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 equipment,
majorly the cost of oxygen source equipment, 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.
Browse over 149 market data Figures spread through 110 Pages and an in-depth TOC on "Global
Oxygen Therapy Equipment Market"
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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 equipment 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 equipment.
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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