The global Oxygen Therapy Devices market was valued at USD 3,016.8 Million in 2021 and is expected to reach USD 5,746.7 Million by the year 2030, at a CAGR of 8.3%. Oxygen Therapy Devices are used to support those individuals who are experiencing deprivation of oxygen in their body due to the diseased conditions like asthma, chronic obstructive pulmonary diseases, cystic fibrosis, and other respiratory distress.
The market includes oxygen supplements, or liquid concentrates, or even oxygen compressors, which can extract oxygen from the environment and directly be inhaled by the patient. There are various factors that are responsible for the growth of the market including escalating incidence of respiratory disorders in smokers and secondary people inhaling the harmful smoke produced by tobacco smoking, rapid growth in the geriatric population which has lesser adaptability to pollution, preference towards home-based oxygen therapy, and spending capacity of the individuals getting increased in the forecast period. There is a shortage of mechanical ventilators in hospitals, and a lack of medical personnel to treat patients with severe COVID-19, so there’s widespread interest in contributing to open source ventilation projects. For these efforts to be practical, though, we need to understand what COVID-19 patients need in terms of ventilators and other supplemental oxygen sources. The market is expected to grow further due to the increase in the level of air pollution, causing increased susceptibility of the individuals to experience chronic diseases related to the respiratory tract.
Request a Sample@ https://www.qyresearchmedical.com/sample/119157
The major driver of the market is the increase in the incidence of chronic bronchitis. For instance, according to the World Health Organization, more than 8.9 million Americans were diagnosed with chronic bronchitis, and nearly 75% of cases involved people over the age of 45.The key market players are focused on several strategic initiatives, such as product development and its launch. The recent advancements in oxygen therapy include the innovation in the device, which can directly convert the oxygen present in the environment to the oxygen, which we can inhale, and hence simplifying the majority of the tasks. However, the threat to substitute products, stringent government regulation for product approval, and unawareness about the product are expected to hamper the market growth during the forecast period.
Product Outlook:
In the product segment, oxygen source equipment dominated the global market and accounted for the market share of 1.23 billion in the year 2021 during the forecast period. The significant share is contributed by its demand in the near future. Furthermore, with the advent of technology, there have been significant improvement that are made offering efficient patient care. Such advanced features are expected to propel the market during the forecast period.
The oxygen delivery devices are projected to rise from 2021 to 2030 at the highest CAGR of 8.2%. Moreover, enhanced version of oxygen delivery system is expected to drive the market.
Portability Outlook:
The portable segment is expected to have lucrative growth and accounted for significant market share during the forecast period. Technological advancement in this field plays an essential role. For instance, portable canned oxygen cylinders are now available for the target population of athletes who require maximum amount of oxygen for use owing to high demand in the near future.
Application Outlook:
The COPD segment is expected to have substantial growth during the forecast period, with a CAGR of 9.1%. The increasing prevalence of COPD across the globe, owing to the demand for advanced solution, is anticipating the market growth. The high prevalence of the disease will tremendously drive the market. For instance, emerging economies are expected to provide untapped potential to the market as more than 90% of COPD deaths takes place in low and middle-income countries located across the globe.
End Use Outlook:
The hospitals and clinics are anticipated to increase at a steady rate from 2021 to 2030 due to the increased application from the past couple of years. The medical equipments are manufactured with more precision and efficiency contributing to its expanded usability. Therefore, such devices are widely used to improve patient care in the hospital.
Regional Outlook:
North America dominated the market with a revenue of USD 911.7 million in 2021 due to the increased demand in the region and the best in class healthcare infrastructure. The North American market had held the largest market share owing to owing to high investment made in R&D and trials pertaining to O2 therapy. For instance, research to study the effectiveness of long-term O2 therapy was conducted by the British Medical Research Council in collaboration with North American Nocturnal Oxygen Therapy.
The Asia Pacific is anticipated to be seeing substantial growth as a result of changes in lifestyles pertaining to high rise in patient pool in the region. According to the International Journal of Respiratory and Pulmonary Medicine, COPD possess a major health burden in Asia Pacific. The combined prevalence is nearly 6.3% for these countries.
The market in Europe and the rest of the world has a possible future opportunity for expansion owing to the need of upgrading healthcare infrastructure coupled with enhanced patient response.
Market-O-Nomics
- Oxygen delivery devices held the market share of 6% of the global market due to the increase in the demand for nominal devices during the forecast period. Furthermore, it has high potential growth in the near future owing to its high application in various medical conditions.
- On the basis of application, asthma held the significant market share in the year 2021. The rising prevalence of asthma is expected to boost the market. According to the Centers for Disease Control and Prevention (CDC), 1 in 13 people have asthma. More than 25 million Americans have asthma. This is 7.7% of adults and 8.4% of children.
- Europe is expected to have the second largest market share in the year 2021, as the awareness programs for the healthcare system is found to be higher in the developed nations such as Germany and U.K, the market is expected to propel during the forecast period.
