(PharmaNewsWire.Com, June 04, 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% during the forecast period.
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.
The objectives of this study are as follows:
- To define, describe, and forecast the market on the basis of product, portability, application, end user, and region
- To provide detailed information regarding the major factors influencing growth of the oxygen therapy equipment market (drivers, restraints, and opportunities)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze the opportunities in the market for stakeholders and provide details of a competitive landscape for market leaders
- To forecast revenue of the market segments with respect to four main regional segments, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
Oxygen source equipment is expected to dominate the market.
On the basis of products, the oxygen therapy equipment market is segmented into oxygen source equipment and oxygen delivery devices. The oxygen source equipment segment is expected to dominate the global market in 2017. The increasing incidence of respiratory disorders and technological advancements to develop smaller, quieter and more effective equipment are key drivers increasing the demand for oxygen source equipment.
Stationary oxygen therapy devices are estimated to command the largest market share.
The oxygen therapy equipment market is segmented by portability into stationary devices and portable devices. In 2017, the stationary devices segment is expected to account for the largest share of the market, by portability. Severe complications in patients suffering from respiratory disorders and the increasing proportion of geriatric population across the globe are major drivers for the growth of this segment.
Geographical View in-detailed:
The global oxygen therapy equipment 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.
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