According to a report published by Grand View Research, Inc.; the oxygen therapy market is likely to reach a valuation of around USD 18.2 billion by 2024. High prevalence of chronic respiratory disorders such as asthma, obstructive sleep apnea, chronic obstructive pulmonary disease (COPD) and growing demand for home healthcare facilities can propel market growth over the forecast period (2014 to 2024).
Technological developments in oxygen source and delivery devices which assists in providing effective patient care is likely to boost the market growth. Developments include sensors, flow regulating devices, and unification of delivery devices with pulse dose meters. These developments are expected to provide aid in wide range of applications including cancer and diabetes. The integration of flow sensors on delivery devices helps in preserving and regulating the oxygen flow by maintaining better comfort level of patient.
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The use of O2 therapy enables many benefits including quick response rates, efficient dosing, controlled flow, and offers better reliability and durability. The increasing emphasis on home healthcare solutions along with introduction of portable delivery devices are supposed to be crucial driving factors for the market. The demand for these devices is expected to increase due to increasing incidence of chronic respiratory diseases. Asthma affects approximately 334 million people worldwide, according to the Global Asthma Network (GAN). According to the World Health Organization (WHO), nearly 65 million people suffering from COPD, which is the fifth major cause of death. Increasing adoption of continuous portable oxygen concentrators (POC) as an emergency care in several applications is expected to increase the product demand in the coming years. These devices are increasingly used to provide better mobility support for elderly population. The worldwide oxygen therapy market can be segmented on the basis of product, application, end-use, and regions.
Based on product, the market can be split into oxygen source equipment, and oxygen delivery device. As per application, the market can be categorized into asthma, respiratory distress syndrome, obstructive sleep apnea, chronic obstructive pulmonary disease (COPD), pneumonia, cystic fibrosis, and others. On the basis of end-use, the market can be bifurcated into hospital and home healthcare. The home healthcare segment is likely to exhibit lucrative growth at CAGR of 11.8% during the forecast period.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA).
In 2015, North America estimated for the largest market share on account of high research and development (R&D) investments and successful trials associated with O2 therapy. The rate of patients suffering from chronic respiratory disorder is high in the region, which is expected to boost the product demand in the future. In the U.S., approximately 12 million adults have been identified with COPD and 120,000 die every year, according to the National Institutes of Health (NIH). Additionally, rising adoption of topical wound oxygen (TWO) therapy and hyperbaric oxygen therapy is significantly contributing towards the market growth.
Asia Pacific is likely to experience significant growth over the forecast period. The growth can be attributed to increasing R&D investment by international companies and rising commercialization of O2 therapy equipment established by these companies. Additionally, the urgent need for the development of new systems and replacement & upgrading of medical infrastructure is anticipated to provide players with lucrative growth opportunities over the forecast period. The continuous technological inventions along with growing alliance of international companies and their expansion of distribution networks are boosting growth in the region.
Key companies operating in the market include Philips Respironics Inc.; Allied Healthcare Products, Inc.; Fisher & Paykel Healthcare Limited; GE Healthcare; and MAQUET Medical Systems. The market is very competitive in nature due to limited number of companies controlling total market revenue. The competition is also expected to grow rapidly over the forecast period due to increasing number of companies and frequent product approvals. Participants are focusing on strategies like mergers, acquisitions, collaborations, technological developments and new product launch to expand their presence in the market.
Browse Press Release of this Report: https://www.grandviewresearch.com/press-release/global-oxygen-therapy-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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