Market scenario-
Market
Research Future (MRFR's) latest report on the global oxygen therapy equipment
market size projected to grow USD 34.72 billion by 2030 and capture a CAGR of 5.86%
over the forecast period of 2022-2030. 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 the market 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.
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 market is 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
Oxygen
therapy equipment market players are 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.) are the key players in the oxygen therapy equipment
market.
Segmentation
The oxygen 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 insights 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.
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.
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