Oxygen Therapy Equipment Market: In-depth Study about Size, Share and Revenue
The global oxygen therapy equipment market is expected to register a growth of significant CAGR 8.9% during the forecast period (2018–2023). Increasing prevalence of respiratory diseases, rising healthcare expenditure, growing geriatric population and favorable reimbursement policies are the drivers for the global oxygen therapy device market. However, factors such as high cost of oxygen concentrators and side effects implicated by the oxygen therapy devices restraints the market growth during the forecast period. As per the National Institutes of Health (NIH), nearly 12 million adults have been diagnosed with COPD in the U.S. and 120,000 people die each year. According to the data published by the Global Asthma Network (GAN), asthma affects nearly 334 million people worldwide. Increasing patient population is expected to boost the demand for these products. This consequent increase in demand is expected to drive the industry over the coming years.
The growing prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma is likely to be the major driver for the global oxygen therapy equipment market over the forecast period. Oxygen therapy equipment is majorly used to supply asthmatic and COPD patients with extra oxygen to help combat their conditions. According to the World Health Organization, around 250 million people worldwide were afflicted with COPD in 2016, including more than 3 million deaths. This has increased the awareness about the condition in medical circles. The rising presence of issues such as pollution is likely to result in an increase in the prevalence of respiratory conditions in the coming years. This is likely to result in an increased demand from the oxygen therapy equipment market over the forecast period.
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Increasing government support to the use of oxygen therapy and increasing availability of reimbursement options for oxygen therapy are also likely to be major drivers for the global oxygen therapy equipment market over the forecast period. The high cost of oxygen therapy devices, which can cost upwards of USD 2,500, has held back their adoption, particularly in developing countries. However, in developed countries, the oxygen therapy equipment market has been able to sustain steady growth due to the growing demand in advanced and large hospitals. The growing reimbursement support to the use of oxygen therapy equipment is likely to remain a key driver for the global market over the forecast period.
Oxygen Therapy Equipment Market Segmentation:
The global oxygen therapy equipment market is segmented on the basis of product type, portability, application, end use, and region.
By product type, the global oxygen therapy equipment market is segmented into oxygen source equipment and oxygen delivery devices. The oxygen source equipment segment is further subdivided into oxygen concentrators, liquid oxygen devices, and oxygen cylinders. The oxygen delivery devices segment is further sub-segmented into bag valve masks, non-rebreather masks, venturi masks, oxygen masks, nasal cannulas, and other devices.
By portability, the oxygen therapy equipment market is segmented into stationary and portable oxygen therapy devices.
By application, the market is segmented into cystic fibrosis, asthma, COPD, pneumonia, respiratory distress syndrome, and others.
By end use, the market is segmented into home care, hospitals, ambulatory surgical centers and physician offices, and others.
Oxygen Therapy Equipment Market Competitive Analysis:
Leading players in the global oxygen therapy equipment market include Medicop DOO, Messer Medical Austria GmbH, Essex Industries Inc., Allied Healthcare Products Inc., Fisher & Paykel Healthcare Corporation Limited, Invacare Corporation, Teleflex Inc., Dragerwerk AG & Co. KGaA, Smiths Medical, Taiyo Nippon Sanso Corporation, Becton Dickinson and Company, Linde Healthcare, and Philips Healthcare. Major players in the global oxygen therapy equipment market are expected to focus on product development as well as mergers and acquisitions in the coming years, as both organic and inorganic growth become vital in the oxygen therapy equipment market.
In September 2019, Myongji Hospital became the first site to install a multi-person hyperbaric oxygen therapy device in Seoul. Hyperbaric oxygen treatment is said to be beneficial in a number of conditions apart from respiratory devices, including diabetic foot, carbon monoxide poisoning, gas embolism, diving disease, brain abscesses, and more.
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Oxygen Therapy Equipment Market Regional Analysis:
The Americas is expected to dominate the global oxygen therapy equipment market over the forecast period, followed by Europe and Asia Pacific. The Middle East and Africa has the smallest share in the global oxygen therapy equipment market and is likely to remain the smallest market over the forecast period.
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