Oxygen Therapy Equipment Market Strategies, Business Overview and Forecast to 2023
Market Overview:
Oxygen therapy, also known as O2 therapy, is administered to patients suffering from various respiratory disorders, which provides extra oxygen to keep the patient stable. A range of oxygen therapy equipment are available in themarket and are used as per individual patient's requirement. A constant rise in the occurrence rate of life-threatening respiratory devices has propelled the demand for oxygen therapy equipment. Market Research Future (MRFR's) latest report on the global oxygen therapy equipment market discusses all the key dynamics affecting the growth of the market in detail. After thorough analysis, MRFR has projected that the market is due to capture a CAGR of 8.9% over the forecast period of 2018-2023.
Also Read: https://www.medgadget.com/2020/06/covid-19-outbreak-impact-on-oxygen-therapy-equipment-market-growth-2020-global-industry-size-share-top-company-analysis-technology-developments-key-regions.html
Oxygen therapy equipment have become more efficient and robust in recent years, backed by technological advancements. Besides, improving reimbursement schemes are have also increased the adoption of these devices. Medical device manufacturers are increasingly outlaying massive amounts on R&D activities, which can further the growth of the market over the forecast period. New and innovative products are continually being developed and brought to the marketplace by the key market players. Moreover, these devices have become easily accessible, which is also signaling growth within the market. Furthermore, the Global Oxygen Therapy Equipment Industry anticipated to benefit from the consolidating trend of home healthcare, where these devices are extensively used. However, the high developmental cost of these devices and strict regulatory environment governing the medical device industry pose a threat to the market growth. Additionally, frequent alteration in regulations also hinders the growth of the market.
Competitive Landscape:
Messer Medical Austria GmbH,Esex Industries, Inc.,Linde Healthcare (A Division of Linde Group),Allied Healthcare Products Inc.,Fisher & Paykel Healthcare Corporation Limited,Medicop D.O.O,Taiyo Nippon Sanso Corporation,Teleflex Incorporated,Invacare Corporation,Becton Dickinson and Company,Smiths Medical (A Division of Smiths Group PLC), Drägerwerk AG & Co. KGaA, and Philips Healthcare (A Division of Koninklijke Philips N.V.)
Segmentation:
· Theoxygen therapy equipment market has been segmented based on product, portability, application, and end-users.
· By product, the oxygen therapy equipment market has been segmented into oxygen source equipment, oxygen delivery devices. The oxygen source equipment segment has been further segmented into oxygen concentrators, liquid oxygen devices, and oxygen cylinders. The oxygen concentrators sub-segment has been further segmented into portable oxygen concentrators and fixed oxygen concentrators. The oxygen delivery devices segment has been further segmented into bag valve masks, venturi masks, oxygen masks, non-rebreather masks, nasal cannulas, and other devices.
· By portability, the oxygen therapy equipment market has been segmented into stationary oxygen therapy devices and portable oxygen therapy devices.
· By application, the oxygen therapy equipment market has been segmented into cystic fibrosis, asthma, COPD, pneumonia, respiratory distress syndrome, and other diseases.
· By end-user, the oxygen therapy equipment market has been segmented into home care settings, hospitals, ambulatory surgical centers & physician offices, and others.
Regional Analysis
Region-wise, the oxygen therapy equipment market has been segmented into the Americas, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.
The Americas is at the forefront of the global oxygen therapy equipment market. The presence of a massive patient population suffering from diseases such as COPD, pneumonia, and other respiratory disorders induce high demand for oxygen therapy equipment in the region. High healthcare expenditure in the developed economies of the region combined with favorable reimbursement policies is spurring the growth of the market. The US and Canada are the key contributors to the Americas market.
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Europe is following the Americas' lead. Factors such as high government support and increasing incidence rate of respiratory devices are boosting the growth of the market.
The APAC oxygen therapy equipment market is likely to be driven by factors such as the surging prevalence of respiratory disorders, rising government support, high healthcare expenditure in the emerging economies, increased adoption rate, and improving reimbursement landscape.
The MEA market accounts for the least share of the global oxygen therapy equipment market. The majority of the market share is held by the Middle East, where a developed sector and high healthcare expenditure by the GCC countries is boosting the market growth. Concurrently, low healthcare penetration,and poor economic condition hinder the growth of the market.
Industry Updates
December 2018 - Inogen, a company offering lightweight portable oxygen concentrators, launched a wireless connectivity platform for its Inogen One G4 oxygen concentrator. The Inogen Connect features a front-end mobile application that is used by oxygen therapy users. The platform's application works through both Android and Apple devices and provides information about oxygen purity status, product support functions, notification alerts, battery run time, and remote software updates.