The size of the Oxygen Therapy Market in North America is estimated to grow from USD 0.99 billion in 2022 to USD 1.30 billion by 2027, growing at a CAGR of 5.51% during the forecast period.
Oxygen therapy involves administering oxygen through an external device.
The oxygen therapy equipment is used to treat various illnesses, including chronic obstructive pulmonary disease, asthma, and other respiratory conditions. The market for oxygen therapy in North America is expanding due to the rising frequency of various respiratory disorders. In addition, the rising demand for technologically sophisticated systems, such as portable oxygen concentrator systems, has also aided the expansion of the oxygen therapy market. Pulse oximeter devices and nasopharyngeal oxygen therapy are two key advancements. The market for these goods is increasing due to several causes, such as technological advancements and increased awareness within the medical community about the development of solutions for early treatment. Additionally, shifting government attempts to increase the availability and access to medical resources in rural places results in people seeking respiratory treatment earlier.
Due to reasons such as an increase in the number of smokers in the population, an increase in the number of patients suffering from respiratory illnesses, and more, North America is expected to have the biggest share of the oxygen therapy equipment market in the future years. Furthermore, in the next few years, increased collaboration between manufacturers and healthcare providers will likely boost demand for improved oxygen therapy products. In addition, increased research and development activities in the field of respiratory health by different medical and biomedical firms and growth in illness indications such as COPD and asthma in North America are projected to enhance the oxygen therapy market. This has increased demand for oxygen cylinders and other equipment, which is expected to propel market expansion in the future years.
Growing geopolitical issues impacting medical product commerce, uncertainties, and cases of health indicator misinformation and rising civil unrest are expected to cause problems on the effective balance of product demand and supply. In addition, the convoluted reimbursement process has also restricted the expansion of the North America Oxygen therapy market.
Due to many strict regulatory rules, the oxygen therapy industry is projected to retain a small number of competitors, posing a moderate threat to the market. Furthermore, the cost restrictions connected with oxygen therapy equipment are expected to influence demand negatively.
This research report on the North American Oxygen Therapy Market has been segmented & sub-segmented into the following categories:
By Product Type:
Based on product type, the Oxygen source equipment segment is expected to grow at 11% CAGR. It is attributed to the consolidation of this equipment in the wide variety of uses as the first treatment line.
Based on application, Chronic obstructive pulmonary disease holds the largest share of the application segment. It is anticipated to grow lucratively at a CAGR of over 10.5% over the next five years. This is due to the increasing popularity of supplemental administration in conjunction with first-line treatments available for COPD. Moreover, this treatment includes faster response rates, reliability, and portability, and above all, improves chances of survival.
Based on end-use, Home health care dominates the end-use segment, owing to the rise in the elderly population and the increasing number of patients with low mobility and long-term care requirements in conditions such as Alzheimer’s disease.
Geographically, the U.S. is expected to lead the regional market due to rising COPD instances among its citizens. In addition, technological advances and high awareness about the availability of treatment for several chronic respiratory diseases are expected to drive the market in the coming years. Due to a rise in the number of product approvals, rising need for oxygen filling devices, an aging population, an increased number of untreated sleep apnea cases, and high R&D investment, North America is expected to lead the global Oxygen Therapy market. The region's growth may be linked to increased government and private expenditures in healthcare to maintain the highest level of treatment available in healthcare facilities. Compared to many other nations, the US healthcare infrastructure is extremely sophisticated, with high availability of medical technology and state-of-the-art facilities and the largest spending capacity in the healthcare sector of any country in the world.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the North American Oxygen Therapy Market are Chart Industries Inc., Invacare Corporation, Becton, Dickinson and Company, Smiths Medical, Teleflex Incorporated, Inogen, DeVilbiss Healthcare, Essex Industries, Inc., Allied Healthcare Products Inc., and Respan Products Inc.
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