Oxygen Therapy Device Market Boosting the Growth in Healthcare Sector with CAGR of 12% By 2023 | MRFR
Market Research Future has released a new report on the Global Oxygen Therapy Device Market which reveals a notable CAGR of 12% during the forecast period of 2018 to 2023 with an estimated value by the end of 2023.
Pune, Maharashtra – February 28, 2019 /MarketersMedia/ —
Oxygen Therapy Devices are used in oxygen/ supplemental oxygen therapy used for the treatment of certain medical conditions. The primary goal of oxygen therapy device is to maintain targeted SpO2 levels through the provision of supplemental oxygen safely and effectively which infants and children too can tolerate.
Oxygen is a vital element for living beings; however, some people cannot breathe enough amount of oxygen naturally due to certain medical conditions such as chronic respiratory disorders, chronic obstructive pulmonary disease (COPD), hypoxemia, heart diseases, and sleeping apnea among others. For them, oxygen therapy is a boon.
Increasingly favorable medical device regulations, growing occurrence of respiratory diseases and the rapidly growing incidences of diabetes which can cause COPD, are some principal factors affecting the positive growth of the market. Moreover, the change in trends is witnessing consumers shift preference for affordable home healthcare, this motivating market growth.
Advancements in oxygen therapy devices are ongoing and are expected to facilitate growth for the global market in the coming years.
Acknowledging the kind of traction, this market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the Global Oxygen Therapy Device Market is expected to reach USD 15 BN by 2023; registering approximately 12% CAGR throughout the review period (2017 to 2023). In the year 2016, the market had valued at USD 8 BN which means that the market will garner a growth of almost two-fold.
Global Oxygen Therapy Device Market – Key Players
There are various local and global players who manufacture devices for oxygen therapy. However, we have profiled some of the major players which are Phillips healthcare, Devilbiss Healthcare, Cardinal Healthcare, Respironics, Salter Labs, Masimo Corporation, Carefusion, Teflex, Bio Med, Fisher & Paykel Healthcare Limited, Inogen, O2 Concepts, Smith medicals, Medtronic, 3B Medical, 3M Healthcare and many more.
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Latest Industry News:
November 01, 2018 Fisher & Paykel Healthcare (New Zealand), a manufacturer, designer and marketer of products and systems for use in respiratory care announced the availability of its new Enter nasal high-flow therapy device -Airvo for the home setting. Airvo delivers warm, humid air at a set flow to liquefy debris in the upper airway and help patients cough that material out or swallow.
Airvo was debuted in the hospital setting earlier, however, after learning from the respiratory care field about the inconvenience a wide variety of patients facing issues with secretion mobilization and discovering that in some conditions, many patients need help clearing their upper respiratory system so that they can achieve better alveolar ventilation, Fisher & Paykel Healthcare decided to bring the compact, and lightweight Airvo into the home setting.
ResMed has released the data from two clinical studies which explore the combination of home oxygen therapy and non-invasive ventilation therapy for patients who suffer from persistent hypercapnia following chronic obstructive pulmonary disorder exacerbation. The studies found that combined therapy proved to be highly cost efficient and it was found that the exacerbation frequency reduced greatly.
Global Oxygen Therapy Device Market Segments
The Global Oxygen Therapy Market has been segmented on the basis of types of products, application, end-users, and region.
By Types Of Products, the market has been segregated into non-re-breather mask, incubators, continuous positive airway pressure, liquid oxygen device, hyperbaric oxygen chamber, nasal cannula, cylinder, concentrators, and oximeter.
By Application, the market has been divided to include hypoxia, heart diseases, sleeping apnea, lung diseases, chronic obstructive pulmonary diseases (COPD), respiratory issues and others. Out of these, chronic obstructive pulmonary disorders possess the largest share of the market due to their extensive applications for treatment of the same.
By End-Users, the market has been segregated into hospital, clinics, and patients.
By Region, the global market is divided into the Americas, Europe, Asia-Pacific (APAC) and the Rest of the World (RoW)
Global Oxygen Therapy Device Market – Regional Analysis
The North American region dominates the global oxygen therapy device market accounting for the largest as in approximately 45% of the market share. Factors supporting the growth in the regional market include substantial advancements and the uptake of technologies and the growing prevalence of chronic diseases such as COPD and other heart-related disorders.
The European region is another lucrative market for oxygen therapy device. Continuous improvement in medical technologies is a key driving factor responsible for the growth of the regional market. European countries such as the U.K. and Germany backed by the enormous investments made in the development of oxygen therapy devices and related technologies account for the major contributors to the growth in the regional market.
The Asia Pacific region is rapidly emerging as a promising market for oxygen therapy device, witnessing huge funding from foreign investors. Availability of cost-competitive logistics such as the land, raw materials, and workforce encourage manufacturers to shift their production bases to countries such as China and India, which in turn, fosters the market growth in the region.
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Furthermore, heading with the substantial investments put in the development of these devices the oxygen therapy device market in the APAC region is expected to at 8% CAGR throughout the forecast period, creating a large revenue pocket in the global market.
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