Oxygen Source Equipment to Account for 70% of Global Oxygen Therapy Equipment Sales
Fact.MR in its latest study highlights the key growth factors, latest developments, opportunities & challenges, and market statistics to offer a better understanding in the global oxygen therapy equipment market. It also sheds light on the key trends influencing the growth through the segments including product, portability, application, and end user across 5 key regions.
NEW YORK, Oct. 25, 2022 /PRNewswire/ -- AMarket Research and Competitive Intelligence Provider: The global oxygen therapy equipment market is expected to reach US$ 3.6 Billion in 2022, registering 8% CAGR during the forecast period (2022-2027). Demand in the market is predicted to surge on the back of growing use of advanced oxygen source equipment, surpassing US$ 5.2 Billion by 2027.
Demand for oxygen therapy equipment is anticipated to grow backed by rising frequency of respiratory illnesses, the high prevalence of tobacco usage, demand for home-based oxygen therapy, and technical improvements in healthcare sector. Further, rising incidences of chronic respiratory diseases and demand for home healthcare will boost the market.
Furthermore, acceptance of on-demand and continuous portable oxygen concentrators (POC) in a variety of applications such as emergency medicine is increasing. Subsequently, consumer desire for portable technology, and the clinical necessity for mobility support for elderly population will fuel the demand.
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North America is expected to expand at the fastest rate over the forecast period owing to increased international player penetration and research & development initiatives in the area. Further, growing incidence of asthma and other respiratory illness coupled with increasing number of sleep apnea patients in the U.S. will drive the demand in the market.
In terms of product type, the oxygen source equipment segment is expected to dominate the market over the assessment period. Availability and usage in the form of O2 concentrators, compressed gas systems, cylinders, and liquid oxygen are attributing to the growth. Furthermore, these devices serve as the principal source and initial step for O2 treatment, contributing significantly to the industry's total growth.
Key Takeaways:
- North America is expected to dominate the global oxygen therapy equipment market over the forecast period (2022-2032)
- The U.S. is expected to account for a sizable portion in the global market for oxygen therapy equipment market.
- China oxygen treatment equipment market is projected to grow at a CAGR of 11% between 2022 and 2027.
- By product, the global market for oxygen source equipment represents for 70% of the total market share.
- Asia-Pacific oxygen therapy equipment market is predicted witness fastest growth during the forecasted period.
Growth Drivers:
- Demand for oxygen therapy equipment is being driven by the rising prevalence of respiratory disorders.
- Medical technological advancements and growing use of portable oxygen concentrators are projected to boost global oxygen treatment equipment market.
Restraints:
- The lack of affordable substitutes and stringent regulations will stymie expansion.
- The expansion will be hampered by the high price of oxygen concentrators and any side effects that cause nasal dryness.
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Competitive Landscape:
The global oxygen therapy equipment market players are focusing on growing their global presence through different tactics such as partnerships, collaborations, and partnerships. the businesses are also investing heavily in research & development to include innovations into their goods, which will help them enhance their position in the worldwide market.
For instance,
- In July 2021, Belluscura (BELL) announced the signing of its third distribution agreement and first with a durable medical equipment supplier for its X-PLO2RTM portable oxygen concentrator portfolio. There are several outlets and an online store for durable medical equipment ("DME"). Meanwhile, the third distributor has placed its first purchase order, with the X-PLO2RTM portable oxygen concentrator slated to arrive in less than 90 days.
- In June 2020, Armstrong Medical launched the FD140i, a second-generation dual treatment flow driver with a smoother transition from CPAP to HFOT.
- In August 2019, OxyGo LLC has announced the availability of its new Bluetooth-enabled POC with six flow settings. The OxyGo NEXT, at under 4.7 pounds and with six flow settings, has the greatest oxygen production per pound of weight of any portable oxygen concentrator currently on the market. Designed to satisfy the requirements of patients receiving oxygen treatment and home medical equipment providers - for use at home, away from home, and during vacation. OxyGo NEXT, a new wireless connectivity platform based on Bluetooth technology, will enable healthcare practitioners to enhance patient outcomes.
Key Companies Profiled by Fact.MR
- Philips Healthcare
- Smiths Medical
- Teleflex Inc.
- GE Healthcare
- Invacare Corporation
- Linde Healthcare
- Chart Industries, Inc.
- Dragerwerk AG & Co. KGaA
- Fisher & Paykel Healthcare Ltd.
- Inogen, Inc.
- Taiyo Nippon Sanso Corporation
More Valuable Insights on Oxygen Therapy Equipment Market
In the latest study, Fact.MR offers a detailed study on global oxygen therapy equipment market for the forecast period of 2022 to 2027. This study also highlights key drivers promoting the sales of oxygen therapy equipment through detailed segmentation as follows:
By Product:
- Oxygen Source Equipment
- Oxygen Delivery Devices
By Portability:
- Stationary
- Portable
By Application:
- COPD
- Asthma
- Cystic Fibrosis
- Pneumonia
- Others
By End User:
- Hospitals
- Home Care
- Ambulatory Surgical Centers
- Physician Offices
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Oxygen Therapy Equipment Market Report
- What is the projected value of the oxygen therapy equipment market in 2022?
- At what rate will the global oxygen therapy equipment market grow until 2027?
- Which are the factors hampering the growth in the oxygen therapy equipment market
- Which region is expected to lead in the global oxygen therapy equipment market during 2022-2027?
- Which are the factors driving the oxygen therapy equipment market during the forecast period?
- What is the expected market value of the oxygen therapy equipment market during the forecast period?
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