Market
scenario-
Market
Research Future (MRFR's) latest report on the global oxygen therapy equipment market size projected to grow at a CAGR of
5.8% over the forecast period of 2023-2032. 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
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 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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