Market scenario-
Market Research Future (MRFR's) latest
report on the global oxygen
therapy equipment market share 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
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 outlook
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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