DUBLIN, July 27, 2021--(BUSINESS WIRE)--The "Global Oxygen Therapy Equipment Market, By Product Type (Oxygen Source Equipment v/s Oxygen Delivery Devices), By Oxygen Source Equipment, By Oxygen Delivery Devices, By Mobility, By Application, By End User, By Company, By Region, Competition Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Oxygen Therapy Equipment Market stood at USD 8.87 billion in 2020 and is expected to grow at a CAGR of 6.63% during the forecast period.
This can be ascribed to increasing geriatric population suffering from various kinds of chronic diseases in which oxygen therapy or oxygen support is required. Additionally, increasing levels of air pollution, smoking habits of population especially youth, among others have significantly contributed to an increase in the prevalence of respiratory diseases, thereby increasing the demand for oxygen therapy equipment.
As per the National Institutes of Health (NIH), nearly 12 million adults have been diagnosed with Chronic Obstructive Pulmonary Disease (COPD) in the U.S. and 120,000 people die each year. According to the data published by the Global Asthma Network (GAN), asthma affects nearly 334 million people worldwide.
Besides, the sudden outbreak and spread of the pandemic COVID-19 in which significant reduction in blood oxygen level is witnessed among the patients has significantly increased the demand for different oxygen therapy equipment which can provide oxygen support. COVID-19 is a respiratory disorder in which the blood oxygen saturation reduces in patients, hence creating the need to provide oxygen support to the patient. This in turn drives the growth of oxygen therapy equipment.
The demand of oxygen therapy equipment has risen ever since the first wave of COVID-19 and during the second wave of pandemic, many countries in the South America and Asia Pacific region emerged out as the major demand creators for different oxygen therapy equipment, especially oxygen concentrators.
The Global Oxygen Therapy Equipment Market is segmented by product type, mobility, application, end-user, region and company. Based on product type, the market can be split into oxygen source equipment and oxygen delivery devices. Oxygen source equipment segment dominated the market in 2020 with an overall market share of 66.68% on account of the rapid increase in the demand of oxygen concentrators and compressed oxygen gas cylinder due to the pandemic crisis worldwide.
Furthermore, oxygen source equipment is further segmented into oxygen cylinders, oxygen concentrators, liquid oxygen devices and others. Oxygen concentrator segment is expected to register the highest growth during the forecast period owing to their widespread use in treatment of various respiratory conditions.
Additionally, the demand for portable oxygen concentrator is expected to increase over the next few years owing to their compact size, light weight, ability to deliver continuous oxygen supply and affordability. This in turn is expected to support the growth of the oxygen concentrators segment.
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., Dragerwerk 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.
For instance, leading the evolution of portable oxygen concentrators (POCs) in the market, Inogen has recently added a compact One G5 system to the family of Inogen's portable and user-friendly oxygen concentrators. The next-gen device features advanced flow settings and extended battery life to accommodate the varying needs of the consumers.
While the pioneer company had earlier focused on designing exclusive at-home oxygen concentrators, the latest medical oxygen system is small, lightweight, and convenient enough to be carried everywhere.
Years considered for this report:
Historical Years: 2016 - 2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022 - 2026F
Global Oxygen Therapy Equipment Market, By Product Type:
Oxygen Source Equipment
Oxygen Delivery Devices
Global Oxygen Therapy Equipment Market, By Oxygen Source Equipment:
Liquid Oxygen Devices
Global Oxygen Therapy Equipment Market, By Oxygen Delivery Devices:
Global Oxygen Therapy Equipment Market, By Mobility:
Global Oxygen Therapy Equipment Market, By End Application:
Global Oxygen Therapy Equipment Market, By End-Users:
Hospitals & Clinics
Ambulatory Care Centers
Global Oxygen Therapy Equipment Market, By Region:
Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in the Global Oxygen Therapy Equipment Market.
Koninklijke Philips NV
NGK Spark Plug Co, Ltd
Fisher & Paykel Healthcare Limited
Allied Healthcare Products, Inc
Taiyo Nippon Sanso Corporation
Smith's Medical, Inc
Dragerwerk AG & Co KGaA
For more information about this report visit https://www.researchandmarkets.com/r/bh187n
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