The global oxygen therapy market is expected to reach USD 18.2 billion
by 2024, according to a new study by Grand View Research, Inc. The increasing
prevalence of major respiratory diseases, such as Chronic Obstructive Pulmonary
Disease (COPD), asthma, and obstructive sleep apnea, is a high impact rendering
driver of oxygen therapy market.
As per the estimates of the
WHO, a consequential global rise in the prevalence of asthma and other
respiratory disorders, is expected to heightened clinical urgency to treat the
aforementioned disorders and is expected to boost the demand for oxygen therapy
as the first line treatment and as a supplement in various applications.
Moreover, technological
advancements are anticipated to provide growth platforms in a wide range of new
applications such as cancer and diabetes; for instance, incorporation of flow
sensors in delivery devices to conserve and regulate the flow enabling greater
patient comfort and outcomes.
Furthermore, the increasing
focus on home healthcare
solutions coupled with the development of portable delivery devices has a major
impact on the oxygen therapy market. These aforementioned factors are expected
to serve as key contributing factors towards the growth of the oxygen therapy
market over the forecast period.
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Further key findings
from the study suggest:
·
The oxygen source
equipment segment dominated the product segment in terms of revenue share in
2015owing toits high usage rate and wide scale availability in various forms
such as liquid compressed gas, and concentrators. On the other hand, oxygen
delivery devices are expected to grow at a lucrative rate being an
indispensable part of the oxygen therapy set-ups, thereby contributing towards
the overall oxygen therapy market growth during the forecast period.
·
Oxygen
concentrator spear headed the source equipment market segment owing to rising
popularity and adoption of Portable Concentrators in emergency medicine,
ambulatory, and home settings.
·
Oxygen masks
dominated delivery device market segment at over USD 800.0 million in 2015, as
a consequence of being the indispensable unit of the delivery system and
greater availability of specialty masks as per the patient’s physiological
needs.
·
Chronic
Obstructive Pulmonary Disease (COPD) held a substantial market share of
application segment and constituted for over 37.0%of the overall revenue share,
owing to presence of unmet needs pertinent to COPD treatment, thereby
propelling the demand for oxygen therapy market.
·
Home Healthcare
is anticipated to grow lucratively at CAGR of 11.8% owing to associated benefits
such as long-term cost efficiency and increased mobility, propelling the demand
over the forecast period. Moreover, presence of organizations such American
Association for Homecare to promote awareness and strengthen home healthcare
are expected to provide growth platform in future to oxygen therapy market
·
The key players
in this industry include CareFusion, Corp., Tecno-Gaz Industries, GE
Healthcare, Hersill, DeVilbiss Healthcare, Philips Respironics, Inc., MAQUET
Medical Systems, Allied Healthcare Products, Smiths Medical, Fisher &
Paykel Healthcare Limited, Invacare Corporation and Teleflex Incorporated.
·
These industry
players are adopting strategies such as new product development, technological
innovation, and strategic collaborations, such as mergers &acquisitions, to
capitalize their industry share. For instance, in May 2015, Fisher & Paykel
Healthcare launched AIRVO nasal high-flow system to expand its product
portfolio and capture greater share of oxygen therapy market.
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report by Grand View Research: http://www.grandviewresearch.com/press-release/global-oxygen-therapy-market
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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