(PharmaNewsWire.Com, August 25, 2021 ) The Key Growth Elements in Detailed?
The Factors driving the growth of Oxygen Therapy Equipment 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.
Worldwide Growth Opportunities in Terms of Revenue:
The oxygen therapy equipment market is expected to reach USD 4.01 Billion, at a CAGR of 8.7%
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.
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.
On the basis of end users, the equipment market is segmented into home care settings, hospitals, and ambulatory surgical centers (ASCs) & physician offices. In 2017, the home care settings segment accounted for the greatest share and is projected to grow at the highest rate during the forecast period. Technological improvements and the growing usage of home-based therapy, especially in developed countries in North America and Europe are major factors fueling the market growth in this end-user segment.
The oxygen therapy equipment market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is expected to dominate the market in 2017 on account of the increasing proportion of the geriatric population, rising number of hospitals, and increasing awareness regarding oxygen therapy.
Major Key Players Mentioned in the research report are:
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)
Philips Healthcare (Netherlands) dominated the oxygen therapy equipment market in 2017. 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.
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