NEWARK, Del, June 16, 2022 (GLOBE NEWSWIRE) -- According to a recent study done by Future Market Insights, the oxygen therapy equipment market is expected to reach US$ 6.4 Billion by 2032, up from US$ Oxygen Therapy Equipment Market billion in 2022, expanding at a high CAGR of 7.4%.
This study explains that the Chronic respiratory diseases affect more than 1 billion people, globally, as per the Global Asthma report, 2018. COPD, with tobacco smoking as its root cause, has affected a significant part of the world population, as per the World Health Organization. These factors are expected to accelerate the growth of the Oxygen Therapy Equipment Market during the forecast period.
The advent of the technologically advanced oxygen source and delivery devices, which offers efficient patient care, is expected to boost the industry. These advancements include flow regulating devices, sensors, and conjunction of delivery devices with pulse dose meters. The adoption of O2 therapy is increasing owing to the potential benefits such as controlled flow, efficient dosing, faster response rates, and greater durability & reliability. The aforementioned factors are anticipated to propel industry expansion.
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In addition, rising popularity and adoption of on-demand and continuous Portable Oxygen Concentrators (POC) in a wide range of applications such as emergency medicine is also expected to fuel the demand in the forthcoming years. This surge is attributable to global competitors entering the market, demand for the portable technology by consumers, and the clinical urgency for greater mobility support for the geriatric population. The business is anticipated to increase owing to continuous innovation and resulting in more efficient units and reduced prices.
Increasing incidences of chronic respiratory diseases coupled with rising demand for home healthcare are the major drivers of the market. This can be ascribed to increasing geriatric population suffering from various kinds of chronic diseases in which oxygen therapy or oxygen support is required. Additionally, increasing levels of air pollution, smoking habits of population especially youth, among others have significantly contributed to an increase in the prevalence of respiratory diseases, thereby increasing the demand for oxygen therapy equipment.
As per the National Institutes of Health (NIH), nearly 12 million adults have been diagnosed with Chronic Obstructive Pulmonary Disease (COPD) in the U.S. and 120,000 people die each year. According to the data published by the Global Asthma Network (GAN), asthma affects nearly 334 million people worldwide.
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North America dominates the oxygen therapy equipment market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the growing awareness about the benefits associated with oxygen therapy in hospitals and increasing number of end-users in this region.
Key Takeaways from the Market Study
- Global Oxygen Therapy Equipment Market was valued at US$ 3.1 Million by 2022-end
- The US to account for the highest value share of US$ 2.4 Billion of global market demand for Oxygen Therapy Equipment Market in 2032
- From 2015 to 2021, Oxygen Therapy Equipment demand expanded at a CAGR of 9.7%
- By Product, the Oxygen Source Equipment category constitutes the bulk of Oxygen Therapy Equipment Market with a CAGR of 8.2%.
- By Portability, the Stationary Devices segment dominates the Oxygen Therapy Equipment Market with a CAGR of 7.8%.
“The rising popularity and adoption of on-demand and continuous Portable Oxygen Concentrators (POC) in a wide range of applications such as emergency medicine is also expected to fuel the demand over the forecast period,” remarks an FMI analyst.
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Competitive Landscape
Players in the global Oxygen Therapy Equipment Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In July 2021, Belluscura (BELL) had signed a third distribution deal and first agreement with a durable medical equipment provider, for its X-PLO2R™ portable oxygen concentrator portfolio. The durable medical equipment ("DME") has multiple stores in several states and an online store. Meanwhile, the third distributor has issued its first purchase order with anticipated delivery of the X-PLO2R™ portable oxygen concentrator expected in less than ninety days.
- In June 2020, Armstrong Medical introduced the second generation FD140i, an improved dual therapy flow driver with an easier transition from CPAP to HFOT.
- In August 2019, OxyGo LLC announced the launch of their new six flow setting, Bluetooth enabled POC. At only 4.7 pounds, and with 6 flow settings, the OxyGo NEXT offers the highest oxygen output per pound of weight of any portable oxygen concentrators currently on the market. Created to meet the needs of oxygen therapy patients and home medical equipment providers – for use at home, away, and for travel. OxyGo NEXT will allow healthcare providers to improve patient outcomes through a new wireless connectivity platform using Bluetooth technology.
- In October 2018, Resmed launched CPAP mask-Airlift f30i for Hospitals and Respiratory Care Physicians in the US.
Know More about What the Oxygen Therapy Equipment Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Oxygen Therapy Equipment Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032.
To understand opportunities in the Oxygen Therapy Equipment Market, the market is segmented on the basis of product, portability, and application across five major regions.
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Key Segments Covered in the Oxygen Therapy Equipment Market Report
Oxygen Therapy Equipment Market by Product:
- Oxygen Source Equipment
- Oxygen Therapy Equipment for Cardiovascular & Thoracic Surgeries
- Oxygen Concentrators
- Liquid Oxygen
- Oxygen Cylinders
- Oxygen Delivery Devices
- Oxygen Masks
- Nasal Cannulas
- Venturi Masks
- Non-Rebreather Masks
- Bag-Valve Masks
- Other Oxygen Delivery Devices
Oxygen Therapy Equipment Market by Portability:
- Stationary Oxygen Therapy Equipment Devices
- Portable Oxygen Therapy Equipment Devices
Oxygen Therapy Equipment Market by Application:
- Oxygen Therapy Equipment for COPD
- Oxygen Therapy Equipment for Asthma
- Oxygen Therapy Equipment for Cystic Fibrosis
- Oxygen Therapy Equipment for Respiratory Distress Syndrome
- Oxygen Therapy Equipment for Pneumonia
- Oxygen Therapy Equipment for Other Diseases
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