The global sales of oxygen therapy equipment are estimated to be worth USD 3,589.3 million in 2024 and are anticipated to reach a value of USD 6,995.0 million by 2034. Sales are projected to rise at a CAGR of 6.9% over the forecast period between 2024 and 2034. The revenue generated by oxygen therapy equipment in 2023 was USD 3,357.6 million.
The oxygen therapy equipment market is in its growth phase due to the prevalence of chronic respiratory diseases, technological advancement, and shifts toward home care. With portable oxygen concentrators, advanced masks, and high-flow nasal cannulas, patients are finding comfort and ease in access to a new level of care.
Companies in the forefront like Philips Respironics and ResMed launch new solutions that satisfy this increasing demand for the effectiveness of proper respiratory care. These trends are important as the incidence of respiratory disorders is increasing worldwide and homecare services are being implemented increasingly. A considerable increase in demand must take place because of these factors in the coming years.
Global Oxygen Therapy Equipment Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2023 | USD 3,357.6 million |
| Estimated Size, 2024 | USD 3,589.3 million |
| Projected Size, 2034 | USD 6,995.0 million |
| Value-based CAGR (2024 to 2034) | 6.9% |
The World Health Organization estimates that millions worldwide suffer from chronic respiratory diseases, thus one of the most significant public health challenges. Additionally, the increasing numbers of patients with COPD and other respiratory disorders require more advanced oxygen therapy solutions.
This trend is significant in developed countries where elements of lifestyle such as smoking, high-level air pollution, and sedentary lifestyles increase the incidence of respiratory illnesses. At such a high prevalence of respiratory diseases, the need for efficient and effective remedies in controlling and treating them is at its highest level.
Low-income areas face extreme challenges regarding access to quality care for respiratory diseases. In such areas, commonly afflicted with badly developed health infrastructures, insufficient finances, and limited medical personnel, patients face challenges in receiving proper treatments.
This has raised the tremendous demand for the availability of affordable oxygen therapy systems that can be easily used to fulfill the requirements of deprived patients. Such portable devices are easy to carry and provide a better solution for such systems. Hence, oxygen therapy equipment is a pragmatic solution to tackle problems related to breathing. These diverging needs would increase the demand for oxygen therapy equipment.
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The above table presents the expected CAGR for the global oxygen therapy equipment market over several semi-annual periods spanning from 2024 to 2034. In the first half (H1) of the decade from 2023 to 2033, the business is predicted to surge at a CAGR of 7.7%, followed by a slightly decline in growth rate of 7.3% in the second half (H2) of the same decade.
| Particular | Value CAGR |
|---|---|
| H1 | 7.7% (2023 to 2033) |
| H2 | 7.3% (2023 to 2033) |
| H1 | 6.9% (2024 to 2034) |
| H2 | 6.6% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to decrease slightly to 6.9% in the first half and decrease moderately at 6.6% in the second half. In the first half (H1) the market witnessed a decrease of 80.0 BPS while in the second half (H2), the market witnessed a decrease of 70.0 BPS.
Increasing Prevalence of Chronic Respiratory Diseases Driving Market Demand
The rapid growth of chronic respiratory diseases is primarily responsible for the growth of the oxygen therapy equipment market. Among these two most common conditions, COPD and asthma, millions of individuals have been affected worldwide. According to the WHO, the number of patients suffering from their respiration is rising day by day, and the burden of these diseases is heavy worldwide.
Several lifestyle habits account for the increasing prevalence. Smoking is one of the most prominent contributory factors that have destroyed and harmed the air and lung passages, which simultaneously worsens respiratory conditions. Other than that, enhancement in urbanization and industrialization triggers an increase in air pollution, making respiratory conditions deteriorate and adding to the increased prevalence of chronic diseases.
With such growing conditions, there is a need for proper management and treatment. Advanced solutions for oxygen therapy are also important in easing and improving the quality of life among patients with chronic respiratory diseases.
Such novelties like portable oxygen concentrators, advanced oxygen masks, and high-flow nasal cannulas are enhancing the comfort and accessibility with which treatment is offered for increasingly demanding needs for effective respiratory care.
The growing world burden of chronic respiratory diseases will always continue to put oxygen therapy devices into an ever-requiring process of improvement. Healthcare service providers and patients will become more reliant on these devices in an increasingly efficient and user-friendly manner in dealing with their respiratory disorders. These factors will increase the demand for oxygen therapy equipment market in the future.
