New York, Feb. 26, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global Oxygen Therapy Devices market was valued at USD 2.54 billion in 2018 and is expected to reach USD 4.92 billion by the year 2026, at a CAGR of 8.6%. Oxygen Therapy Devices are used to provide an oxygen supplement to the patients experiencing deprivation of oxygen in their bodies. The diseased conditions like asthma, chronic obstructive pulmonary diseases, cystic fibrosis, and other respiratory agonies cause the patient to be deprived of oxygen. Oxygen therapy devices include a complete focus upon either providing oxygen supplements or liquid concentrates, which can be directly incorporated through nostrils.
The crucial primary driver of oxygen therapy devices is the growing prevalence of lung disorders, an increase in the use of tobacco for smoking, hike in the rate of air pollution in the environment. According to the National Institutes of Health, nearly 12 million adults are diagnosed with COPD in the U.S., and 120,000 people die each year. Furthermore, according to the Global Asthma Network, asthma affects nearly 334 million people all across the world. Hence, oxygen therapy devices are found to obtain a steep rise in the regions, mainly in emerging economies where industrialization is observed during recent years. The athletes are also the target market for the therapy since the body uses the maximum level of oxygen at the time of running, exercising, and other physical heavy workouts.
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The endurance is observed to get improved when athletes are given oxygen therapy for the necessary time. The growing need for such activities is expected to propel the growth of the market in the near future. The increasing awareness for the pre-diagnostic tests is propelling the market growth during the forecast period. A recent advancement is made concerning the adjustment knobs for required oxygen concentrations getting incorporated in the pediatric patients.
Also, the innovation brought forward for the skin irritation issue faced by most of the patients after long term use of the tubes, the tubes are now installed latex-free, and hence this would increase the demand of the product in the forecast years. However, low-cost manufacturers, stringent government guidelines for the quality of oxygen therapy devices, and recalls associated with it is expected to impede the growth of the industry.
Further key findings from the report suggest
- According to the National Institutes of Health, it is estimated that each year in the United States, about 12 million adults have been diagnosed, and also approximately 120,000 people die due to extreme Chronic Obstructive Pulmonary Diseases’ symptoms. Furthermore, the growth in the demand for portable oxygen therapy devices would drive the market.
- According to the Global Asthma Network (GAN), it is estimated that asthma affects nearly 334 million people globally. Moreover, the need for therapy for asthma is found to increase, hence the demand for Oxygen Therapy Devices is expected to grow in the coming years.
- Venturi masks are the recent advancements in the Oxygen Therapy Devices, which allows the appropriate mixing of the oxygen and air for proper intake of the required therapy.
- 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 growing incidence of chronic bronchitis is expected to increase the demand for the devices.
- Canned oxygen containers are also brought up in the market as a recent advancement due to the growing need for portable devices and even hike in demand for Home Care Settings for patients suffering from chronic lung disorders. This is expected to fuel market growth in the near future.
- The use of the tubes which are inserted into the nostrils for oxygen pumping directly into the nose causes irritation on the skin area, which is unacceptable. The growing need to ensure that the patient is compatible with the current therapy given would propel the growth of such innovations.
- Key participants include, 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).
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For the purpose of this report, Reports and Data has segmented the Oxygen Therapy Devices market on the basis of product, portability, application, end-use and region:
Product Outlook (Revenue in Million USD; 2016–2026)
- 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; 2016–2026)
- Standalone/Table-top
- Portable
Application Outlook (Revenue in Million USD; 2016–2026)
- Asthma
- COPD
- Pneumonia
- Cystic fibrosis
- Respiratory Distress Syndrome
- Sleep apnea
- Dysplasia Pacific
- Others
End-Use Outlook (Revenue in Million USD; 2016–2026)
- Hospitals
- Clinics
- Rehabilitation Centers
- Home Health Care
- Others
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Regional Outlook (Revenue in Million USD; 2016–2026)
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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