Oxygen therapy devices are used in oxygen/ supplemental oxygen therapy used for the treatment of certain medical conditions. The primary goal of oxygen therapy device is to maintain targeted SpO2 levels through the provision of supplemental oxygen safely and effectively which infants and children too can tolerate.
Oxygen is a vital element for living beings; however, some people cannot breathe enough amount of oxygen naturally due to certain medical conditions such as chronic respiratory disorders, chronic obstructive pulmonary disease (COPD), hypoxemia, heart diseases, and sleeping apnea among others. For them, oxygen therapy is a boon.
Growing prevalence of respiratory diseases drives the market growth of oxygen therapy devices, creating a massive demand across the world. Moreover, the huge amount of benefits these oxygen therapy devices offer to the patients of asthma, heart diseases, and other respiratory issues are escalating the market on the global heights.
Acknowledging the kind of traction, this market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the Global Oxygen Therapy Device Market is expected to reach USD 15 BN by 2023; registering approximately 12% CAGR throughout the review period (2017 to 2023). In the year 2016, the market had valued at USD 8 BN which means that the market will garner a growth of almost two-fold.
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Oxygen Therapy Device Market – Competitive Analysis
The market for oxygen therapy device appears to be highly competitive owing to the presence of numerous well-established players having the international and global presence. Mergers & acquisitions, innovation, and brand reinforcement remain the key trends for the leading players. Vendors strive to develop low-cost, compact devices, emphasizing on improved hardware.
To gain a more competitive edge in the market, these key players require more consolidation and integration of this system as a whole. Manufacturers of oxygen therapy devices develop a strong, supporting infrastructure to deliver configurable designs.
Key Players
Fervent players driving the market for the oxygen therapy device include Devilbiss Healthcare, Phillips healthcare, Cardinal Healthcare, Salter Labs, Masimo Corporation, Respironics, CareFusion, Fisher & Paykel Healthcare Limited, Teflex, Bio-Med, Inogen, Smith medicals, O2 Concepts, Medtronic, 3M Healthcare, and 3B Medical.
Industry/Innovation/Related News:
November 01, 2018 – Fisher & Paykel Healthcare (New Zealand), a manufacturer, designer and marketer of products and systems for use in respiratory care announced the availability of its new Enter nasal high-flow therapy device -Airvo for the home setting. Airvo delivers warm, humid air at a set flow to liquefy debris in the upper airway and help patients cough that material out or swallow.
Airvo was debuted in the hospital setting earlier, however, after learning from the respiratory care field about the inconvenience a wide variety of patients facing issues with secretion mobilization and discovering that in some conditions, many patients need help clearing their upper respiratory system so that they can achieve better alveolar ventilation, Fisher & Paykel Healthcare decided to bring the compact, and lightweight Airvo into the home setting.
Oxygen Therapy Device Market – Segments
MRFR has segmented the analysis into four key dynamics; for better understanding:
By Types: Non-re-breather mask, Incubators, Continuous positive airway pressure, Liquid oxygen device, Hyperbaric oxygen chamber, Nasal cannula, Cylinder, Concentrators, and Oximeter among others.
By Applications: Hypoxaemia, Heart diseases, Sleeping apnea, Lung diseases, Chronic obstructive pulmonary diseases (COPD), and Respiratory issues among others.
By End-Users: Hospital, Clinics, and Patients among others.
By Regions: Europe, North America, APAC and Rest-of-the-World.
Oxygen Therapy Device Market – Regional Analysis
The North American region dominates the global oxygen therapy device market accounting for the largest as in approximately 45% of the market share. Factors supporting the growth in the regional market include substantial advancements and the uptake of technologies and the growing prevalence of chronic diseases such as COPD and other heart-related disorders.
The European region is another lucrative market for oxygen therapy device. Continuous improvement in medical technologies is a key driving factor responsible for the growth of the regional market. European countries such as the U.K. and Germany backed by the enormous investments made in the development of oxygen therapy devices and related technologies account for the major contributors to the growth in the regional market.
The Asia Pacific region is rapidly emerging as a promising market for oxygen therapy device, witnessing huge funding from foreign investors. Availability of cost-competitive logistics such as the land, raw materials, and workforce encourage manufacturers to shift their production bases to countries such as China and India, which in turn, fosters the market growth in the region.
Furthermore, heading with the substantial investments put in the development of these devices the oxygen therapy device market in the APAC region is expected to at 8% CAGR throughout the forecast period, creating a large revenue pocket in the global market.
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Major Table of Content
1 Report Prologue
2 Market Introduction
2.1 Introduction
2.2 Scope of Study
2.3 Research Objective
2.4 Assumptions & Limitations
2.4.1 Assumptions
2.4.2 Limitations
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
4 Market Dynamics
Continued….
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