Global Oxygen Therapy Market is valued to reach USD 5.2 Billion by 2026, growing at CAGR of 9.2% over forecast period 2020–2026. Increasing awareness for the pre-diagnostic tests, growing incidences of chronic respiratory diseases and rising adoption of on-demand and continuous Portable Oxygen Concentrators (POC) as emergency medicine are the factors propelling the market.
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Oxygen therapy is a form treatment provided to a patient in a medical condition, which can help to get enough oxygen. This equipment is used for the treatment of arious diseases such as COPD, asthma, and others where there is deficient supply of oxygen to the patient. Increase in prevalence of acute and chronic diseases results into critical need for the oxygen therapy equipment.
The growth of the oxygen therapy equipment is driven by various factors such as increase in tobacco smoking and rise in prevalence of respiratory disorders, increase in preference for standalone oxygen therapy equipment to portable ones, and continuous technological ad ancements in the area of oxygen therapy. However, stringent regulatory guidelines that may cause delay in the product approval of oxygen therapy products hampers the market growth. Rise in patient pool suffering from respiratory diseases is expected to provide opportunities for the market growth.
Market Trends, Drivers, Restraints and Opportunity:
- Rise in technological developments in the medical domain pertaining to therapy equipment for acute and chronic respiratory disorders is likely to drive the market growth throughout the forecast span
- Rise in geriatric population with respiratory disorders and availability of medical equipment to cater to the medical needs seems to contribute towards market development
- In addition, surge in demand for oxygen therapy equipment is more likely to enlarge the market size. Moreover, personalized treatment is one of the major growth aspect witnessed all across the world. Innovation such as nasopharyngeal oxygen therapy and pulse oximetry devices are some of the recent advances
- On contrary, lack of awareness and medical delays are some of challenges witnessed across the global market