(PharmaNewsWire.Com, April 09, 2021 ) A number of factors, such as increasing prevalence of respiratory disorders, rapid growth in the geriatric population, high prevalence of tobacco smoking, preference towards home-based oxygen therapy, and technological advancements are expected to drive the growth of Oxygen Therapy Equipment Market.
Research Methodology;
Top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent submarkets. The overall market size was used in the top-down approach to estimate the sizes of other individual markets (mentioned in the market segmentation by product, portability, application, end user, and region) through percentage splits from secondary and primary research.
The bottom-up approach was also implemented (wherever applicable) for data extracted from secondary research to validate the market segment revenues obtained. Various secondary sources such as World Health Organization (WHO), United Nations Department of Economic and Social Affairs (UN DESA), Organisation for Economic Co-operation and Development (OECD), Centers for Disease Control and Prevention (CDC), World Bank, Food and Drug Administration (FDA), American Association for Respiratory Care (AARC).
corporate filings such as annual reports, SEC filings, investor presentations, and financial statements have been used to identify and collect information useful for this extensive commercial study of the Oxygen Therapy Equipment Market. Primary sources such as experts from related industries and suppliers have been interviewed to obtain and verify critical information as well as to assess prospects of the market
The oxygen therapy equipment market is expected to reach USD 4.01 Billion by 2022 from USD 2.65 Billion in 2017, at a CAGR of 8.7% during the forecast period
Geographical Scenario in Depth:
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.
Leading Key-Players:
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), Taiyo Nippon Sanso Corporation (Japan), Inogen, Inc. (U.S.).
Philips Healthcare (Netherlands) dominated the oxygen therapy equipment market. The company provides oxygen therapy devices through its Sleep and Respiratory Care business area. Philips Healthcare derives a majority of its revenue from the North American market. The company focuses on providing sophisticated products like oxygen concentrators, liquid oxygen devices, and oxygen cylinders. It is also looking at broadening its product offerings in the market via product launches. In 2016, Philips Healthcare, a market leader providing oxygen therapy equipment, developed Respironics EverGo, a portable oxygen concentrator which does not require refill or tank replacement. This enhances patient comfort as the patient does not have to depend on external parties for consumables.
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