Rising urbanization, increasing levels of air pollution, and growth in per capita expenses on healthcare coupled with large patient pool are driving factor of the global oxygen therapy equipment market. Improvements in medical technology are a key opportunity for the growth of global oxygen therapy equipment market during the forecast period. Accessibility of low-cost alternatives by local manufacturers, and strict regulatory guidelines causing delays in product approval are obstructing the market growth.
Global oxygen therapy equipment market was valued $2.61 Billion in 2017 and is expected to reach $5.13 Billion by 2026, at a CAGR of 8.81 % during a forecast period.
Oxygen therapy is also known as supplemental oxygen. Oxygen is a gas which is required when the body needs to function.
Oxygen therapy equipment is used for medical treatment such as low blood oxygen, carbon monoxide toxicity, cluster headaches, and to maintain sufficient oxygen while breath in anesthetics.
The key factors driving the growth of global oxygen therapy equipment market are the increasing respiratory disorder incidences, growing elderly populace towards home healthcare.
Furthermore, the high consumption of tobacco smoking, inclination toward home-based oxygen therapy, is also boosting the growth of the market.
The oxygen source equipment segment is projected to lead the global oxygen therapy equipment market owing to the growing occurrence of respiratory disorders and technological progress to develop smaller, quieter as well as more active equipment.
- Buy Research Report: Mobility on Demand Market Driven by Growing Smartphone Penetration
- Buy Research Report: GCC In-Vitro Diagnostic Devices Market Grow Say Healthcare Industry
- Buy Research Report: By the End of 2027, the Biochip Products Research, Manufacturing and Service Market is Estimated to Reach $11 Billion in Value
- I Will Create and Optimize Facebook Ads Campaign for Your Business
- I Will Setup and Optimize Google Adwords Campaign for High Conversion
COPD is the fastest growing application segment in the global oxygen therapy equipment market owing to the rising rate of tobacco smoking and a growing prevalence of breathing diseases owing to the growing aging population are the important factors driving asthma and chronic obstructive pulmonary disease (COPD).
Cystic fibrosis (CF) is a chronic inherited disorder that causes thickened mucus to form in your lungs, pancreas, and other organs in the body. Due to breathing problems People are suffering through cystic fibrosis.
North America is estimated to lead the global oxygen therapy equipment market owing to the growing elderly populace, increasing number of clinics and hospitals, and rising alertness about oxygen therapy.
However, the rise in investment in healthcare and healthcare expenditure, and the growing air pollution levels in China and India are expected to drive market growth in the Asia-Pacific region.
Key player operating in the global oxygen therapy equipment market are Linde Healthcare, Essex Industries, Inc., Invacare Corporation, Becton, Dickinson and Company, Chart Industries, Inc., Smiths Medical, Teleflex Incorporated, Fisher Paykel Healthcare Corporation Limited, Inogen, Inc., Respan Products Inc., Philips Healthcare, DeVilbiss Healthcare, Messer Medical Austria GmbH, Allied Healthcare Products Inc., and Medicop D.O.O.