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Oxygen Therapy Device Market Trends

ID: MRFR//2147-HCR | 80 Pages | Author: Kinjoll Dey| July 2024

Global Oxygen Therapy Device Market Overview

The Oxygen Therapy Device Market Size was valued at USD 0.35 billion in 2022. The oxygen therapy device market industry is projected to grow from USD 0.37415 Billion in 2023 to USD 0.66 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.8% during the forecast period (2023 - 2032). The main drivers of the market are the growing incidence of chronic respiratory disorders and the rising demand for home healthcare. The market for these goods is anticipated to increase as the patient population grows. In the upcoming years, the sector is anticipated to be driven by this subsequent growth in demand are the key market drivers enhancing the market growth.Oxygen Therapy Device Market

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

The main drivers of the market are the increasing number of chronic respiratory disorders and the rising demand for home healthcare. The market for these goods is anticipated to increase as the patient population grows. In the ensuing years, the sector is anticipated to be driven by this subsequent rise in demand. The demand for oxygen concentrators surged due to a severe global ventilator shortage. Biomedical scientists and engineers have created temporary systems that imitate the essential features of ventilators utilizing existing devices, including oxygen concentrators, PAP machines, anesthetic machines, and manual breathing machines, to get around this scarcity. The rise in tobacco use, the incidence of respiratory disorders, and technological advancements in oxygen therapy are the main drivers of market growth for oxygen therapy equipment.

Chronic respiratory illnesses continuously affect the airways and other areas of the lungs. Oxygen therapy is a medical procedure that uses oxygen gas to provide acute and chronic patient care since oxygen is necessary for various cell metabolisms, and oxygenation of tissues is essential for appropriate physiological function. Oxygen therapy apparatus is utilized to treat various respiratory illnesses due to its supporting relief and supplementary elements. It is now essential in properly managing several illnesses, including chronic obstructive pulmonary disease, asthma, and other forms of respiratory pain. Increased energy, better breathing, and heart failure prevention are among the advantages of oxygen therapy.

News:The Bonhawa High Flow Oxygen Therapy (HFOT) system from Telesair has been given the thumbs-up by Thailand's Food and Drug Administration (Thai FDA) to be utilized in the treatment of individuals with respiratory insufficiency, according to a joint announcement from Telesair, Inc., a US-based innovator of next-generation respiratory care, and JPP Care, a major Thai distributor of respiratory devices. The Bonhawa HFOT device is small, light, and equipped with an expanded flow range of up to 80 L/pm, an easy-to-use touchscreen, and a quick disinfection procedure. These features enable a wider therapeutic range, effective disinfection, and the possibility of viewing patient settings and data outside the room.

Oxygen Therapy Device Market Trends

  • Rising Respiratory Disease Prevalence and Technological Advancements to boost the market growth

One of the most prevalent non-communicable illnesses is a chronic respiratory disease. In addition to allergies and chronic obstructive pulmonary disease (COPD), other prevalent respiratory conditions include lung disorders and pulmonary sarcoidosis. Throughout the world, respiratory illnesses are becoming more common. For Instance, by 2050, the WHO predicts that around two billion individuals over 60 will have respiratory disorders, increasing the market demand for oxygen treatment equipment. Moreover, elevated environmental pollution has increased respiratory conditions, including COPD, asthma, and bronchitis. Throughout the projected period, these factors will result in an increased demand for oxygen treatment equipment.

The creation of independent and portable oxygen treatment equipment is an example of technological breakthroughs in this field. In general, oxygen is used to treat individuals who cannot breathe normally enough to get enough oxygen or who need greater quantities of oxygen. In the end, cylinder-based oxygen transport techniques will be phased out in favour of portable oxygen concentrators. Because oxygen cylinders rely on a finite supply of oxygen, portable oxygen concentrators filter the air in a room to produce therapeutic oxygen. The use of portable oxygen concentrators is thought to be the future of oxygen therapy and may help patients enjoy more satisfying lives.

However, as the primary line of treatment for critically sick patients with coronavirus infections, oxygen therapy equipment had high demand throughout the crisis. The demand for oxygen concentrators surging due to a severe  ventilator shortage is another factor driving the growth of the oxygen therapy device market revenue.

