(PharmaNewsWire.Com, September 09, 2020 ) New York, NY -- The Factors driving the growth of this market are the increasing prevalence of respiratory disorders, rapid growth in the geriatric population, prevalence of tobacco smoking, preference towards home-based oxygen therapy, and technological advancements to develop novel products delivering oxygen therapy.
According MarketsandMarkets Research - The Oxygen Therapy Equipment Market is expected to reach USD 4.01 Billion, at a CAGR of 8.7% during the forecast period.
Major Market Growth Drivers:
# Increasing Prevalence of Respiratory Disorders
# Shift From Traditional Cylinders to Portable Concentrators
# Preference Towards Home-Based Oxygen Therapy
# Technological Advancements
Growth Opportunities;
# Increasing Focus of Industry Players on Emerging Markets
# Increasing Usage of Telemedicine and Telemonitoring
Oxygen source equipment is expected to dominate the market.
On the basis of products, the oxygen therapy equipment market is segmented into oxygen source equipment and oxygen delivery devices. The oxygen source equipment segment is expected to dominate the global oxygen therapy equipment market in 2017. The increasing incidence of respiratory disorders and technological advancements to develop smaller, quieter and more effective equipment are key drivers increasing the demand for oxygen source equipment.
Stationary oxygen therapy devices are estimated to command the largest market share.
The oxygen therapy equipment market is segmented by portability into stationary devices and portable devices. In 2017, the stationary devices segment is expected to account for the largest share of the oxygen therapy equipment market, by portability. Severe complications in patients suffering from respiratory disorders and the increasing proportion of geriatric population across the globe are major drivers for the growth of this segment.
Based on region, the oxygen therapy equipment market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is expected to dominate the oxygen therapy equipment market in 2017 on account of the increasing proportion of the geriatric population, rising number of hospitals, and increasing awareness regarding oxygen therapy.
Major industry players in Oxygen Therapy Equipment Market launched innovative products in the recent past and have plans to launch new products and expand across geographies via partnerships and acquisitions in the future. Philips Healthcare, Linde Healthcare and Chart Industries have been identified as the top players in this market. These companies have a broad product portfolio with comprehensive features and have also launched innovative products.
Key players in the oxygen therapy equipment market include Philips Healthcare (Netherlands), Linde Healthcare (Germany), Chart Industries, Inc. (U.S.), Invacare Corporation (U.S.), Becton, Dickinson and Company (U.S.), Smiths Medical (U.S.), Drägerwerk AG & Co. KGaA (Germany), Teleflex Incorporated (U.S.), Fisher & Paykel Healthcare Corporation Limited (New Zealand)
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