Ottawa, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The oxygen therapy market is primarily being pushed by rising home healthcare demand and the prevalence of chronic respiratory diseases. This can be linked to the rising number of elderly people who have a variety of chronic diseases that necessitate oxygen therapy or oxygen support. There is a greater need for oxygen therapy equipment as a result of an increase in the prevalence of respiratory illnesses.
Rising air pollution and the incidence of smoking, particularly among adolescents, are further factors influencing this increase in prevalence. According to the National Institutes of Health, almost 12 million Americans have the chronic obstructive pulmonary disease (COPD), which results in 120,000 deaths annually (NIH). According to the Global Asthma Network (GAN), asthma affects 334 million people worldwide.
- North America has held revenue share of 33% in 2022.
- The chronic obstructive pulmonary disorder (COPD) segment has generated 36% revenue share in 2022.
Get the sample copy of this report@ https://www.precedenceresearch.com/sample/2582
Regional snapshots
In terms of market share and revenue, North America now dominates the oxygen treatment equipment market, and this dominance is expected to grow over the forecast period. This is because there are more end users in this area and more people are becoming aware of the advantages of oxygen treatment in hospitals.
On the other hand, Asia-Pacific is anticipated to experience the greatest growth rate throughout the projection period because of the region's expanding penetration of foreign players and rising R&D activity. Increased use of oxygen therapy in hospitals will have a positive impact on the growth of the market in the North American region. As many foreign players are making investments in the Asia Pacific region, the market is expected to show significant growth and the research and development activities are expected to receive investments in the coming years.
Ask here for more customization study@ https://www.precedenceresearch.com/customization/2582
Scope of the Report
| Report Attributes | Details |
| Revenue Forecast by 2032 | USD 60.08 Billion |
| CAGR | 5.38% from 2023 to 2032 |
| North America Revenue Share | 33% in 2022 |
| COPD Segment Share | 36% in 2022 |
| Key Players | Philips Healthcare, Linde Healthcare, Chart Industries, Inc., Invacare Corporation, Becton, Dickinson, and Company, Smiths Medical, Drägerwerk AG & Co. KGaA, Teleflex Incorporated, Fisher & Paykel Healthcare Corporation Limited, DeVilbiss Healthcare, HERSILL, S.L., GCE Holding AB and Others |
Market Dynamics
Drivers
The market for oxygen therapy in North America is expanding as a result of factors like the high frequency of respiratory-related disorders, the aging population, and the population's growing susceptibility to respiratory conditions. According to the Centers for Disease Control and Prevention (CDC), 15.7 million Americans were diagnosed with COPD in 2013. Additional factors influencing the demand for oxygen therapy include advancements in portable oxygen concentrators, a favorable reimbursement environment, an increase in cases of untreated sleep apnea, a rise in the need for oxygen-filling devices, high investment in research and development activities, and good medical facilities.
The market for oxygen therapy in North America is expanding as a result of factors like the high frequency of respiratory-related disorders, the aging population, and the population's growing susceptibility to respiratory conditions. Other factors influencing the demand for oxygen therapy include advancements in portable oxygen concentrators, an increase in cases of untreated sleep apnea, a favorable reimbursement environment, a rise in the need for oxygen-filling devices, high investment in research and development activities, and good medical facilities.
Restraints
However, the expensive cost of oxygen concentrators and their unfavorable side effects, which include skin irritability and nasal dryness when used therapeutically, are impeding market expansion. Due to stringent regulatory regulations that delay product approval, the market for oxygen treatment equipment may face challenges. Additionally, Medicare reimbursement rate reductions for home oxygen therapy and the accessibility of inexpensive substitutes produced by local manufacturers will act as market restraints and slow the industry's growth rate.
Opportunities
The industry is anticipated to grow as a result of the introduction of technologically sophisticated oxygen sources & delivery equipment that provide effective patient care. These improvements include sensors, flow regulators, and delivery devices coupled with pulse dose meters. The O2 therapy is gaining popularity and it is being used extensively due to its benefits like quick response, regulated flow, high reliability, high durability, and effective dosing. The aforementioned elements are expected to fuel industry expansion.
Nasopharyngeal oxygen treatment and pulse oximeters are the advanced devices used in the market and these devices are expected to provide growth opportunities in the coming years. Portable oxygen cylinders or concentrators have gained popularity after the outbreak of the COVID-19 pandemic. Various technologically advanced equipment are introduced into the market as a result of constant research and development in the field of oxygen therapy.
Challenges
The target oxygen therapy device market's growth is constrained by the availability of inexpensive alternative medicines. There are many adverse effects associated with the use of oxygen concentrators and this equipment is expensive, because of this market growth will be hampered in the long run. Nasal dryness and skin irritation are some of the effects of the use of oxygen concentrators when they are used in therapy.
The regulatory policies governing the use of oxygen concentrators are extremely stringent and the approval of a product can be delayed due to which market growth will be hampered. Other affordable substitutes are not available in the market due to which the developing nations will suffer to a great extent. Reduced rates of reimbursement for the treatments that make use of oxygen therapies in the home care segment will also hamper the market.
- Browse more related reports@ https://www.precedenceresearch.com/industry/healthcarev
Report Highlights
- Oxygen source equipment accounted for the biggest percentage in 2022 due to its high availability and use, liquid oxygen, compressed gas systems, cylinders, and oxygen concentrators are available.
- The oxygen delivery devices market is anticipated to expand at a lucrative pace as a result of the availability of a wide range of delivery devices adapted to different patients' physiological and inspiratory needs.
- During the research period, it is anticipated that the stationary devices category will dominate the market in terms of portability.
- The market for stationary oxygen therapy equipment is primarily driven by the fact that the majority of patients undergoing treatment are restricted to their beds and will generate the majority of market revenue during the projection period.
- Chronic Obstructive Pulmonary Disorder (COPD) held the bulk of with a revenue share of more than 35.0% due to the increased prevalence of COPD. Around 65 million individuals globally are estimated to be affected by COPD, which is also the third main reason for death.
Recent developments
- In June 2022 - The second generation FD140i, a better dual therapy flow driver with a simpler transition from CPAP to HFOT, was introduced by Armstrong Medical.
Market Segmentation
By Product
- Oxygen Source Equipment
- Oxygen Therapy Equipment for Cardiovascular & Thoracic Surgeries
- Oxygen Concentrators
- Liquid Oxygen
- Oxygen Cylinders
- Oxygen Delivery Devices
- Oxygen Masks
- Nasal Cannulas
- Venturi Masks
- Non-Rebreather Masks
- Bag-Valve Masks
- Other Oxygen Delivery Devices
By Portability
- Stationary Oxygen Therapy Equipment Devices
- Portable Oxygen Therapy Equipment Devices
By Application
- Chronic Obstructive Pulmonary Disease
- Asthma
- Obstructive Sleep Apnea
- Respiratory Distress Syndrome
- Cystic Fibrosis
- Pneumonia
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
Immediate Delivery Available | Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/2582
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
About Us
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
For Latest Update Follow Us:
https://www.linkedin.com/company/precedence-research/
https://www.facebook.com/precedenceresearch/
https://twitter.com/Precedence_R
