Oxygen Therapy Equipment Market: Key Insights
Oxygen therapy equipment provides oxygen to patients with respiratory or other conditions affecting their breathing ability. This equipment is used in hospital and home settings, including oxygen concentrators, oxygen tanks, and nasal cannulas. The global oxygen therapy equipment market is anticipated to grow in the coming years, driven by factors such as an aging population, an increase in respiratory diseases, and a growing awareness of the benefits of oxygen therapy.
Key insights in the oxygen therapy equipment market include the increasing use of portable oxygen concentrators, the growing demand for home oxygen therapy, and the increasing adoption of advanced oxygen delivery systems. Additionally, the market is driven by the rising number of patients with chronic obstructive pulmonary disease (COPD) and other respiratory conditions and the increasing number of surgeries requiring post-operative oxygen therapy. The market is also positively impacted by the increasing number of COVID-19 cases, resulting in demand for oxygen therapy equipment.
Increasing Prevalence of Respiratory Disorders and COVID-19 Cases drives Oxygen Therapy Equipment Market
The increasing prevalence of respiratory disorders is a major driver of the oxygen therapy equipment market. The prevalence of asthma, chronic obstructive pulmonary disease (COPD), cystic fibrosis, and other respiratory diseases is increasing across the globe. For example, according to the World Health Organization (WHO), in 2022, the number of asthma-related deaths in 2019 was 455,000. In addition, the Burden of Disease Study in 2019 recorded 212.3 million cases of COPD worldwide, resulting in 3.3 million deaths. According to the March of Dimes Organization, there were between 70,000 and 100,000 cases of cystic fibrosis across the globe in 2019. In addition, one of the major causes of respiratory diseases such as COPD and asthma is the rise in air pollution.
The Organization for Economic Co-operation and Development (OECD) estimates that global emissions of greenhouse gases are likely to increase by ~50% by 2050, mainly due to a 70% increase in CO2 emissions. In addition, it is estimated that the atmospheric concentration of greenhouse gases could reach 685 parts per million (ppm) CO2 equivalent by 2050, which would cause average temperatures to rise 3–6ºC above pre-industrial levels. In addition, the beneficial effects on patients through combination therapy for asthma have increased, which has increased the demand for respiratory inhalers such as dry powder inhalers and soft-mist inhalers, as they are one of the best ways to administer combination drugs.
Hence, the increasing prevalence of respiratory diseases among the growing population is one of the factors driving the growth of the market in the coming years.
Oxygen Therapy Equipment Market: Segmental Overview
The global oxygen therapy equipment market is segmented based on product, application, and end user. Based on the product, the market is segmented as oxygen source equipment and oxygen delivery devices.
Oxygen source equipment is further sub-segmented into oxygen cylinder’s, oxygen concentrators, and liquid oxygen devices. Additionally, oxygen delivery devices is sub-segmented into oxygen masks, nasal cannulas, venturi masks, and others.
On the basis of the application, the market is segmented into COPD, respiratory distress syndrome, asthma, and others. Based on end user, oxygen therapy equipment market is segmented as hospitals, ambulatory surgical centers, and home care settings.
Based on product, the oxygen source equipment segment held a substantial market share due to growing need for oxygen concentrators. Oxygen concentrators are oxygen therapy equipment for individuals with breathing difficulties such as chronic obstructive pulmonary disease (COPD), emphysema, and pneumonia. They work by removing air from the surrounding environment, removing nitrogen, and delivering concentrated oxygen to the user through a nasal cannula or mask. Oxygen concentrators are growing in popularity due to their portability, ease of use and cost-effectiveness compared to other oxygen therapy equipment. Additionally, they are becoming more widely adopted in home care settings.
Oxygen Therapy Equipment Market: Competitive Landscape and Key Developments
Koninklijke Philips N.V; Smiths Medical; Teleflex Incorporated; Linde Healthcare; Fisher & Paykel Healthcare Limited.; Invacare Corporation; Inogen, Dräger; DeVilbiss Healthcare LLC; and Chart Industries, Inc. among the key players operating in the oxygen therapy equipment market. These companies have a widespread presence worldwide, providing lucrative opportunities to serve many customers and expand the market.
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