Global Oxygen Therapy Market – Overview
In recent years, there has been a growing prevalence of chronic respiratory diseases. These disorders include respiratory allergies, occupational lung diseases, chronic obstructive pulmonary disease (COPD), pulmonary hypertension, and asthma among others. The prevalence of these diseases has been on the rise across the globe, particularly among the low income and middle income nations. As per the findings of the World Health Organization (WHO), nearly 3 million people across the globe fall prey to COPD each year. This is highly alarming rate of growth, which has emerged as the chief driving factor for the adoption and growth of the oxygen therapy and hence the global oxygen therapy devices market. According to the research study conducted by Transparency Market Research, the global market for oxygen therapy devices is projected to reach a valuation worth US$2.8 Bn by the end of 2020.
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Covid-19 to Have a Considerable Impact on Market Development
The market is expected to witness another prominent growth spike due to the outbreak of Covid-19 pandemic across the globe. Covid-19 is known to create breathing problems among patients. This is thus creating a huge demand for oxygen therapy and thus will provide a much deserved impetus to the overall development of the oxygen therapy devices market. The market is also expected grow due to the several advantages associated with oxygen therapy. Some of the key advantages of oxygen therapy are improved breathing patterns, better mental stamina, and lower risk of heart failure among others. Naturally, such wide range of benefits will also help in the development of the global oxygen therapy devices market in the coming years of the forecast period ranging from 2014 to 2020. The demand for oxygen therapy devices is projected to rise because of the latest developments and advancements in the medical procedures. With global healthcare industry widely acknowledging and adopting these developments, naturally, the market is expected to benefit from the same.
In recent years, the administration of hyperbaric oxygen therapy has emerged to be a huge challenge for medical professionals. Several governments have introduced multiple initiatives in order to enhance their hyperbaric therapy devices in their administrative areas. For instance, Hamad Medical Corporation (HMC) announced that the company has now joined a group of market leaders that offer services in emergency and trauma care. The company has introduced hyperbaric oxygen therapy devices in Qatar, and is projected to accumulate a solid consumer base in the regional market.
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Liquid Oxygen Devices Segment to Witness Promising Growth
Based on the type of product, the global oxygen therapy devices market is segmented into oxygen delivery devices and oxygen source equipment. Liquid oxygen devices, concentrators, and cylinders are the key types of oxygen source equipment. Among these, the segment of oxygen concentrators has been the leading segment and account for a larger share in the global market. However, it is projected that the segment of liquid oxygen devices is expected to register a highly promising rate of growth in the coming years of the forecast period. This growth of the segment is primarily attributed to their growing application for the treatment of wide range of respiratory disorders. In addition to this, their improved and larger storage capacity is also a key factor in the development of liquid oxygen therapy devices segment.
The segment of oxygen delivery devices is further sub-segmented into continuous positive airway pressure (CPAP), simple oxygen masks, non-breather masks, bag valve masks, venturi masks, and nasal cannula. Among these, the segment of Venturi mask is expected to witness a promising rate of growth in the coming years of the forecast period.
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In terms of application, there are wide range of segments of the global oxygen therapy devise market. Some of the key applications of oxygen therapy devices are treatment of cystic fibrosis, obstructive sleep apnea, pneumonia, respiratory distress syndrome, chronic obstructive pulmonary disease, and asthma among others. Among these, the segment of treatment for chronic obstructive pulmonary disease is expected to witness a promising demand in the coming years of the forecast period. The growth of the segment is primarily attributed to the increasing prevalence of COPD across the globe.
North America to Continue Having Stronghold on Global Market
Based on geography, there are five key regions of the global oxygen therapy devices market. These regional segments are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Among these, the regional segment of North America has been the most dominant one in recent years. The growth of the regional segment is due to the presence of a matured and highly developed healthcare infrastructure. In addition to this, the growth of the segment is also attributed to the fact that region also enjoys early availability of latest technologies and product launches. Furthermore, increasing awareness among people in the region about the benefits of using oxygen therapy devices is also a key driving factor for the growth of the North America market.
On the other hand, the regional segment of Asia Pacific is expected to witness a highly promising growth in the coming years of the forecast period. The growth is fueled by the increasing investments in the development of the healthcare infrastructure in emerging economies such as India and China.
Some of the key companies operating in the global oxygen therapy devices market are AirSep Corporation, Philips Respironics, Inc., MAQUET Holding B.V. & Co. KG, ResMed, CareFusion Corporation, Teleflex Incorporated,Smiths Medical, Invacare Corporation, Fisher and Paykel Healthcare Limited, and DeVilbiss Healthcare LLC
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