- North America held a market share of 35.9% in the year 2021. Increased R&D in the region and high spending capacity of majority of the people, are propelling the growth of the market. According to Asthma and Allergy Foundation of America, African-Americans in the U.S. die from asthma at a higher rate than people of other races or ethnicities.
- Increasing demand for early lung disease diagnosis and initiatives taken by the governments in the region will fuel the market growth in APAC. According to the National Health and Family Planning Commission, nearly 30 million people in China have asthma. The prevalence in China is expected to rise alongside economic growth and urbanization.
- The rising geriatric population and increasing COPD occurrences in the current population are fueling the growth of the market. According to the World Health Organization in 2016, the Global Burden of Disease Study suggests a prevalence of nearly 251 million cases of COPD globally.
Companies considered and profiled in this market study
The key players in this industry are Dickinson and Company (U.S.), Philips Healthcare (Netherlands), Linde Chart Industries, Inc. (U.S.), Invacare Corporation (U.S.), Smiths Medical (U.S.), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Taiyo Nippon Sanso Corporation (Japan), Inogen, Inc. (U.S.), DeVilbiss Healthcare (U.S.), Essex Industries, Inc. (U.S.), HERSILL, S.L. (Spain), GCE Holding AB (Sweden), Allied Healthcare Products Inc. (U.S.), and Medicop D.O.O. (Slovenia).
The players operating in the market have undertaken several strategies related to the market in the period 2017-2021. The key highlight is:
- The oxygen tubes when are in contact with skin for long term causes skin irritation, the need was kept in mind and the companies have now introduced Latex-free oxygen masks. The demand for better quality products being fulfilled is expected to propel the growth of the market in the near future.
- The product approvals are expected to provide traction to the market. For instance, in April 2021, FDA approved second-generation TherOx System, which provides SuperSaturated Oxygen (SSO2) Therapy and reduces heart muscle damage in “widowmaker” heart attack patients.
Start-up Traction
The industry offers numerous growth opportunities to the startup companies. Therefore, a number of startups have been entering the market providing innovative products and technologies with increased focus towards patient care. For instance, U.K based Startup Company Enterprise Therapeutics is dedicated to carry out high R&D and substantial investment in the field of novel therapies for the treatment of respiratory diseases such as COPD.
Deal Landscape
Mergers and Acquisitions are an integral part of the Oxygen therapy devices market. Along with the companies operating in the market, other key market players have also been entering the industry.
- Majority of deals have been made for the purpose of research. For instance, In July 2021, The Sagol Center for Hyperbaric Medicine and Research carried out research to find out efficacy of oxygen therapy in enhancement of the cognitive performance of healthy older adults.
Expert Insights:
Reports and Data forecast promising developments for increased adoption of Oxygen therapy devices. The companies are designing new products according to the current customer expectations to enhance their customer base. Despite the challenges, and breakthroughs companies are focused on improving the potential effectiveness. Furthermore, market players are also developing technologically advanced clinical grade machines and devices for respiratory health management.
Segments covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2021 to 2030. The scope of the report can be defined as:
For the purpose of this study, have segmented the Oxygen Therapy Devices market on the basis of product, portability, application, end-use and region:
Product Outlook (Revenue in Million USD; 2021–2030)
- Oxygen Source Equipments
- Oxygen Concentrators
- Oxygen Cylinders
- Liquid Oxygen Containers
- Hyperbaric Oxygen Chambers
- Oxygen Delivery Devices
- Nasal Cannulas
- Oxygen Masks
- Bag-valve masks
- Face masks
- Venturi Masks
- Non- breather masks (adjustable)
- Others
Portability Outlook (Revenue in Million USD; 2021–2030)
- Standalone/Table-top
- Portable
Application Outlook (Revenue in Million USD; 2021–2030)
- Asthma
- COPD
- Pneumonia
- Cystic fibrosis
- Respiratory Distress Syndrome
- Sleep apnea
- Dysplasia Pacific
- Others
End-Use Outlook (Revenue in Million USD; 2021–2030)
- Hospitals
- Clinics
- Rehabilitation Centres
- Home Health Care
- Others
Regional Outlook (Revenue, USD Billion; 2021-2030)
- North America
- U.S
- Canada
- Europe
- U.K
- France
- Spain
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
Buy quantitative research Report at discounted price – USD 1500 https://www.qyresearchmedical.com/report/checkout/119157/1500
You can place an order or ask any questions, please feel free to contact sales@qyresearchmedical.com | +1 9197 992 333
Blog: https://www.novaoneadvisor.com/
Blog: https://www.visionresearchreports.com/
About Us
QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.
For Latest Update Follow Us:
URL – http://www.qyresearchmedical.com/
https://www.linkedin.com/company/qyresearch-medical/
https://www.facebook.com/QYResearch-Medical-108186514228917/