The global oxygen therapy equipment market is poised to register a growth of a significant CAGR of 8.9% during the forecast period (2018–2023). The increase in cigarette smoking and the growing prevalence of respiratory disorders and technical progress in oxygen therapy are the key reasons for the growth of the demand for oxygen therapy equipment. Thus, the prevalence of respiratory illnesses has grown in recent years, creating an overwhelming demand for oxygen therapy. In addition, raising healthcare spending, increasing geriatric population and attractive oxygen therapy equipment reimbursement policies fuel demand development during the projected period. In addition, the the use of telemedicine, home-based oxygen therapy and telemonitoring are factors that will fuel the immediate future development of the global demand for oxygen therapy equipment.
However, high oxygen concentrate costs and side effects such as nasal dryness, skin inflammation arising from the clinical use of such equipment hinder market development during the prognosis period.
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Based on commodity, portability, use, and end users, the global demand for oxygen therapy equipment has been segmented.
The industry has been categorised as oxygen source appliances, oxygen delivery systems, on the basis of the commodity. The machinery containing oxygen is categorised into oxygen concentrators, liquid oxygen systems and oxygen cylinders. The oxygen concentrators are also segmented into portable concentrators of oxygen and fixed concentrations of oxygen. Bag valve masks, non-rebreather masks, venturi masks, breathing masks, nasal cannulas and other products are segmented into oxygen delivery devices.
The industry has been defined as stationary oxygen therapy devices and portable oxygen therapy devices on the basis of portability.
The market was graded as cystic fibrosis, asthma, copda, influenza, respiratory distress syndrome, other disorders on the basis of the application.
On the basis of end users, the market has been classified as hospitals, home care settings, ambulatory surgical centers & physician offices and others.
On the basis of region, the market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
In the market for oxygen therapy equipment, the Americas dominate the global market for oxygen therapy equipment due to the massive patient population for diseases such as COPD, attractive insurance strategies and the rising geriatric population’s increasing demands for homecare.
The second highest market share is projected to be retained by the European market. Business development within the country is driven by factors such as expanded government funding for the healthcare industry and large patient populations.
Whereas market share is also projected to rise in the Asia-Pacific region in the immediate future due to access to optimal treatment facilities and growing demand for increasing government programmes, innovative technologies, increased penetration rates, and rising healthcare spending.
In the other hand, the Middle East & Africa region has the lowest share of the overall demand for oxygen therapy equipment. The prevalence of weak economies and tight government policies, especially in Africa, can be attributed to this. The Middle East is projected to provide a bulk of the market in the Middle East & Africa region due to the presence of a well-developed healthcare infrastructure and large healthcare spending by economies such as Kuwait , Saudi Arabia and Qatar within the region.
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Some of the major players in the global oxygen therapy equipment market are Esex Industries, Inc., Philips Healthcare (A Division of Koninklijke Philips N.V.), Linde Healthcare (A Division of Linde Group), Becton Dickinson and Company, Taiyo Nippon Sanso Corporation, Smiths Medical (A Division of Smiths Group PLC), Drägerwerk AG & Co. KGaA, Teleflex Incorporated, Invacare Corporation, Fisher & Paykel Healthcare Corporation Limited, Allied Healthcare Products Inc., Messer Medical Austria GmbH, Medicop D.O.O
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