Medical Ozone Therapy Market is Estimated to Witness High Growth Owing to Opportunity of Treatment of Various Chronic Diseases

Medical ozone therapy involves administration of ozone to the human body with an intention of prevention or treatment of diseases. Ozone is introduced into the body through different methods including insufflation (introduction of medical-grade ozone-oxygen gas mixture into body cavities), injection, and auto-hemotherapy. Medical ozone therapy is used for treatment of various chronic diseases such as herniated discs, arthritis, migraines, spinal subluxations, and neurological deficiencies. The global Medical Ozone Therapy Market is estimated to be valued at US$ 1.59 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Growing prevalence of chronic diseases worldwide is driving the demand for alternative treatment options such as medical ozone therapy. As per the estimates by WHO, chronic disease prevalence is expected to rise by 57% globally by the year 2020. Furthermore, increasing awareness regarding benefits of ozone therapy as a complementary treatment option for chronic pain, lack of proper treatment for various diseases including disc herniation, and rising healthcare expenditure are some factors that provide market opportunity for growth of medical ozone therapy market during the forecast period. Moreover, ongoing clinical trials to evaluate efficacy of ozone therapy for diseases such as diabetes and cancer would further boost adoption of medical ozone therapy in the coming years.

Porter’s Analysis
Threat of new entrants: The medical ozone therapy market has moderate barriers for new entrants due to established regulations and standards. Bargaining power of buyers: Individual buyers have low bargaining power due to specialized products and services. However, large hospitals and clinics can negotiate prices. Bargaining power of suppliers: A few major suppliers exist for ozone generators and other equipment which gives them some bargaining power over prices. Threat of new substitutes: No close substitute exist for ozone therapy as it is unique. However, other advanced therapies may threaten its demand. Competitive rivalry: The market has several global and regional players offering similar products and services. Competition is based on technology, quality, services and prices.

SWOT Analysis
Strength: Ozone therapy is a drug-free and non-invasive treatment method with no reported side effects. It has wide applications in various disease conditions. Weakness: Lack of clinical data from large randomized control trials limits its widespread adoption. High set up and maintenance costs of ozone generators restricts its usage. Opportunity: Increasing incidence of chronic diseases drives the demand for alternative treatment options. Untapped growth potential in developing markets present an opportunity. Threats: Stringent regulations and safety standards delay product approvals and market entry in several regions. Reimbursement issues and preference for other well-established therapies are also threats.

Key Takeaways
The global medical ozone therapy market is expected to witness high growth over the forecast period owing to rising geriatric population, increasing incidence of chronic diseases, and growing awareness about ozone therapy.

The North American region currently dominates the market due to strong reimbursement policies, availability of advanced healthcare facilities, and growing chronic disease burden. The Asia Pacific region is projected to grow at the fastest pace during the forecast period led by developing economies like China and India expanding healthcare infrastructure and patient awareness.

Key players operating in the medical ozone therapy market are Kastner-Praxisbedarf GmbH, Herrmann Apparatebau GmbH, Ozonline, General Ozone, Absolute Ozone Pty Ltd., Vems Healthcareand EVOZON. The market is fragmented with private label brands occupying major share. Players compete based on new product launches, geographic expansion and mergers & acquisitions.