The Oxygen Therapy Equipment Market is undergoing significant transformations driven by the increasing prevalence of respiratory disorders, technological advancements, and a growing aging population. Here, we outline key market trends shaping the landscape of oxygen therapy equipment.
Breathing disorders such as COPD, asthma and pneumonia are among the primary trends that have a bearing on the oxygen therapy equipment market. Oxygen therapy equipment has seen increasing demand since such conditions often necessitate the additional oxygen needed to maintain respiratory flow.
The market is being redefined by constant breakthroughs in oxygen delivery systems. Portable and mobile oxygen concentrators with lightweight and several advanced features like O2 masks and high-flow nasal cannulas are giving better treatment positivien also the comfortable level to the patients apart from the more flexible oxygen therapies rate.
The trend is moving towards home oxygen therapy. A growing number of patients with chronic respiratory conditions are opting for home oxygen therapy to keep better control of their conditions as compared to institutional settings. Such a trend stipulates the need for portable and transportable oxygen therapy apparatus.
One of the major driving forces of oxygen therapy apparatus is the global increase in the number of old people. The elderly tend to develop more respiratory conditions and as the geriatric population grows, there is an increasing demand for oxygen therapy solutions which cater to age-related respiratory problems.
Non-invasive ventilation modes are growing in popularity within the oxygen therapy market. CPAP and BiPAP machines are growingly used for diseases like sleep apnea, providing efficient respiratory support without any invasive means.
Sustainability is at the front burner even in the health care sub sector. Energy efficient and eco-friendly oxygen therapy equipment has resulted to a trend of an oxygen therapy equipment market. Devices, produced by manufacturers, have become far less energy intensive and have a low environmental footprint.
The utilization of oxygen therapy equipment in the critical care setting continues to grow in common areas such as ICUs and the emergency department. Thesehigh-flow oxygen delivery systems and the advanced ventilators are a vital element in saving lives via offering the most needed respiratory support to the critically ill patients.
Globally, the oxygen therapy equipment market is growing, particularly in the emerging economies, where tremendous appetite for the said equipment is evident. Respiratory health awareness growing with the rapid advancement of healthcare infrastructures is propelling the market expansion in various geographies.
Adherence to regulatory standards and the establishment of standardized protocols are essential trends in the oxygen therapy equipment market. Manufacturers are focusing on meeting safety and quality standards to ensure the reliability and efficacy of oxygen therapy devices.
The Oxygen Therapy Equipment Market is expected to reach USD 38.86 Billion by 2032 at 5.8% CAGR during the forecast period 2023-2032. The main considerations for the development of the oxygen treatment hardware market remember the increment for tobacco smoking and the rising pervasiveness of respiratory infections and innovative progression in oxygen treatment.
The rising pervasiveness of respiratory sicknesses is the main consideration expected to drive the general development of the market over the estimate time frame. According to the information distributed by the World Health Organization (WHO), the Global Burden of Disease Study reports a pervasiveness of 251 million instances of Chronic Obstructive Pulmonary Disease (COPD) worldwide in 2016.
Oxygen treatment or O2 treatment, is a kind of clinical intercession pointed toward giving additional oxygen to the patients experiencing ailments like persistent obstructive aspiratory sickness, pneumonia, asthma and others. Various oxygen treatment gadgets are accessible on the lookout, including oxygen chambers, oxygen concentrators, and fluid oxygen gadgets. As of late, pervasiveness of the respiratory illnesses has expanded, producing an immense interest for oxygen treatment.
As per the World Health Organization, ~251 million cases for constant obstructive aspiratory illness were accounted for in 2016, causing roughly 3.17 million passings in 2015. Additionally, rising medical care consumption, developing geriatric populace and good repayment approaches for the oxygen treatment hardware supports the market development during the figure time frame.
According to the Centers for Medicare and Medicaid Services in 2017, oxygen treatment hardware can be repaid as long as three years of persistent use. In any case, significant expense of oxygen concentrators and secondary effects, for example, nasal dryness, skin disturbance involved by the helpful utilization of such gadget's restrictions the oxygen treatment hardware market development during the conjecture time frame. Further the assessed cost of the oxygen concentrators may go from USD 700 to USD 2,900.
In July 2023, Emerson, a technology and software company, announced the launch of the inaugural turnkey manifold solution in the healthcare industry. This approach aims to enhance the efficacy of respiratory treatment equipment designs and expedite the product development process.
In January 2023, Inogen, Inc., a medical technology company specializing in innovative respiratory solutions for home use, has successfully achieved regulatory milestones in both the European Union and the United States for their portable oxygen concentrator products.
The global oxygen therapy equipment market has been segmented on the basis of product, portability, application, and end users.
On the basis of product, the market has been classified as oxygen source equipment, oxygen delivery devices. The oxygen source equipment is segmented in to oxygen concentrators, liquid oxygen devices and oxygen cylinders. The oxygen concentrators are further segmented in to portable oxygen concentrators and fixed oxygen concentrators. The oxygen delivery devices are segmented in to bag valve masks, non-rebreather masks, venturi masks, oxygen masks, nasal cannulas and other devices.
On the basis of portability, the market has been classified as stationary oxygen therapy devices and portable oxygen therapy devices.
On the basis of application, the oxygen therapy equipment market has been classified as cystic fibrosis, asthma, copd, pneumonia, respiratory distress syndrome, other diseases.
On the basis of end users, the market has been classified as home care settings, hospitals
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. The Americas has been further segmented into North America and South America, with the North American market divided into the US and Canada.
The European oxygen therapy equipment market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The oxygen therapy equipment market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East and Africa has been segmented into the Middle East and Africa.
Regional Market Summary
In the oxygen therapy equipment market, the Americas dominate the global market owing to huge patient population for diseases like COPD, favorable reimbursement policies and increasing demands for homecare by the growing geriatric population. According to the Centres for Disease Control and Prevention in 2017, approximately 15.7 million Americans, accounting for 6.4% of the total population were reported to have been diagnosed with COPD in 2016. Additionally, rising healthcare expenditure, presence of developed economies like U.S. and Canada fuels the market growth.
The European market is expected to hold the second largest market share. Factors such as increasing government support for healthcare sector, huge patient population drives the market growth within the region. According to the Eurostat in 2014, the standardized death rate for various respiratory diseases within the region was estimated to be about 78.3 deaths per 100,000 inhabitants
Whereas the market share in Asia-Pacific region is also anticipated to experience growth in the near future due to access to optimal treatment facilities and growing demand for increasing government initiatives, advanced technology, better adoption rate, and rising healthcare expenditure. As per Indian Brand Equity Foundation in 2017, the Indian healthcare sector was estimated as one of the fastest growing industries in India and is projected USD 280 billion by 2020.
On the other hand, the Middle East & Africa has the least share in the global oxygen therapy equipment market. This can be attributed to the presence of poor economies and stringent government policies, especially in the African region. It is estimated that a majority of the market in the Middle East & Africa region is held by the Middle East due to the presence of a well-developed healthcare sector and huge healthcare expenditure the economies like Saudi Arabia, Kuwait, and Qatar within the region.
Key Players
Some of the key players in the global oxygen therapy equipment market are 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., Esex Industries, Inc., Messer Medical Austria GmbH, Medicop D.O.O
Company Profiles
Intended Audience
In 2017:
The home consideration settings portion represented the best offer and is projected to develop at the most elevated rate during the conjecture time frame. Innovative enhancements and the developing utilization of locally situated treatment, particularly in created nations in North America and Europe are central point fuelling the market development in this end-client fragment.
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