New York, Feb. 26, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global Oxygen Therapy Devices market was valued at USD 2.54 billion in 2018 and is expected to reach USD 4.92 billion by the year 2026, at a CAGR of 8.6%. Oxygen Therapy Devices are used to provide an oxygen supplement to the patients experiencing deprivation of oxygen in their bodies. The diseased conditions like asthma, chronic obstructive pulmonary diseases, cystic fibrosis, and other respiratory agonies cause the patient to be deprived of oxygen. Oxygen therapy devices include a complete focus upon either providing oxygen supplements or liquid concentrates, which can be directly incorporated through nostrils.
The crucial primary driver of oxygen therapy devices is the growing prevalence of lung disorders, an increase in the use of tobacco for smoking, hike in the rate of air pollution in the environment. According to the National Institutes of Health, nearly 12 million adults are diagnosed with COPD in the U.S., and 120,000 people die each year. Furthermore, according to the Global Asthma Network, asthma affects nearly 334 million people all across the world. Hence, oxygen therapy devices are found to obtain a steep rise in the regions, mainly in emerging economies where industrialization is observed during recent years. The athletes are also the target market for the therapy since the body uses the maximum level of oxygen at the time of running, exercising, and other physical heavy workouts.
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The endurance is observed to get improved when athletes are given oxygen therapy for the necessary time. The growing need for such activities is expected to propel the growth of the market in the near future. The increasing awareness for the pre-diagnostic tests is propelling the market growth during the forecast period. A recent advancement is made concerning the adjustment knobs for required oxygen concentrations getting incorporated in the pediatric patients.
Also, the innovation brought forward for the skin irritation issue faced by most of the patients after long term use of the tubes, the tubes are now installed latex-free, and hence this would increase the demand of the product in the forecast years. However, low-cost manufacturers, stringent government guidelines for the quality of oxygen therapy devices, and recalls associated with it is expected to impede the growth of the industry.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data has segmented the Oxygen Therapy Devices market on the basis of product, portability, application, end-use and region:
Product Outlook (Revenue in Million USD; 2016–2026)
Portability Outlook (Revenue in Million USD; 2016–2026)
Application Outlook (Revenue in Million USD; 2016–2026)
End-Use Outlook (Revenue in Million USD; 2016–2026)
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Regional Outlook (Revenue in Million USD; 2016–2026)
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