Growing Adoption of Homecare Oxygen Therapy Driving Market Expansion
Increasing adoption of homecare oxygen therapy driving the market. This trend is primarily for convenience, reduced hospital visitation, and improvement of the quality of life of the patient. Patients with chronic respiratory conditions increasingly prefer to take care of themselves from home rather than in frequent clinical settings.
Technological developments have been crucial in this trend. Modern oxygen therapy has become more portable and compact, fit for use at home. Portable oxygen concentrators introduce ease of mobility, wherein a patient can easily continue daily routine activities without being restricted by some stationary equipment.
Homecare oxygen therapy, other than convenience, has multiple advantages. It reduces pressure on facilities and caregivers in resource-poor areas, and helps improve general health outcomes with patient-specific care, which can ensure better compliance with treatment.
At a time when technology is advancing, even the options for oxygen therapy in the home are multiplying to be more efficient and user-friendly. This expansion has been supported by a growing appreciation of the benefits of out-of-hospital treatment and thus higher penetration of advanced oxygen therapy equipment in the market.
That will transform the homecare oxygen therapy market, which will be greatly witnessed by the increased number of patients and healthcare providers adopting these new solutions for chronic respiratory illnesses.
Innovations in Portable and Wearable Technology represent a promising opportunity for the market.
Advances in portable and wearable technology offer a significant opportunity for growth in the oxygen therapy equipment market. Chronic respiratory conditions are common and are becoming increasingly prevalent; thus, a rising demand for therapies that can deliver oxygen continually and without making it inconvenient to manage.
Innovations in this sector, consist of lightweight and compact oxygen concentrators. These appliances are made to be portable thus providing any user mobility and quality of life with a necessary undertaking that has to do with oxygen therapy.
Wearable oxygen devices are a game-changer in the marketplace. Highly advanced solutions ensure continuous oxygen delivery with total discretion and user-friendliness. Thus, comfort and convenience are enhanced. Wearable technology oxygen vests as well as smaller, personal concentrators drive patient independence and therapy compliance by seamlessly integrating into patients' daily lives.
Thus, investment in research and development is very essential to serve these innovations. For example, portable and wearable devices that are more energy-efficient, rugged, and attractive can make a significant difference in the market. A company may attract a significant number of patients who need to find easy solutions and also technologies capable of improving functionality while safeguarding a patient's lifestyle.
Growth in the homecare market will require new and different technological innovations in portable and wearable oxygen therapy, which advances the face of respiratory care and promises companies new opportunities to take market share and improve patient outcomes.
High Cost of Advanced Equipment may Restrict Market Growth.
The most significant constraint within this market is the high price of advanced oxygen therapy equipment. This also raises concern both for patients and their healthcare providers. Advanced technology and increased capabilities of the latest designs of devices like portable oxygen concentrators, high flow nasal cannulas, and other modern oxygen therapy devices cost quite high.
The price is often too high for a patient in a poor area or without complete insurance coverage, thereby limiting the availability of necessary respiratory care to some patients. This financial burden can even prevent healthcare providers from investing in advanced technologies, thereby curtailing their ability to provide the latest and most effective oxygen therapy solutions.
High equipment costs will also lead to unequal quality of care provided, especially between high-income and low-income regions. Therefore, a condition may worsen the inequalities that exist in the delivery and access of healthcare treatment. This cost barrier may hinder market growth in low-income countries.
Principal Consultant
The global oxygen therapy equipment industry recorded a CAGR of 5.9% during the historical period between 2019 and 2023. The growth of the oxygen therapy equipment industry was positive as it reached a value of USD 6,995.0 million in 2034 from USD 3,589.3 million in 2024.
The oxygen therapy equipment market has been performing steadily from 2019 to 2023. The rising prevalence of chronic respiratory diseases, like COPD and asthma, has increased demands for such oxygen therapy solutions.
Technological advances also played an essential role during this period since more reliable and user-friendly devices such as portable oxygen concentrators and advanced oxygen masks were obtained, these improved the comfort of the patient and the range of application of oxygen therapy.
Among other factors that enabled the growth of markets were consciousness about respiratory health and infrastructure for the delivery of healthcare services. Increased investments in health facilities and better insurance coverage toward respiratory care opened up access to oxygen therapy equipment. The COVID-19 further fueled the demand due to an unprecedented surge in cases of respiratory where needed support with oxygen was required.
