New Delhi, June 27, 2022 (GLOBE NEWSLETTER) — The global oxygen therapy device market is showing promising growth. The growth of the market can be attributed to the growing geriatric population and the increasing prevalence of respiratory diseases around the world. Read on to learn about the trends shaping the oxygen therapy device market.
A recent study by the strategic consultancy and market research firm BlueWeave Advice revealed that the global market for oxygen therapy devices: was worth USD 9.4 billion in 2021 and is expected to reach a market value of USD 18,173.9 million by 2028, growing at a CAGR of approximately 10.2% during the forecast period 2022-2028. Oxygen therapy (OTD) devices are booming with the growing number of patients with respiratory diseases who almost always require OTD. Healthcare facilities are increasingly being pushed to treat patients who require ongoing OTD, fueling the demand for such devices. In addition, increasing pollution and tobacco smoking are contributing to the growth of the oxygen therapy device market. During the forecast period, the growth of several major market players on a global scale and the emergence of innovative products are expected to support the global oxygen therapy market.
Increasing Prevalence of Respiratory Disease Contributing to the Growth of the Oxygen Therapy Device Market
Chronic respiratory diseases are among the most common non-communicable diseases. Aside from chronic obstructive pulmonary disease (COPD) and allergies, lung disease and pulmonary sarcoidosis are also common respiratory diseases. The prevalence of respiratory diseases is increasing worldwide. The WHO estimates that nearly two billion people over 60 will suffer from respiratory disease by 2050, leading to a growing market demand for oxygen therapy devices. In addition, increased environmental pollution has led to an increase in respiratory diseases such as COPD, asthma and bronchitis. These factors will drive an accelerated demand for oxygen therapy devices during the forecast period.
Request sample report @ https://www.blueweaveconsulting.com/report/oxygen-therapy-device-market/report-sample
Technological advancements driving the global oxygen therapy device market
Technological advances in oxygen therapy include the development of stand-alone and portable oxygen therapy devices. In general, oxygen is used to treat patients who cannot get enough oxygen through normal breathing or who need more oxygen. Ultimately, portable oxygen concentrators will replace traditional cylinder-based oxygen transport methods. Portable oxygen concentrators filter the air in a room to generate clinical oxygen, while oxygen cylinders rely on a limited supply of oxygen. Portable oxygen concentrators, especially those that are transportable, are considered the future of oxygen therapy and can help patients lead more fulfilling lives. Moreover, the existing players are also focusing on various R&D approaches, which will contribute to the growth of the global oxygen therapy market in the coming years.
The home healthcare environment expected to grow at the fastest rate over the forecast period
Based on end-users, the oxygen therapy device industry is segmented into hospital, home care, and others. The hospital segment leads the market due to its well-equipped infrastructure, medical expertise and increased admission of patients with chronic respiratory diseases. On the other hand, the home healthcare facility segment is expected to grow fastest during the forecast period due to the efficient use of oxygen therapy devices in home healthcare facilities to provide supplemental oxygen to patients, mainly geriatric patients. In addition, home care makes the patient feel more relaxed and independent, fueling the growth of the segment in the global oxygen therapy device market.
Visit the press release of the Global Oxygen Therapy Device Market: https://www.blueweaveconsulting.com/press-release/oxygen-therapy-device-market-to-reach-usd-18-billion-by-2028
Impact of COVID-19 on the Global Oxygen Therapy Device Market
Oxygen therapy has become an important treatment option for COVID-19 patients whose respiratory function is compromised. In 2020, the overall shift from standalone to portable concentrators accelerated after healthcare providers invested more money in the cheaper stationary devices. However, due to global lockdown restrictions, fewer users required portability. Despite the downturn, the portable OTD market is expected to grow and grow at a significant rate during the forecast period. In addition, the occurrence of COPD, which is known to increase the risk of serious illness from COVID-19, has led to the development of treatments that increase oxygen flow, including high-flow nasal therapy. Thus, the above factors will drive the growth of oxygen-conserving devices during the forecast period.
North America Dominates Global Oxygen Therapy Device Market
On the basis of regions, the oxygen therapy device market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is the largest market for oxygen therapy devices worldwide. The United States is the largest market for oxygen treatment equipment, accounting for more than half of all sales. On the other hand, Europe is also emerging as the second largest market for oxygen therapy devices. In addition, Asia-Pacific is expected to have a significant CAGR in the coming years, making it the fastest growing market.
Global Oxygen Therapy Device Market – Competitive landscape
The global market for oxygen therapy devices is fragmented in nature. Major players in the oxygen therapy device market are Invacare Corporation, Chart Industries, Koninklijke, Philips NV, BD, Smiths Medical, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, Drägerwerk AG & Co., Inogen Inc., Messer Medical, HERSILL and other prominent players.
The in-depth analysis of the report provides information on the growth potential, emerging trends, and the global Oxygen Therapy Devices market statistics. It also highlights the factors driving the forecasts of the overall market size. The report promises to provide recent technology trends in the global oxygen therapy device market, along with industry insights to help decision-makers make sound strategic decisions. Moreover, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.
In October 2021, Movair launched an advanced ventilator in the US. Movair’s Luisa ventilator, available through FDA’s Emergency Use Authorization, can help patients with COVID-19, COPD, chronic bronchitis or bronchiectasis make a faster transition to home.
Scope of the report:
|years considered||Historical data – 2018-2021|
|Base year – 2021|
|Forecast – 2022 – 2028|
|Facts Covered||Revenue in USD million|
|Market coverage||United States, Canada, Germany, United Kingdom, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, United Arab Emirates, South Africa|
|Product/Service Segmentation||By product type, by portability, by applications, by end users and by region|
|protagonists||The key players dominating the oxygen therapy device market are: Invacare Corporation, Chart Industries, Koninklijke, Philips NV, BD, Smiths Medical, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, Drägerwerk AG & Co., Inogen Inc., Messer Medical, HERSILL and other prominent players.|
By product type
- Oxygen Concentrators
- Liquid Oxygen Devices
- Oxygen cylinders
- oxygen masks
- Nasal cannulas
- Venturi masks
- Masks without rebreather
- Bag-Valve Masks
- Standalone devices
- Portable devices
- Cystic fibrosis
- respiratory distress syndrome
By end users
- Home care institution
- North America
- Latin America
- Middle East and Africa
Below is a related report:
BlueWeave Consulting (BWC) provides all-inclusive Market Intelligence (MI) solutions to companies related to various products and services online and offline. We provide comprehensive market research reports by analyzing qualitative and quantitative data to improve the performance of your business solution. BWC has built its reputation from the ground up by providing high-quality input and nurturing long-term relationships with its customers. We are a promising digital MI solutions company that offers flexible assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662