Global Oxygen Therapy Equipment Market Most Demanding Industry in Current Market. Oxygen Therapy Equipment Future is Expected to Register a Growth of Significant CAGR 8.9% and Highest USD 280 Bn by 2023
Worldwide Key Players
Some of the key players in the global oxygen therapy equipment market are Philips Healthcare (A Division of Koninklijke Philips N.V.), Linde Healthcare (A Division of Linde Group), Becton Dickinson and Company, Taiyo Nippon Sanso Corporation, Smiths Medical (A Division of Smiths Group PLC), Drägerwerk AG & Co. KGaA, Teleflex Incorporated, Invacare Corporation, Fisher & Paykel Healthcare Corporation Limited, Allied Healthcare Products Inc., Esex Industries, Inc., Messer Medical Austria GmbH, Medicop D.O.O
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The global oxygen therapy equipment market has been segmented on the basis of product, portability, application, and end users.
On the basis of product, the market has been classified as oxygen source equipment, oxygen delivery devices. The oxygen source equipment is segmented in to oxygen concentrators, liquid oxygen devices and oxygen cylinders.
The oxygen concentrators are further segmented in to portable oxygen concentrators and fixed oxygen concentrators. The oxygen delivery devices are segmented in to bag valve masks, non-rebreather masks, venturi masks, oxygen masks, nasal cannulas and other devices. On the basis of portability, the market has been classified as stationary oxygen therapy devices and portable oxygen therapy devices. On the basis of application, the market has been classified as cystic fibrosis, asthma, COPD, pneumonia, respiratory distress syndrome, other diseases. On the basis of end users, the market has been classified as home care settings, hospitals, ambulatory surgical centers & physician offices and others.
Oxygen Therapy Equipment Market – Highlights
The global oxygen therapy equipment market is expected to register a growth of significant CAGR 8.9% during the forecast period (2018–2023). Increasing prevalence of respiratory diseases, rising healthcare expenditure, growing geriatric population and favorable reimbursement policies are the drivers for the global oxygen therapy device market. However, factors such as high cost of oxygen concentrators and side effects implicated by the oxygen therapy devices restraints the market growth during the forecast period. As per the National Institutes of Health (NIH), nearly 12 million adults have been diagnosed with COPD in the U.S. and 120,000 people die each year.
According to the data published by the Global Asthma Network (GAN), asthma affects nearly 334 million people worldwide. Increasing patient population is expected to boost the demand for these products. This consequent increase in demand is expected to drive the industry over the coming years.
North America accounted for the largest share of the global oxygen therapy equipment market owing to high R&D investments and trials pertaining to oxygen therapy. For instance, the British Medical Research Council in collaboration with North American Nocturnal Oxygen Therapy conducted research to study the efficacy of long-term Oxygen therapy. Increasing healthcare awareness, advancement in technology, medical tourism are some other factors that boost the growth of the market. Additionally, increasing popularity of hyperbaric oxygen therapy and Topical Wound Oxygen therapy (TWO) over this region is contributing towards the market demand.
The European market is expected to hold the second largest market share. The market is expected to witness growth owing to the rising patient population, changing lifestyle, and growing elderly population. This is expected to provide favorable backgrounds for the market to grow. Number of people living with COPD in 5 European countries (UK, France, Germany, Italy, Spain and Belgium) are estimated to be around 11 million in 2016.
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Asia-Pacific is projected to be the fastest growing region for the global oxygen therapy equipment in 2018. It is expected to witness profitable growth over the forecast period due to the existence of favorable healthcare schemes drafted by government agencies. Awareness programs and quality assurance of diagnostic procedures have added importance in the developing economies of Korea, Taiwan, China, Sri Lanka and India since the last few years.
The Middle East and Africa accounts for the least share due to stringent government policies and low per capita income.
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