PUBLISHER: Grand View Research | PRODUCT CODE: 1493303
PUBLISHER: Grand View Research | PRODUCT CODE: 1493303
The global veterinary oxygen therapy market size is expected to reach USD 1.85 billion by 2030, registering a CAGR of 7.5% over the forecast period, according to a new report by Grand View Research, Inc. The key factors driving industry growth include increased pet spending, rising prevalence of respiratory diseases in animals, and advancements in veterinary medicines. According to the American Pet Products Association (APPA), total pet spending in the U.S. alone reached $147 billion in 2023. This increase in pet spending led pet owners to seek advanced veterinary care. This trend drives veterinary clinics and hospitals to expand their services, such as oxygen therapy, to treat many pets.
Oxygen therapy is used to provide pets supplemental oxygen during surgery to stabilize them, promote healing, and treat conditions like smoke inhalation. Thus, growing veterinary oxygen therapy advancements are expected to drive market growth. Advancements in veterinary oxygen therapy include High-Flow Oxygen Therapy (HFOT), a method that administers warm, humidified oxygen via nasal prongs at higher flow rates (4 to 60 L/min). HFOT allows for the delivery of oxygen to meet or exceed the inspiratory flow demand of the patient. Thus, HFOT is considered beneficial for pets experiencing respiratory distress. This therapy bridges conventional oxygen therapies and mechanical ventilation, offering a promising alternative in veterinary medicine. In addition, hyperbaric oxygen therapy (HBOT) is emerging as an effective tool in veterinary care, especially adjunctive therapy for conditions like ischemia-reperfusion injury and complicated wounds. HBOT utilizes 100% oxygen and involves treatment plans tailored to the patient's unique clinical situation and the clinician's experience, with treatment pressures typically ranging from 1.3 to 2.8 ATA
The growing availability of pet insurance plans covering veterinary services, including oxygen therapy, encourages pet owners to opt for these treatments without financial restrictions thus is expected to boost market demand. For instance, according to the 2023 State of the Industry (SOI) report by NAPHIA, there are currently 5.36 million insured pets throughout North America. This represents a 21.7% increase compared to 2021 when the total number of insured pets in the area was 4.4 million.Pet insurance provides financial assistance for pet owners facing unexpected veterinary costs, including supplemental oxygen therapy. Supplemental oxygen aids breathing and recovery in conditions like respiratory infections and trauma in pets.