The global market of Oxygen therapy device is expected to grow at approximate 12% CAGR. The market is expected to reach USD 15 billion by 2023 as compared to 8 billion in 2016.
Oxygen is generally administered with the help of a face mask, nasal cannula, or through hyperbaric oxygen chamber. With this therapy, the level of oxygen in the blood is maintained for the treatment of acute and chronic diseases like pneumonia, chronic obstructive diseases (COPD), and asthma. Oxygen therapy is effective in conditions including dysplasia, cystic fibrosis, sleep apnea, heart failure, and lung disorders.
The global market of oxygen therapy device is growing fast because of the rising prevalence of lung, respiratory, heart and other diseases. The number is growing across the world because of the changing lifestyle.
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Oxygen therapy is referred to as the use of oxygen as medical intervention in order to maintain enough oxygen in conditions like hypoxemia, hypoxia, and other conditions. The increasing prevalence of respiratory diseases is considered to favour the market growth throughout the assessment period.
February 2019: A National Health Service hospital trust in the U.K has reduced home visits by introducing an AI-enabled wearable platform which remotely monitors the patients. With the advent of this technology, hospital staff home visits were declined, thus freeing up more time for the nurses.
The global oxygen therapy device market has been segmented on the basis of types, application, and end-users.
- By mode of types, the global oxygen therapy device market has been segmented into incubators, non-rebreather mask, liquid oxygen device, continuous positive airway pressure, nasal cannula, hyperbaric oxygen chamber, concentrators, cylinder, and oximeter.
- By mode of application, the global oxygen therapy device market has been segmented into heart diseases, hypoxaemia, lung diseases, sleeping apnea, respiratory issues, chronic obstructive pulmonary diseases (COPD), and others. Among these, the COPD segment is considered to dominate the global market due to the increasing prevalence of COPD. With the increasing prevalence of COPD, the clinical urgency for the treatment is increasing, thus contributing to the business expansion.
- By mode of end-users, the global oxygen therapy device market has been segmented into clinics, hospitals, and patients. Among these, the hospitals and clinics are likely to expand at a steady pace and are expected to retain its dominance. Technologically advanced equipment are extensively used in hospitals to improve the point of care, thereby contributing to the market growth.
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The prominent players operating the global oxygen therapy devices market are Devilbiss Healthcare, Phillips healthcare, Respironics, Cardinal Healthcare, Masimo Corporation, Salter Labs, Teflex, CareFusion, Fisher & Paykel Healthcare Limited, Bio Med, O2 Concepts, Inogen, Medtronic, Smith medicals, 3M Healthcare, 3B Medical, and others.
Geographically, the oxygen therapy device market spans across regions namely, Europe, America, Asia Pacific, and the Rest-of-the-World (RoW).
Among all the regions, the American region is considered to dominate the global oxygen therapy devices market and is likely to retain its dominance throughout the estimated period. North America occupies the largest market share in this region due to the high R&D activities coupled with trials pertaining to oxygen therapy.
Additionally, the augmenting popularity topical wound oxygen therapy and hyperbaric oxygen therapy is highly contributing to the market growth in this region. Also, occupational hazards and urbanization pose a risk of respiratory disorders which is highly influencing the market growth in this region.
The Asia Pacific region is predicted to witness an exponential growth rate owing to the high R&D activities by the global players coupled with the growing commercialization of O2 therapy equipment.
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