Oxygen Therapy Equipment Market was worth USD 34.72 Billion and can capture 5.86% CAGR between 2022–2030.
Oxygen Therapy Equipment Market Overview:
The Oxygen Therapy Equipment Market is expected to reach USD 34.72 Billion by 2030 at 5.86% CAGR during the forecast period 2022-2030. The main considerations for the development of the oxygen treatment hardware market remember the increment for tobacco smoking and the rising pervasiveness of respiratory infections and innovative progression in oxygen treatment.
The rising pervasiveness of respiratory sicknesses is the main consideration expected to drive the general development of the market over the estimate time frame. According to the information distributed by the World Health Organization (WHO), the Global Burden of Disease Study reports a pervasiveness of 251 million instances of Chronic Obstructive Pulmonary Disease (COPD) worldwide in 2016.
Oxygen treatment or O2 treatment, is a kind of clinical intercession pointed toward giving additional oxygen to the patients experiencing ailments like persistent obstructive aspiratory sickness, pneumonia, asthma and others. Various oxygen treatment gadgets are accessible on the lookout, including oxygen chambers, oxygen concentrators, and fluid oxygen gadgets. As of late, pervasiveness of the respiratory illnesses has expanded, producing an immense interest for oxygen treatment.
As per the World Health Organization, ~251 million cases for constant obstructive aspiratory illness were accounted for in 2016, causing roughly 3.17 million passings in 2015. Additionally, rising medical care consumption, developing geriatric populace and good repayment approaches for the oxygen treatment hardware supports the market development during the figure time frame.
According to the Centers for Medicare and Medicaid Services in 2017, oxygen treatment hardware can be repaid as long as three years of persistent use. In any case, significant expense of oxygen concentrators and secondary effects, for example, nasal dryness, skin disturbance involved by the helpful utilization of such gadget's restrictions the oxygen treatment hardware market development during the conjecture time frame. Further the assessed cost of the oxygen concentrators may go from USD 700 to USD 2,900.
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 oxygen therapy equipment 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.
On the basis of region, the market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas has been further segmented into North America and South America, with the North American market divided into the US and Canada.
The European oxygen therapy equipment market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The oxygen therapy equipment market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East and Africa has been segmented into the Middle East and Africa.
Regional Market Summary
In the oxygen therapy equipment market, the Americas dominate the global market owing to huge patient population for diseases like COPD, favorable reimbursement policies and increasing demands for homecare by the growing geriatric population. According to the Centres for Disease Control and Prevention in 2017, approximately 15.7 million Americans, accounting for 6.4% of the total population were reported to have been diagnosed with COPD in 2016. Additionally, rising healthcare expenditure, presence of developed economies like U.S. and Canada fuels the market growth.
The European market is expected to hold the second largest market share. Factors such as increasing government support for healthcare sector, huge patient population drives the market growth within the region. According to the Eurostat in 2014, the standardized death rate for various respiratory diseases within the region was estimated to be about 78.3 deaths per 100,000 inhabitants
Whereas the market share in Asia-Pacific region is also anticipated to experience growth in the near future due to access to optimal treatment facilities and growing demand for increasing government initiatives, advanced technology, better adoption rate, and rising healthcare expenditure. As per Indian Brand Equity Foundation in 2017, the Indian healthcare sector was estimated as one of the fastest growing industries in India and is projected USD 280 billion by 2020.
On the other hand, the Middle East & Africa has the least share in the global oxygen therapy equipment market. This can be attributed to the presence of poor economies and stringent government policies, especially in the African region. It is estimated that a majority of the market in the Middle East & Africa region is held by the Middle East due to the presence of a well-developed healthcare sector and huge healthcare expenditure the economies like Saudi Arabia, Kuwait, and Qatar within the region.
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
Global Oxygen Therapy Equipment Market, by Product
Global Oxygen Therapy Equipment Market, by Portability
Global Oxygen Therapy Equipment Market, by Application
Global Oxygen Therapy Equipment Market, by End-Users
Global Oxygen Therapy Equipment Market, by Region
The home consideration settings portion represented the best offer and is projected to develop at the most elevated rate during the conjecture time frame. Innovative enhancements and the developing utilization of locally situated treatment, particularly in created nations in North America and Europe are central point fuelling the market development in this end-client fragment.
The global oxygen therapy equipment market is expected to exhibit a solid 5.86% CAGR over the forecast period from 2022 to 2030.
The growing prevalence of COPD is likely to be a major driver for the oxygen therapy equipment market.
The high cost of oxygen equipment has emerged as the major restraint on the global market.
The Americas dominates the oxygen therapy equipment market due to the widespread adoption of advanced medical devices.
Leading players in the market include Becton Dickinson and Company, Philips Healthcare, Invacare, Dragerwerk, Smiths Medical, and Fisher & Paykel, among others.