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.
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 trends market has been segmented into cystic fibrosis, asthma, COPD, pneumonia, respiratory distress syndrome, and other diseases.
By end-user, the oxygen therapy equipment market overview has been segmented into home care settings, hospitals, ambulatory surgical centers & physician offices, and others.
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 report.
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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