The Oxygen Therapy Device market is experiencing substantial growth driven by factors such as the increasing prevalence of respiratory disorders, rising awareness of oxygen therapy benefits, and technological advancements in respiratory care devices. Oxygen therapy plays a crucial role in managing various respiratory conditions, including chronic obstructive pulmonary disease (COPD), asthma, and respiratory failure. The market encompasses a diverse range of devices, including oxygen concentrators, liquid oxygen systems, and portable oxygen delivery systems, providing patients with varying degrees of mobility and convenience.
Technological innovations, such as the development of lightweight and compact oxygen concentrators, integrated sensors for real-time monitoring, and the use of advanced materials, contribute to the improved efficacy and patient comfort in oxygen therapy. The COVID-19 pandemic has further underscored the significance of oxygen therapy in treating respiratory complications, driving increased adoption globally.
Collaborations between medical device manufacturers, healthcare providers, and research institutions drive ongoing advancements in oxygen therapy devices. As the aging population grows, and the burden of respiratory diseases rises, the Oxygen Therapy Device market is poised for sustained expansion, offering a diverse range of solutions to enhance respiratory care and improve the quality of life for individuals with respiratory conditions.
The global Oxygen therapy device market 2022 is poised to mature at approximate 6.8% CAGR to reach USD 0.37415 Bn by 2023 as compared to 8 billion in 2016.
Different trends are driving the rise of oxygen therapy devices, such as an increase in cigarette smoking and an increase in the incidence of respiratory diseases, an increase in the demand for standalone oxygen therapy devices over portable equipment, and continuous technical developments in oxygen therapy. However, the growth of the industry is hindered by strict regulatory requirements that may trigger delays in the product acceptance of oxygen therapy devices. It is predicted that the surge in patient populations suffering from respiratory conditions would create prospects for business development. Due to the increasing prevalence of pulmonary, cardiovascular, cardiac and other disorders, the global oxygen therapy system market is rising fast. Due to the evolving lifestyle, the figure is increasing worldwide. When athletes are given oxygen treatment for the required duration, stamina is found to be increased. In the near future, the rising demand for such practises is projected to drive the development of the sector. The growing knowledge of pre-diagnostic tests is driving the growth of the market during the forecast period. Recent progress has been made on the modification knobs for the necessary oxygen levels to be implemented in paediatric patients.
Competitive Dashboard
The devices for oxygen therapy players are developed by numerous local and global players. Some of them are Cardinal Healthcare, Respironics, Masimo Corporation, Bio Med, Carefusion, Teflex, Fisher & Paykel Healthcare Limited, Inogen, O2 Concepts, Devilbiss Healthacre, Smith medicals, Salter Labs, Medtronic, Phillips healthcare, 3B Medical, 3M Healthcare and many more.
Segmental Analysis
The global market for oxygen therapy equipment has been segmented into portability, application, product, and end users, as noted by MRFR experts.
A analysis of the demand for oxygen therapy equipment was segmented by product on the basis of oxygen source equipment and oxygen delivery equipment. Liquid oxygen devices, oxygen concentrators, and oxygen tanks are used in the oxygen source facilities. The oxygen concentrators include portable concentrators of oxygen and fixed concentrators of oxygen. Non-rebreather masks, venturi masks, bag valve masks, nasal cannulas, breathing masks, and other equipment make up the oxygen delivery equipment.
By way of portability, stationary oxygen therapy devices and portable oxygen therapy devices are included in the industry report on oxygen therapy equipment. Due to its numerous impacts, the mobile section is scheduled to make substantial progress during the forecast period.
By application, the study on the oxygen therapy equipment market has been segmented into asthma, COPD, cystic fibrosis, respiratory distress syndrome, pneumonia, and other diseases. The pneumonia segment would get traction during the forecast period, along with respiratory distress syndrome due to the growing intake of equipment to treat COVID-19.
By end users, the market includes a detailed study of hospitals, ambulatory surgical centers, home care settings, & physician offices and others.
Regional Analysis
Americas are the significant market worldwide for oxygen therapy products. Americas account for approximately 45 percent of the oxygen therapy system industry.
Europe is the second largest area in terms of overall utilisation of oxygen therapy devices.
Asia-Pacific is the fastest growing and developing sector and in the coming years it is projected to rise by 8% CAGR. The oxygen therapy system is endorsed as a home-based solution by nations such as India and China. In addition, the demand for oxygen therapy is projected to be strong in the Asia-Pacific region due to the growing population and increasing number of diseases due to shifts in people's behaviour and lifestyle. In comparison, countries invest more on hospitals, which adds to the introduction of new technologies.
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