OXYGEN THERAPY MARKET ANALYSIS

Oxygen therapy is the use of oxygen as medical intervention to maintain enough oxygen in conditions such as hypoxia, hypoxemia, and other related conditions. Oxygen may be administered through a nasal cannula, face mask, or through hyperbaric oxygen chamber. This therapy helps maintain oxygen level in the blood for treatment of acute and chronic diseases such as chronic obstructive diseases (COPD), pneumonia, and asthma. Long-term therapy with oxygen is often useful in people suffering from COPD. Certain other acute or chronic disease conditions where oxygen therapy is effective include cystic fibrosis, dysplasia, heart failure, sleep apnea, and lung disorders.

Oxygen therapy market taxonomy

The global oxygen therapy market is segmented on basis of source equipment, application, delivery device, and end use. By type of source equipment, the market in oxygen therapy is segmented into oxygen cylinders, liquid oxygen devices, and oxygen concentrators. On the basis of device type, the the oxygen therapy industry is segmented into nasal cannula, face mask, bag valve mask, venturi mask, oxygen mask, non-rebreather mask, and CPAP devices. On the basis of application, the global oxygen therapy market is as asthma, cystic fibrosis, COPD, pneumonia, respiratory distress syndrome, and cardiovascular diseases.

Oxygen therapy is used in hospitals to cure patients suffering from respiratory diseases such as COPD and pneumonia, and also cardiovascular diseases fueling growth of the oxygen therapy market. Oxygen therapy is also used in clinics, rehabilitations centers and home care settings .

Increasing incidence of COPD and lung disorders drive growth of the oxygen therapy market across the globe

Factors such as high prevalence of respiratory related diseases, growing aging population, and increasing vulnerability of the populace to respiratory conditions are fueling growth of the oxygen therapy market in North America. According to the Center for Diseases Control and Prevention (CDC), around 15.7 million people in the U.S. were diagnosed with COPD in 2013. Other factors driving demand for oxygen therapy include innovation in portable oxygen concentrators, rise in number of untreated sleep apnea cases, favorable reimbursement scenario, growing demand for oxygen filling devices, good medical facilities, and high investment in research and development activities. The European market in oxygen therapy is also gaining traction in recent times, mainly fueled by increasing number of patients suffering from respiratory diseases and favorable government initiatives to facilitate respiratory care.

According to the World Health Organization, over 90% of COPD deaths occur in low income and middle income countries. Therefore, the oxygen therapy market is expected to grow substantially in African, Asian, and Latin American countries due to high prevalence of COPD and deaths due to the disease. Furthermore, increasing awareness among medical facilities, increasing government investment in healthcare facilities, and availability of low cost treatment is projected to drive demand for oxygen therapy in emerging economies.

Alarming increase in number of lung damage cases increasing demand for oxygen therapy for effective treatment

According to World Health Organization (WHO) over 3 million people die each year due to COPD. Increasing use of oxygen therapy in treatment of diseases such as COPD, asthma, obstructive sleep apnea, and respiratory distress syndrome is a supportive prevalent trend in the market. Long-term oxygen therapy for patients suffering from chronic lung disease can help improve quality and length of life, in turn creating a favorable environment for the market. Increasing risk of lung damage due to tobacco consumption, occupational hazards, and pollution would further augment market growth over the following decade.

Global players engaged in the oxygen therapy market

There are several medical device companies, both local player and global ones, engaged in manufacture of oxygen therapy devices. Some of the prominent players are Respironics, Inc. (a Philips company), Fisher & Paykel Healthcare Limited, Teleflex Incorporated, Invacare Corporation, AirSep Corporation, CareFusion Corporation, DeVilbiss Healthcare, MAQUET Holding B.V. & Co. KG, and ResMed, Inc.

Key Developments

1. Major companies in the market are focused on different business strategies such as product launches, in order to expand product portfolio and gain competitive edge in the market. For instance, in September 2018, CAIRE, Inc., a manufacturer of oxygen therapy solutions, launched Freestyle Comfort, a portable oxygen concentrator. This novel device will feature five pulse settings and innovative comfort curves.
2. Various leading hospitals are focused on different business strategies such as product and treatment launches, in order to offer effective oxygen therapy solutions to patients. For instance, in April 2018, Amandeep Hospital, Amritsar, India launched a novel treatment therapy called Hyerbaric Oxygen Therapy (HBOT). This therapy will be used in wound healing, especially for diabetic foot and non-healing wounds.
3. Key players in the market are focused on different business strategies such as product launches, in order to expand their product portfolio. For instance, in April 2019, Inogen, Inc., a U.S.-based medical technology company, launched Innovative Inogen One G5, which is a portable oxygen concentrator. This novel respiratory product can be used for home settings and will meet the needs of oxygen therapy patients.