Global Oxygen Therapy Market was valued at 8.02 billion in 2020 which is expected to reach USD 19.2 billion at a CAGR 11.4% during this forecast period 2020-2027.
The rising prevalence of respiratory diseases such as chronic obstructive pulmonary disease, obstructive sleep apnea, and asthma, is a high impact rendering driver of the global oxygen therapy market.
Oxygen therapy is defined as the treatment which provided to patient in medical condition. It can help to get enough oxygen to patients. This therapy is widely used to treat various diseases such as COPD, Obstructive Sleep Apnea, Asthma, Respiratory Distress Syndrome, and Pneumonia. Also, rise in prevalence of acute as well as chronic diseases results into critical need for the oxygen therapy equipment’s.
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Rise in incidences of COPD with increasing demand for home healthcare are considered as key driving factors which are expected to boost the global oxygen therapy market growth. For instance, as per the National Institute of Health data, around 12 million adults have been diagnosed with chronic obstructive pulmonary disease in Unite State, and around 120,000 deaths are recorded every year. The rise in patient population is expected to fuel the demand for these products over the forecast period. Furthermore, increase in demand for technologically advanced oxygen source and delivery devices due to its unique feature including efficient patient care is further projected to propel the growth of oxygen therapy market across the globe. Moreover, increase in popularity and adoption of on-demand portable oxygen concentrators in wide range of applications like emergency medicine which is expected to drive the demand during this forecast timeline.
Stringent rules and regulations causing delays in product approvals is the major restraint which is expected to hinder the global oxygen therapy market growth. Also, easy availability of low cost alternatives by local key players which is expected to obstruct the global oxygen therapy market growth over the forecast period.
Impact of COVID 19
The rise in COVID 19 pandemic across the globe will have the positive impact on global oxygen therapy market growth. During this forecast period market size may increase with spike based on how value chain has been affected over the forecast period.
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Market Key Players
Various key players are profiled in this report such as GE Healthcare, Smiths Medical, Allied Healthcare Products, Fisher & Paykel Healthcare Limited, Care Fusion Corp., Teleflex Incorporated, MAQUET Medical Systems, Philips Respironics, Inc., De-Vilbiss Healthcare, Hersill, and Invacare Corporation.
The report segments the global oxygen therapy market on the basis of product type, application, and end use.
Based on the product type, the global oxygen therapy market is categorized into Oxygen Source Equipment (Oxygen Concentrators, Oxygen Cylinders, and Liquid Oxygen Devices), and Oxygen Delivery Devices (Simple Oxygen Mask, Nasal Cannula, Venturi Mask, Non- rebreathe Mask, and CPAP Mask).
Based on the application, the global oxygen therapy market is categorized into COPD, Obstructive Sleep Apnea, Asthma, Respiratory Distress Syndrome, and Pneumonia.
Based on the end Use, the global oxygen therapy market is categorized into Home Care, and Hospitals.
North America is the largest revenue contributor in the oxygen therapy market due to high research and development investments and trials pertaining to oxygen therapy. Furthermore, the rising popularity of oxygen therapy over this region is contributing towards the market demand.
APAC is anticipated to witness exponential growth during the forecast period. The Global Oxygen Therapy Market is driven by increasing research and development investment by global players as well as an increase in commercialization of oxygen therapy equipment developed by these players.
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- The Qualiket Research Study offer in-depth analysis of the global oxygen therapy market with latest market trends.
- Global Oxygen Therapy report entails the detailed quantitative analysis of the current trends and future estimations from 2020 to 2027, which assists to identify the prevailing market opportunities.
- Exhaustive analysis of the global market by product helps to understand the types of oxygen therapy which are currently being used along with the ariants that are expected to gain popularity in the future.
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