The oxygen therapy equipment market will continue its growth in March between 2024 to 2034 across the global arena for several reasons. The above factors of persistence of the rise in the prevalence of chronic respiratory disorders and the aging population will tend to drive further demand for oxygen therapy solutions.
Technological advancements will also persist, with portable and wearable devices continuing innovations aimed at enhancing patient mobility and comfort. The trend toward homecare and telemedicine is likely to boost the adoption of home-based oxygen therapy solutions since patients seek more convenient and personalized care options.
Additionally, growing investments in the healthcare sector by developed markets are expected to improve access and rates of adoption within previously underserved regions. Overall, these trends are expected to favor the market, with continued growth and expansion throughout the following years.
The global oxygen therapy equipment market is very concentrated in terms of market share concentration with Tier 1 companies acquiring nearly 55.5% of the market. Some of these major companies include Philips Healthcare, Linde Healthcare, and Chart Industries, Inc. These leaders are recognized through their extensive portfolios of advanced oxygen therapy equipment and robust technological capabilities.
Such enormous annual revenues, over USD 120 million, speak for the widespread geographical presence and the capacity to provide adequate care solutions. Substantial amounts invested in research and development together with strict regulatory compliance make them stronger in the markets.
Tier 2 companies capture around 26.6% of the market with names such as Invacare Corporation and Becton, Dickinson, and Company. These companies operate underestimated revenues between USD 90 million and USD 100 million, focusing on niche areas in the oxygen therapy equipment market.
Such companies base their operations on industry expertise as well as strategic investment in cutting-edge technologies for specific market requirements, thus establishing them as major competitors in their selected niches.
The tier 3 players consist of smaller specialist companies, such as Heinen + Löwenstein GmbH & Co. KG and DeVilbiss Healthcare. They currently share approximately 8.7% of the market.
These companies are niche formulation providers or provide targeted treatments in the larger category of oxygen therapy equipment. The niche approaches ensure diversity within the market and promote innovation to ensure that specific needs within the oxygen therapy equipment domain have been catered for.
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The section below covers the industry analysis for the oxygen therapy equipment market for different countries. Market demand analysis on key countries in several regions of the globe, including North America, Asia Pacific, Europe, and others, is provided. The United States is anticipated to remain at the forefront in North America, with a CAGR of 2.2% through 2034. In Asia Pacific, China is projected to witness a CAGR of 6.9% by 2034.
| Countries | Value CAGR (2024 to 2034) |
|---|---|
| USA | 2.2% |
| Germany | 2.4% |
| France | 3.5% |
| UK | 2.5% |
| China | 6.9% |
| India | 7.8% |
| South Korea | 5.4% |
Germany’s oxygen therapy equipment market is expected to exhibit a CAGR of 2.4% between 2024 and 2034. The Germany holds highest market share in European market.
Homecare solutions are imposing significant influences on the market for oxygen therapy equipment in Germany. The demand for home-based oxygen therapy has grown dramatically in Germany, as patients and healthcare providers take up the convenience and comfort of the same. This is because the models of home-based care are gradually gaining acceptance, and homecare infrastructure in Germany is well established.
Germany has of late shown interest in homecare through health care policies. One of them includes providing people with subsides and insurance coverage to ensure them receive their oxygen therapy at home. Portable oxygen therapy equipment that is compact has seen a high rise. The primary driver in the increased demand for homecare oxygen therapy equipment in Germany is the quality of life for the patients and the reduction in hospital admissions.
The USA market is anticipated to grow at a CAGR of 2.2% throughout the forecast period. The primary growth driver is telehealth with oxygen therapy equipment in the United States. Covid-19 has certainly catalyzed the adoption of telehealth solutions such as remote monitoring and virtual consultations to further continue shaping oxygen therapy equipment.
Telehealth involves the monitoring of real-time oxygen levels in patients and adjusting treatment plans, therefore enhancing patient outcomes and adherence to therapy. Many big health service providers and insurance firms have included telehealth as part of their offerings to clients in the United States, where they will be conflated synergistically with home oxygen therapy.
The conflation of telehealth improves the management of patients as the availability of oxygen therapy in turn increases for a remote and underserved population, therefore expanding the reach to the market.
China is expected to hold a dominating position in the East Asia market of oxygen therapy equipment and is anticipated to grow at a CAGR of 6.9% throughout the forecast period.
Government efforts toward better respiratory care have been one of the chief growth drivers in the market for oxygen therapy equipment. Recently, the Chinese government took up measures for the formation of policies to increase the provision of low-cost healthcare facilities, including medical equipment, such as the oxygen therapy apparatus.
