The Global Oxygen Therapy Equipment Market is expected to reach $ 4.01 billion, at a CAGR of 8.7%
The Research Report provides a detailed Factors driving the growth of this market are the increasing prevalence of respiratory disorders, rapid growth in the geriatric population, the prevalence of tobacco smoking, preference towards home-based oxygen therapy, and technological advancements to develop novel products delivering oxygen therapy.
Growing incidence of respiratory diseases, growth in the elderly population, preference towards home-based oxygen therapy, and technological innovations are driving the growth of this market.
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Oxygen Therapy Equipment Market segmentation:
- based on product
- based on portability
- based on application,
- based on end users
- based on regions.
On the basis of portability, the market is classified into stationary devices and portable devices. Patients are mostly confined to their beds during treatment which drives the stationary oxygen therapy devices market and helps the segment hold the largest share of the market.
By product, the Oxygen Therapy Equipment Market is segmented into oxygen source equipment and oxygen delivery devices. The oxygen source equipment segment is expected to lead the global market. The rising incidence of respiratory disorders and technical innovations in the field are key growth factors of this subsegment.
On the basis of end users, the equipment market is segmented into home care settings, hospitals, and ambulatory surgical centers (ASCs) & physician offices. The home care settings segment accounted for the greatest share and is projected to grow at the highest rate during the forecast period. Technological improvements and the growing usage of home-based therapy, especially in developed countries in North America and Europe are major factors fueling the market growth in this end-user segment.
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The Major Players Operating in the Oxygen Therapy Equipment Market:
Major industry players launched innovative products in the recent past and have plans to launch new products and expand across geographies via partnerships and acquisitions in the future. Philips Healthcare, Linde Healthcare and Chart Industries have been identified as the top players in this market.
Key players in the market includes Philips Healthcare (Netherlands), Linde Healthcare (Germany), Chart Industries, Inc. (U.S.), Invacare Corporation (U.S.), Becton, Dickinson and Company (U.S.), Smiths Medical (U.S.), Drägerwerk AG & Co. KGaA (Germany), Teleflex Incorporated (U.S.), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Taiyo Nippon Sanso Corporation (Japan), Inogen, Inc. (U.S.), Heinen + Löwenstein GmbH & Co. KG (Germany), DeVilbiss Healthcare (U.S.)
Geographical Detailed Analysis for Oxygen Therapy Equipment Market:
The global market is dominated by North America, followed by Europe.
North America will continue to dominate the global market in the forecast period. However, Asia-Pacific is expected to witness the highest CAGR, with the growth in this market centered at China, Japan, and India. Increasing investment in healthcare, increase in healthcare expenditure, growth in disposable incomes, and an increase in healthcare insurance coverage are some factors propelling market growth in the APAC region
The availability of low-cost substitutes by local manufacturers, rigorous regulatory guidelines causing delays in product approvals, and Medicare reimbursement rate cuts for home oxygen therapy in the U.S. are expected to restrain the market growth to a certain extent.