Different trends are driving the rise of oxygen therapy devices, such as an increase in cigarette smoking and an increase in the incidence of respiratory diseases, an increase in the demand for standalone oxygen therapy devices over portable equipment, and continuous technical developments in oxygen therapy. However, the growth of the industry is hindered by strict regulatory requirements that may trigger delays in the product acceptance of oxygen therapy devices. It is predicted that the surge in patient populations suffering from respiratory conditions would create prospects for business development. Due to the increasing prevalence of pulmonary, cardiovascular, cardiac and other disorders, the global oxygen therapy system market is rising fast.
The global Oxygen therapy device market 2020 is poised to mature at approximate 12% CAGR to reach USD 15 billion by 2023 as compared to 8 billion in 2016.
The global market for oxygen therapy equipment has been segmented into portability, application, product, and end users, as noted by MRFR experts.
A analysis of the demand for oxygen therapy equipment was segmented by product on the basis of oxygen source equipment and oxygen delivery equipment. Liquid oxygen devices, oxygen concentrators, and oxygen tanks are used in the oxygen source facilities. The oxygen concentrators include portable concentrators of oxygen and fixed concentrators of oxygen. Non-rebreather masks, venturi masks, bag valve masks, nasal cannulas, breathing masks, and other equipment make up the oxygen delivery equipment.
By way of portability, stationary oxygen therapy devices and portable oxygen therapy devices are included in the industry report on oxygen therapy equipment. Due to its numerous impacts, the mobile section is scheduled to make substantial progress during the forecast period.
By application, the study on the oxygen therapy equipment market has been segmented into asthma, COPD, cystic fibrosis, respiratory distress syndrome, pneumonia, and other diseases. The pneumonia segment would get traction during the forecast period, along with respiratory distress syndrome due to the growing intake of equipment to treat COVID-19.
By end users, the market includes a detailed study of hospitals, ambulatory surgical centers, home care settings, & physician offices and others.
Americas are the significant market worldwide for oxygen therapy products. Americas account for approximately 45 percent of the oxygen therapy system industry.
Europe is the second largest area in terms of overall utilisation of oxygen therapy devices.
Asia-Pacific is the fastest growing and developing sector and in the coming years it is projected to rise by 8% CAGR. The oxygen therapy system is endorsed as a home-based solution by nations such as India and China. In addition, the demand for oxygen therapy is projected to be strong in the Asia-Pacific region due to the growing population and increasing number of diseases due to shifts in people’s behaviour and lifestyle. In comparison, countries invest more on hospitals, which adds to the introduction of new technologies.
The devices for oxygen therapy are developed by numerous local and global players. Some of them are Cardinal Healthcare, Respironics, Masimo Corporation, Bio Med, Carefusion, Teflex, Fisher & Paykel Healthcare Limited, Inogen, O2 Concepts, Devilbiss Healthacre, Smith medicals, Salter Labs, Medtronic, Phillips healthcare, 3B Medical, 3M Healthcare and many more.