IMARC Group’s latest research indicates that the oxygen therapy market was valued at USD 21.4 billion in 2025 and is projected to reach USD 35.4 billion by 2034, expanding at a CAGR of 5.58% during 2026-2034. That is roughly USD 14 billion of added value, as chronic respiratory conditions, ageing populations and the shift to home-based care raise demand for oxygen equipment and delivery devices.

1. More chronic respiratory disease. Rising cases of COPD, asthma, sleep apnea and pulmonary fibrosis mean more people need long-term oxygen support.

2. An older population. Ageing brings higher rates of respiratory illness, and the IMF expects the share of people aged 80 and above to nearly quadruple by 2050.

3. Preference for care at home. Patients and providers increasingly favour home healthcare, which supports demand for concentrators and other home-use devices.

4. Portable and smart devices. Lighter, wearable and connected oxygen systems give patients more mobility and better monitoring.

5. Pollution and healthcare investment. Air pollution adds to respiratory harm, while government chronic-disease programmes and healthcare spending widen access to therapy.

What could slow it down: a highly saturated global market with strong competition, along with the cost of advanced devices and the need for regulatory approvals for new portable and smart products.

Segment Breakdown

By product. Oxygen source equipment is the largest segment, with about 57.6% share in 2025. It covers oxygen cylinders, oxygen concentrators, liquid oxygen devices and PAP devices. Oxygen delivery devices, such as masks, nasal cannulas, Venturi masks, non-rebreather masks, bag valve masks and CPAP masks, make up the rest of the market.

By application. COPD leads with about 32.9% share in 2025, reflecting the large number of patients who need continuous or long-term oxygen support. Other applications include asthma, obstructive sleep apnea, respiratory distress syndrome, cystic fibrosis and pneumonia.

By end use. Home healthcare is the largest segment at about 32% share, as patients move toward managing chronic conditions outside hospitals. Hospitals remain a core end-use segment for acute and critical care.

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Regional Outlook

• North America (37.9%): The largest market, supported by a high burden of chronic respiratory disease, advanced healthcare infrastructure and growing home-care adoption. The United States is the dominant market within the region.

• Europe: Demand is tied to an ageing population. In 2022, 2.9% of the EU population was aged 85 or above, and that share is projected to exceed 10% by 2050.

• Asia-Pacific: A large patient pool drives demand. Asthma alone affects over 35 million people in India.

• Latin America: Rising incomes are expected to improve access to healthcare, with total disposable income projected to grow by nearly 60% between 2021 and 2040.

• Middle East & Africa: Healthcare expansion supports the market. Dubai, for example, had 56 hospitals and 4,482 private medical establishments by 2022.

Competitive Landscape

Competition centres on product reliability, portability, clinical performance and the breadth of each company’s respiratory portfolio. Leading names include Becton Dickinson, Fisher & Paykel Healthcare, Getinge, Invacare, Koninklijke Philips, Smiths Group and Teleflex, alongside Allied Healthcare Products, DeVilbiss Healthcare (Drive Medical), General Electric, Hersill and Tecno-Gaz.

Latest Industry Moves

• June 2025: The University of South Florida launched a USD 28 million randomised, double-blind hyperbaric oxygen therapy trial for veterans and service members with traumatic brain injury.

• December 2024: Maxtec acquired the Bird MicroBlender from Vyaire Medical, expanding its oxygen delivery portfolio.

• October 2024: Inogen launched the Rove 4 portable oxygen concentrator, weighing under 3 pounds and delivering up to 840 ml/min.

Where the Opportunities Are

Portable, wearable and personalised oxygen delivery is the clearest growth area. Sleep apnea offers further room, as about 26% of US adults aged 30 to 70 have at least mild obstructive sleep apnea. Emerging markets in Asia-Pacific, Latin America and the Middle East also offer scope as healthcare spending and access expand.

Final Take

The oxygen therapy market is witnessing significant growth, driven by the rising prevalence of chronic respiratory disorders, increasing demand for advanced respiratory care, and the growing adoption of home-based healthcare solutions. The market is projected to expand from USD 21.4 billion to USD 35.4 billion by 2034, with oxygen source equipment, COPD management, and home healthcare representing key areas of demand. Technological advancements in the oxygen therapy devices market are encouraging the development of lightweight, portable, and smart oxygen delivery systems that improve patient convenience and treatment accessibility.

At the same time, the hyperbaric oxygen therapy market is gaining traction as hyperbaric treatment finds applications across various medical conditions requiring enhanced oxygen delivery. Growing investments in advanced oxygen therapy equipment, coupled with increasing emphasis on clinical reliability, patient safety, and treatment efficiency, are creating new growth opportunities. Companies that combine proven clinical performance with innovative, portable, and connected device designs are expected to strengthen their competitive positioning and capture a larger share of the evolving market.

About the Author

IMARC Group is a leading market research and consulting company that provides comprehensive market intelligence, industry analysis, and strategic business insights across diverse sectors. Its research reports offer detailed assessments of market trends, growth drivers, competitive landscapes, and emerging opportunities to help businesses make informed decisions and develop effective growth strategies.

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