According to the new market research 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” published by MarketsandMarkets™.
Major Growth Boosting Factors: 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.
Revenue Growth Opportunities: The Oxygen Therapy Equipment Market is expected to reach USD 4.01 Billion, at a CAGR of 8.7%
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 market (drivers, restraints, and opportunities)
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall Oxygen Therapy Equipment 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)
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Segmented into oxygen source equipment and oxygen delivery devices. The oxygen source equipment segment is expected to lead the global market. The rising incidence of respiratory disorders and technical innovations in the field are key growth factors of this subsegment.
On the basis of portability;
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.
On the basis of end users;
Segmented into home care settings, hospitals, and ambulatory surgical centers (ASCs) & physician offices. 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.
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Geographical Scenario: 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.
Global Leaders: 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), DeVilbiss Healthcare (U.S.), Essex Industries, Inc. (U.S.), HERSILL, S.L. (Spain)