Seoul, South Korea, Sept. 06, 2022 (GLOBE NEWSWIRE) -- As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, worldwide demand for oxygen therapy equipment is projected to rise at a high CAGR of 7.6% over the forecast period (2022-2027).
High smoking prevalence and ageing population will lead to a rise in COPD cases. Oxygen therapy is being used more frequently for the early diagnosis of respiratory problems due to its potential benefits such as precise flow, better dosing, faster response times, and improved durability & reliability. The functionality and design of oxygen concentrators have significantly improved over the past few decades. Modern portable oxygen concentrators are made to be light, quiet, and energy-efficient.
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The usage of portable oxygen concentrators has been quickly increasing due to the associated benefits of compact design, reduced cost, and ease to carry. The market is therefore anticipated to experience rapid growth as a result of all the aforementioned factors.
Because most patients receiving treatment are confined to their beds, stationary oxygen therapy devices are in high demand. The use of stationary oxygen therapy devices is increasing as a result of a growing population base with limited mobility characteristics and attractive reimbursement practices.
Why is the Popularity of Oxygen Source Equipment Rising Rapidly?
“Oxygen Source Equipment Gaining Traction Owing to High Accessibility & Consumption in Form of O2 Concentrators”
By product, the oxygen therapy equipment market is classified into oxygen delivery devices and oxygen source equipment.
Oxygen source equipment accounts for 70% share of the global market due to its high accessibility and consumption in the form of oxygen concentrators. Oxygen source equipment serves as the initial steps and main sources for O2 therapy, which greatly aids in the market growth.
Rising prevalence of respiratory illnesses and product innovations that have allowed for the development of smaller, quieter, and more active equipment are the factors anticipated to drive the demand for oxygen source equipment.
Portable concentrators are projected to have significant development potential due to their applications in a variety of medical circumstances as well as in ambulances & trains. This is expected to contribute to boosting the demand for oxygen source equipment.
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Key Segments Covered in the Oxygen Therapy Equipment Industry Survey
- By Product :
- Oxygen Source Equipment
- Oxygen Delivery Devices
- Oxygen Source Equipment
- By Portability :
- Stationary
- Portable
- Stationary
- By Application :
- COPD
- Asthma
- Cystic Fibrosis
- Pneumonia
- Others
- COPD
- By End User :
- Hospitals
- Home Care
- Ambulatory Surgical Centers
- Physician Offices
- Others
- Hospitals
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
Winning Strategy
Key market players are focusing on continuous product innovations and expanding their customer bases into untapped markets. Local companies are increasing their market presence by securing new contracts and entering into new markets. Because of the increasing number of markets participants, regular product clearances, and effective distribution agreements, the market is becoming more competitive.
- A portable oxygen concentrator known as the Innovative Inogen One G5 was introduced by Inogen, Inc. This cutting-edge respiratory solution can be utilised at home and will satisfy the requirements of patients requiring oxygen therapy.
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Key players in the Oxygen Therapy Equipment Market
- Philips Healthcare
- Smiths Medical
- Teleflex Inc.
- GE Healthcare
- Invacare Corporation
- Linde Healthcare
- Chart Industries, Inc.
- Dragerwerk AG & Co. KGaA
Key Takeaways from Oxygen Therapy Equipment Market Study
- The global oxygen therapy equipment market is anticipated to reach US$ 5.2 billion by 2027.
- Market in Japan is expected to increase at a CAGR of 4.2% through 2027.
- Demand for oxygen delivery devices is expected to rise at a CAGR of 6.5% from 2022 to 2027.
- Market in Canada is projected to expand at a CAGR of 7% over the forecast period.
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