Oxygen Therapy Device Market Segment Insights

Oxygen Therapy Device Types Insights

The  oxygen therapy device market segmentation, based on types, includes Non-re-breather masks, Incubators, Continuous positive airway pressure, Liquid oxygen device, Hyperbaric oxygen chamber, and nasal cannula. In 2022, the incubators category held the largest market share, accounting for more than 55.00% of the  oxygen therapy device market revenue. A non-invasive technique for checking someone's oxygen saturation is Incubators. This can be a helpful tool in treating chronic obstructive pulmonary disease (COPD) and other lung disorders. The rise in respiratory illnesses and the expansion of market participants' R&D efforts drive the market segment's expansion. For instance, a safe, non-invasive method called transabdominal near-infrared spectroscopy is used by the Raydiant Oximetry Sensing System (Lumerah) to monitor fetal arterial oxygen saturation.

June 2021 A voluntary recall notification in the US and a field safety notice in other countries have been started by Philips Respironics, a division of Royal Philips (NYSE PHG, AEX PHIA), to address any potential health risks associated with the polyester-based polyurethane (PE-PUR) sound abatement foam found in some CPAP, BiPAP, and mechanical ventilator devices.

Oxygen Therapy Device Application Insights

Based on application, the  oxygen therapy device market segmentation includes hypoxemia, heart diseases, sleeping apnea, lung diseases, and chronic obstructive pulmonary diseases; because of the rising prevalence of COPD, the Chronic Obstructive Pulmonary Disease (COPD) segment held the majority of the market in 2022 with a revenue share of over 35.0%. According to the WHO, COPD affects around 65 million people worldwide and is the third biggest cause of death. The clinical need for COPD therapy is driven by the disease's increasing prevalence, which will likely drive the demand for oxygen therapy device market growth.

Sleep apnea holds the second-largest segment due to the use of nocturnal oxygen therapy as a substitute for treating obstructive sleep apnea. During the next several years, demand for this market will be driven by the rising prevalence of this illness and the use of supplementary O2 delivery in conjunction with CPAP machines to enhance patient outcomes.

Oxygen Therapy Device End Users Insights

The oxygen therapy device market data has been bifurcated by surgery into hospitals, clinics, and patients. Because of its advanced infrastructure, specialized medical staff, and increased admission of patients with chronic respiratory diseases, the hospital sector will dominate the market in 2022. In contrast, the clinics segment is anticipated to expand at the quickest rate throughout the projection period due to the effective use of oxygen therapy devices in these settings to give patients, mainly geriatric patients, supplementary oxygen.

Figure 2 Oxygen Therapy Device Market, by End User, 2022 & 2030 (USD Million)Oxygen Therapy Device Market, by End User, 2022 & 2030

Source Secondary Research, Primary Research, MRFR Database and Analyst Review 

News:Vygon urges clinicians to consider automated oxygen treatment to assist those experiencing acute respiratory distress because the most recent British Lung Association study on chronic obstructive pulmonary disease (COPD) paints "a concerning picture of substandard care" for patients in the UK. Its FreeO2 monitor was proven to enhance optimal saturation levels of oxygen by 56% compared to traditional monitoring and offered a 21% cost saving in clinical trials and research involving more than 500 COPD patients. FreeO2 was shown in the trial to lessen problems, including hypoxia and hyperoxia, reducing the time COPD patients remained in the hospital by 30%. The gadget, created by physicians for infants through adults needing oxygen therapy, measures O2 need on need, second by second, using an oximeter. Afterward, a titrated (self-adjusting) circulation of oxygen is delivered to maintain patients within the prescribed saturation levels.

Oxygen Therapy Device Regional Insights

By Region, the study provides the Oxygen Therapy Device market insights into North America, Europe, Asia-Pacific and Rest of the World. With a revenue share of over 45.80% in 2021, North America dominated the market with extensive O2 treatment research and development activities. The market demand is also influenced by the rising use of topical wound oxygen treatment (TWO) and hyperbaric oxygen therapy in this area.

Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3 Oxygen Therapy Device MARKET SHARE BY REGION 2022 (%)Oxygen Therapy Device MARKET SHARE BY REGION

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe oxygen therapy device market accounts for the second-largest market share due to the rapid new product releases and ongoing product development fueling market expansion in Europe. Also, the existence of several businesses is promoting growth throughout Europe. Further, the Germany oxygen therapy device market held the largest market share, and the UK oxygen therapy device market was the fastest-growing market in the European region

The Asia-Pacific Oxygen Therapy Device Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to high R&D spending by international manufacturers, and the rising commercialization of O2 treatment equipment created by these firms is the market's primary driver. Moreover, China oxygen therapy device market held the largest market share, and the India oxygen therapy device market was the fastest-growing market in the Asia-Pacific region

For instance, research was done to determine the effectiveness of long-term O2 therapy by the British Medical Research Council and North American Nocturnal Oxygen Therapy. Moreover, this area has a greater chance of contracting respiratory illnesses due to urbanization and occupational dangers, which is expected to fuel market expansion throughout the projection period.

Oxygen Therapy Device Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the oxygen therapy device market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the oxygen therapy device industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the  oxygen therapy device industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the oxygen therapy device industry has provided medicine with some of the most significant benefits. In the oxygen therapy device market major players such as Phillips healthcare, Devilbiss Healthcare, Cardinal Healthcare, Respironics, Salter Labs, and others are working on expanding the market demand by investing in research and development activities.

Philips Healthcare offers a range of oxygen therapy devices to help patients with respiratory conditions receive the oxygen they need. Some of the oxygen therapy devices that Philips Healthcare offers include Oxygen Concentrators, High-Flow Therapy, and Portable Oxygen; Philips Healthcare offers a range of oxygen therapy accessories, including masks, tubing, and humidifiers ensure that patients receive the right type and amount of of oxygen. For Instance, In June 2021, Due to possible health hazards, Philips recalled several ventilators, BiPAP machines, and CPAP machines. These gadgets' sound and vibration-reducing PE-PUR foam, which is made of polyester, can degrade. If this happens, the individual using the gadget could ingest or breathe in black foam fragments or other invisible substances.

Also, Medtronic Inc. (Ireland) is a  healthcare solutions company committed to improving people's lives through medical technologies, services, and solutions. With Covidien, the company has accelerated and advanced its ability to create meaningful innovations for hospitals, health systems, and healthcare providers to deliver the best care possible to patients and their families worldwide. In October 2022, The merged Patient Monitoring and Respiratory Interventions companies ("NewCo"), which are a component of the company's Medical Surgical Portfolio, will be pursued for separation, according to Medtronic plc, a pioneer in healthcare technology.

Key Companies in the oxygen therapy device market includes

  • Phillips Healthcare

  • Devilbiss Healthcare

  • Cardinal Healthcare

  • Respironics

  • Salter Labs

  • Masimo Corporation

  • Carefusion

  • Teflex

  • Bio Med

  • Fisher & Paykel Healthcare Limited

  • Inogen

  • O2 Concepts

  • Smith medicals

  • Medtronic

  • 3B Medical

  • 3M Healthcare

Oxygen Therapy Device Industry Developments

June 2022 With the integration of two continuous monitoring products from Medtronic plc (NYSE MDT), MicrostreamTM capnography (CO2) and INVOSTM regional oximetry (rSO2) technology for perioperative and ICU care on the GE Healthcare CARESCAPE precision monitoring platform, clinicians now have more flexibility to tailor care.

November 2021 Along with the British government and Oxygen CoLab, UNICEF developed a potent oxygen concentrator for use in resource-constrained areas. This study is now in progress to address the coronavirus issue and supply the oxygen needed in critical care situations.

Oxygen Therapy Device Market Segmentation

Oxygen Therapy Device Types Outlook

Oxygen Therapy Device Application Outlook

  • Hypoxaemia

  • Heart diseases

  • Sleeping apnea

  • Lung diseases

  • Chronic obstructive pulmonary diseases

Oxygen Therapy Device End Users Outlook

  • Hospital

  • Clinics

  • Patients

Oxygen Therapy Device Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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