(PharmaNewsWire.Com, April 28, 2021 ) The report "Oxygen Therapy Equipment Market by Product (Oxygen Source (Concentrator, Cylinder), Delivery Devices), Portability (Stationary, Portable), Application (COPD, Asthma, Cystic Fibrosis, Pneumonia), End User (Hospital, Home Care) - Global Forecast", is expected to reach USD 4.01 Billion, at a CAGR of 8.7%
What Drives the Market Growth?
The Factors driving the growth of this market are the increasing prevalence of respiratory disorders, rapid growth in the geriatric population, prevalence of tobacco smoking, preference towards home-based oxygen therapy, and technological advancements to develop novel products delivering oxygen therapy.
Oxygen Therapy Equipment Market Segmentation in Detailed:
By product, the market is segmented into oxygen source equipment and oxygen delivery devices. The oxygen source equipment segment is expected to lead the global market in 2017. The rising incidence of respiratory disorders and technical innovations in the field are key growth factors of this subsegment.
On the basis of portability, the market is classified into stationary devices and portable devices. Patients are mostly confined to their beds during treatment which drives the stationary oxygen therapy devices market and helps the segment hold the largest share of the market in 2017.
The oxygen therapy equipment market is segmented into chronic obstructive pulmonary disease (COPD), asthma, respiratory distress syndrome, cystic fibrosis, pneumonia, and other diseases/disorders, on the basis of applications. COPD accounts for the largest segment and is also the fastest growing application segment in the market. Cases of COPD are rising across the globe due to factors like the proliferation of tobacco smoking and increase in the geriatric population, which is in turn driving the growth of this segment.
Geographical View in-detailed:
The global market is dominated by North America, followed by Europe. North America will continue to dominate the global market in the forecast period. However, Asia-Pacific is expected to witness the highest CAGR, with the growth in this market centered at China, Japan, and India. Increasing investment in healthcare, increase in healthcare expenditure, growth in disposable incomes, and an increase in healthcare insurance coverage are some factors propelling market growth in the APAC region.
The availability of low-cost substitutes by local manufacturers, rigorous regulatory guidelines causing delays in product approvals, and Medicare reimbursement rate cuts for home oxygen therapy in the U.S. are expected to restrain the market growth to a certain extent.
Key players in the oxygen therapy equipment market include Philips Healthcare (Netherlands), Linde Healthcare (Germany), Chart Industries, Inc. (U.S.), Invacare Corporation (U.S.), Becton, Dickinson and Company (U.S.), Smiths Medical (U.S.), Drägerwerk AG & Co. KGaA (Germany), Teleflex Incorporated (U.S.), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Taiyo Nippon Sanso Corporation (Japan), Inogen, Inc. (U.S.), Heinen + Löwenstein GmbH & Co. KG (Germany), DeVilbiss Healthcare (U.S.).
Philips Healthcare (Netherlands) dominated the oxygen therapy equipment market. The company provides oxygen therapy devices through its Sleep and Respiratory Care business area. Philips Healthcare derives a majority of its revenue from the North American market. The company focuses on providing sophisticated products like oxygen concentrators, liquid oxygen devices, and oxygen cylinders. It is also looking at broadening its product offerings in the market via product launches. In 2016, Philips Healthcare, a market leader providing oxygen therapy equipment, developed Respironics EverGo, a portable oxygen concentrator which does not require refill or tank replacement. This enhances patient comfort as the patient does not have to depend on external parties for consumables.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