Such efforts are part of the overall measures being implemented to reduce the country's increasingly high incidence of respiratory diseases further aggravated in the case of urban areas by the pollution of air and an increasingly aging population.
Increased funding shall also be provided for public health campaigns and infrastructure improvements, with subsidies and incentives offered for the purchase of oxygen therapy equipment to make these advanced solutions available to a larger portion of the population. This proactive approach is cultivating the development of a market and improving standards for respiratory care across the country.
The section contains information about the leading segments in the industry. Based on the product, the oxygen therapy equipment for cardiovascular & thoracic surgeries is expected to account for 48.6% of the global market share in 2024.
| Product | Oxygen Therapy Equipment for Cardiovascular & Thoracic Surgeries |
|---|---|
| Value Share (2024) | 48.6% |
Cardiopulmonary or thoracic surgery equipment holds the highest position in the market with a market share of 48.6%. This is because equipment used in cardiac surgeries primarily assumes a leading role in handling critical procedures, including organ transplantation of the heart and lungs.
Devices such as ECMO systems and high-class ventilators are among the necessities to ensure proper oxygenation during critical surgeries. Increased incidence of cardiovascular diseases and advancement in surgical technology also increase demand for such specialized equipment.
Technological innovation related to real-time monitoring and automated oxygen delivery systems is also improving the effectiveness and reliability of these products. Strict regulatory and clinical standards also contribute to this segment further, boosting the same and establishing the highest safety and performance levels.
| Portability | Stationary Oxygen Therapy Equipment Devices |
|---|---|
| Value Share (2024) | 69.7% |
Stationary oxygen therapy equipment devices account for the highest share of about 69.7%. These include all large concentrators and high-capacity systems, hence dominating healthcare facilities and long-term care settings. They are primarily important for offering high-flow oxygen therapy, especially to patients who either suffer from severe respiratory conditions or receive continuous therapy.
Advancements in the market of stationary devices such as efficiency improvements in filtration systems, alarms that are automated, and energy-efficient designs will enhance operational effectiveness as well as patient comfort. The prevalent chronic respiratory diseases along with patient care stability rank as the chief driving forces for these reliable and consistent devices, making them a staple of the market.
The oxygen therapy equipment market is increasingly competitive as companies are capturing changing patient and healthcare provider needs. The largest companies in the industry are significantly investing in technological advancements that focus on innovation providing solutions for more complex respiratory disorders and better, extended care for patients.
Strategic alliances, mergers, and acquisitions are seen often as companies look for better overall portfolios or expansion of market presence.
Recent Industry Developments in Oxygen Therapy Equipment Market
In terms of product, the industry is divided into oxygen source equipment, oxygen therapy equipment for cardiovascular & thoracic surgeries (oxygen concentrators, liquid oxygen, oxygen cylinders), and oxygen delivery devices (oxygen masks, nasal cannulas, venturi masks, non-rebreather masks, bag-valve masks, and other oxygen delivery devices).
In terms of Portability, the industry is divided into stationary oxygen therapy equipment devices and portable oxygen therapy equipment devices.
In terms of application, the industry is divided into oxygen therapy equipment for COPD, oxygen therapy equipment for asthma, oxygen therapy equipment for cystic fibrosis, oxygen therapy equipment for respiratory distress syndrome, oxygen therapy equipment for pneumonia, oxygen therapy equipment for other diseases.
Key countries of North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East and Africa (MEA) have been covered in the report.
The global oxygen therapy equipment industry is projected to witness CAGR of 6.9% between 2024 and 2034.
The global oxygen therapy equipment industry stood at USD 3,357.6 million in 2023.
The global oxygen therapy equipment industry is anticipated to reach USD 6,995.0 million by 2034 end.
India is expected to show a CAGR of 7.8% in the assessment period.
The key players operating in the global oxygen therapy equipment industry include Philips Healthcare, Linde Healthcare, Chart Industries, Inc., Invacare Corporation, Becton, Dickinson and Company, Smiths Medical, Drägerwerk AG & Co. KGaA, Teleflex Incorporated, Fisher & Paykel Healthcare Corporation Limited, Taiyo Nippon Sanso Corporation, Inogen, Inc., Heinen + Löwenstein GmbH & Co. KG, DeVilbiss Healthcare, Essex Industries, Inc., HERSILL, S.L., Weinmann Emergency Medical Technology GmbH + Co.
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Oxygen Therapy Equipment Market
