Oxygen Therapy Equipment Market to Grow at a CAGR of 6.63% During the Forecast Period
Growing prevalence of respiratory diseases is expected to drive the growth of the global oxygen therapy equipment market during the forecast period.
According to TechSci Research report, “Global Oxygen Therapy Equipment Market By Product Type (Oxygen Source Equipment v/s Oxygen Delivery Devices), By Oxygen Source Equipment (Oxygen Cylinders, Oxygen Concentrators, Liquid Oxygen Devices, Others), By Oxygen Delivery Devices (Oxygen Masks, Nasal Cannula, Non-Rebreather Masks, Others), By Mobility (Stationary v/s Portable) By Application (COPD, Lung Cancer, Pneumonia, COVID-19, Others), By End User (Hospitals & Clinics, Ambulatory Care Centers, Homecare, Others), By Company, By Region, Competition Forecast & Opportunities, 2026”, The global oxygen therapy equipment market was valued at USD8.87 billion in 2020 and is further expected to grow at a CAGR of 6.63% during the forecast period. Oxygen therapy equipment are actively used during surgery processes when the patient is under anesthesia and post-surgery processes to provide adequate amount of oxygen supply to the patients. Also, oxygen therapy equipment are used in several respiratory conditions such as lung cancer, COPD, COVID-19, among others. The growing incidences of these diseases coupled with a significant increase in the number of surgical procedures is expected to fuel the market growth through 2026. However, high cost of oxygen therapy equipments, majorly the cost of oxygen source equipments, is higher as compared to the delivery devices which can slow down the market growth over the next few years. Moreover, incidences such as product recalls by FDA can further restrict the market growth over the next five years.
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Global oxygen therapy equipment market is segmented on the basis of product type, mobility, application, end user, region and company. Based on application, the market is further fragmented into COPD, lung cancer, pneumonia, COVID-19 and others. COPD dominated the overall oxygen therapy equipment market in 2020 with a share of 33.60% owing to rising number of cases of COPD across the globe due to tobacco smoking habit and increase in the geriatric population. Based on mobility, the market is bifurcated into stationary and portable. The stationary equipments segment dominated the market in 2020 on account of the fact that the patients are mostly confined to their beds during treatment which supports the growth of stationary oxygen therapy equipments. However, the sudden outbreak and spread of COVID-19 has increased the popularity of homecare and portable oxygen therapy equipment such as oxygen cans and oxygen concentrators which can be used at home. This in turn is expected to drive the growth of portable oxygen therapy equipment during the forecast period.
Some of the major competitors in the market are Koninklijke Philips N.V., Invacare Corporation, Inogen Inc., NGK Spark Plug Co., Ltd., Fisher & Paykel Healthcare Limited, Allied Healthcare Products, Inc., Taiyo Nippon Sanso Corporation, Linde Healthcare, Smith’s Medical, Inc., Drägerwerk AG & Co. KGaA., among others. The companies are focusing on extensive research and developments activities to stay competitive in the market. Other competitive strategies include formation of alliances and partnerships.
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“North America dominated the global oxygen therapy equipment market in 2020 and is expected to continue its dominance over the forecast period also on account of growing prevalence of several respiratory problems such as COPD, Lung Cancer, Asthma, among others in the region. Additionally, the region has a well-established healthcare infrastructure, thereby fueling the market growth. Also, the presence of key market players like Invacare Corporation and Inogen, Inc. in the region is further supporting the market growth.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Oxygen Therapy Equipment Market By Product Type (Oxygen Source Equipment v/s Oxygen Delivery Devices), By Oxygen Source Equipment (Oxygen Cylinders, Oxygen Concentrators, Liquid Oxygen Devices, Others), By Oxygen Delivery Devices (Oxygen Masks, Nasal Cannula, Non-Rebreather Masks, Others), By Mobility (Stationary v/s Portable) By Application (COPD, Lung Cancer, Pneumonia, COVID-19, Others), By End User (Hospitals & Clinics, Ambulatory Care Centers, Homecare, Others), By Company, By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global oxygen therapy equipment market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global oxygen therapy equipment market.
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