in blood. Portable oxygen concentrators offer mobility and freedom to patients.

Market key trends:
One of the major trends in the oxygen therapy market is the growing preference for portable oxygen concentrators. These portable devices are lighter in weight and enable mobility for oxygen dependent patients. They allow users to be mobile during their daily activities and travelling. The advanced technology used in portable oxygen concentrators such as pulse dose and oxygen flow delivery makes them very effective in managing oxygen levels. Their small size and battery back-up further increases their preference over traditional oxygen cylinders.
Segment Analysis
The global oxygen therapy market is segmented by product, portability, application, end-user and region. Based on product, the market is segmented into oxygen source equipment and oxygen delivery devices. Among these, the oxygen source equipment segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Factors attributing to its large market share include high cost and continuous need for oxygen source equipment as compared to oxygen delivery devices.

Key Takeaways
The global oxygen therapy market analysis is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of respiratory disorders such as COPD and asthma.

Regional analysis
North America dominated the global oxygen therapy market in 2022 and is expected to continue its dominance during the forecast period. High prevalence of respiratory diseases and presence of key players in the region is driving the market growth. The Asia Pacific region is expected to exhibit the fastest growth over the forecast period owing to rising geriatric population, improving healthcare infrastructure and increasing awareness regarding respiratory disorders.

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, ResMed, Drägerwerk AG & Co. KGaA, Linde, and CAIRE. GE healthcare dominates the market owing to its diverse product portfolio and strong global presence.

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