(USA, NY, New York City) The global Oxygen therapy device market 2020 is poised to mature at approximate 12?GR to reach USD 15 billion by 2023 as compared to 8 billion in 2016.
Market Scenario
Different trends are driving the rise of oxygen therapy devices, such as an increase in cigarette smoking and an increase in the incidence of respiratory diseases, an increase in the demand for standalone oxygen therapy devices over portable equipment, and continuous technical developments in oxygen therapy. However, the growth of the industry is hindered by strict regulatory requirements that may trigger delays in the product acceptance of oxygen therapy devices. It is predicted that the surge in patient populations suffering from respiratory conditions would create prospects for business development. Due to the increasing prevalence of pulmonary, cardiovascular, cardiac and other disorders, the global oxygen therapy system market is rising fast. Due to the evolving lifestyle, the figure is increasing worldwide. When athletes are given oxygen treatment for the required duration, stamina is found to be increased. In the near future, the rising demand for such practises is projected to drive the development of the sector. The growing knowledge of pre-diagnostic tests is driving the growth of the market during the forecast period. Recent progress has been made on the modification knobs for the necessary oxygen levels to be implemented in paediatric patients.
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Key Players
The devices for oxygen therapy are developed by numerous local and global players. Some of them are Cardinal Healthcare, Respironics, Masimo Corporation, Bio Med, Carefusion, Teflex, Fisher & Paykel Healthcare Limited, Inogen, O2 Concepts, Devilbiss Healthacre, Smith medicals, Salter Labs, Medtronic, Phillips healthcare, 3B Medical, 3M Healthcare and many more.
Segmental Analysis
MRFR in their global oxygen therapy device market analysis revealed segmentation based on types of products, application, and end-users. These segments do unveil complexities that are lying within the oxygen therapy device market.
Based on the types of products, the global oxygen therapy device market can be segmented into incubators, non-re-breather mask, liquid oxygen device, concentrators & oximeter, hyperbaric oxygen chamber, continuous positive airway pressure, cylinder, and nasal cannula.
Based on the application, the oxygen therapy device market can be segmented into sleeping apnea, hypoxia, heart diseases, chronic obstructive pulmonary diseases (COPD), lung diseases, respiratory issues, and others. The COPD segment is quite massive, and its growth is expected to rise. The respiratory issues segment is also playing a significant role in taking the market forward.
Based on the end-users, the oxygen therapy device market includes hospital, clinics, and patients. The market finds significant traction from the hospital segment owing to its well-structured setup and capability of spending more money than the rest. However, the demand for home care can substantially bolster the patients segment.
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Regional Analysis:
Region-specific analysis of the oxygen therapy device market includes namely, the Americas, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). This analysis by MRFR is expected to cover growth pockets and data-based on a volume and value.
The market in the Americas is leading the global oxygen therapy device market with almost 45% of the market share. The regional growth can be a result of the superior infrastructure of the segment and high expenditure capacity. But the market is also expecting the benefits of technological advancements.
Europe, on the other hand, is holding the second spot and shares similar features with the market of the Americas. The region is benefitting from increasing investment in the research and development sector. The APAC market is expected to be the fastest growing market. The region is expecting benefits from the huge population it has and revamped healthcare sector. It is anticipating an 8?GR during the forecast period. China and India are expected to play significant roles in taking the regional market ahead.
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