The global oxygen therapy equipment market is on track to register a growth by 8.9% during the forecast period of 2018 to 2023. Market Research Future (MRFR) tracks several factors to understand the growth trajectory of the market.
The rising demand for such treatments due to the hike in the number of patients in hospitals during the COVID-19 pandemic outbreak would be a major factor. Apart from this, the rise in geriatric population and favorable reimbursement policies are expected to provide tailwinds to the market.
The global oxygen therapy equipment market, as discussed by experts from MRFR, has been segmented into portability, application, product, and end users. These segments reveal insights regarding factors and revenues that can impact strategic standpoints.
By portability, the market study on oxygen therapy equipment includes stationary oxygen therapy devices and portable oxygen therapy devices. The portable segment is slated to make good progress during the forecast period due to its multifarious impacts.
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.
The Americas would dominate the global market with the lion’s share owing to its better infrastructure and influx of investment in countries like the US and Canada. In Europe, similar trends in countries like the UK, Italy, Germany, France, and other countries would boost market growth.
The global market for oxygen therapy equipment is gaining strong traction from several companies like Linde Healthcare (A Division of Linde Group), Philips Healthcare (A Division of Koninklijke Philips N.V.), Taiyo Nippon Sanso Corporation, Smiths Medical (A Division of Smiths Group PLC), Becton Dickinson and Company, Invacare Corporation, Fisher & Paykel Healthcare Corporation Limited, Drägerwerk AG & Co. KGaA, Teleflex Incorporated, Messer Medical Austria GmbH, Medicop D.O.O, Allied Healthcare Products Inc., Esex Industries, Inc., and others. The market is relying much on the strategic moves implemented prior to the forecast period and during it for a better valuation in the coming years. MRFR mentioned these changes in their recently published article to facilitate the understanding of the market.