Oxygen Therapy Equipment Market Size, Share, Growth Analysis, By Product(Oxygen Source Equipment, Oxygen Delivery Devices), By End User(Hospitals, Home Care), By Application(COPD, Asthma) - Industry Forecast 2024-2031

Global Oxygen Therapy Equipment Market size was valued at USD 3.6 billion in 2022 and is poised to grow from USD 3.89 billion in 2023 to USD 7.26 billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031).

Oxygen therapy equipment refers to the devices used to supply and manage oxygen to humans in healthcare and medical settings. Increasing incidence of respiratory disorders and growing popularity of oxygen therapy for treatment of various diseases are key factors driving the demand for oxygen therapy equipment. Advancements in medical device technology and growing investments in medical R&D are also estimated to create new opportunities for oxygen therapy equipment suppliers going forward. However, high costs of oxygen therapy equipment and lack of favorable reimbursement policies are forecasted to hamper oxygen therapy equipment market development in the future. North America is slated to account for a major chunk of the global oxygen therapy equipment demand outlook owing to the presence of a developed healthcare infrastructure in countries such as the United States and Canada. Surging popularity of home healthcare is slated to boost the demand for home-based oxygen therapy equipment in the long run. Use of non-invasive ventilation techniques is also a key area that oxygen therapy equipment manufacturers can invest in and focus on going forward.