Overview:
The report on the Oxygen Therapy Equipment Market Growth discusses several factors and possibilities that can help the market in registering growth. In the healthcare sector, a steady flow of investment, growing awareness regarding the therapy, new ways of incorporating it, and others are expected to bolster the market growth. Also, the rise in the number of manufacturers to support the end demand is expected to bolster the market. Market Research Future (MRFR) put in efforts to understand the market flow and declared that it would attain 8.9% CAGR during the forecast period covering 2022 to 2030.
Competitive Landscape:
Linde Healthcare (A Division of Linde Group), Philips Healthcare (A Division of Koninklijke Philips N.V.), Taiyo Nippon Sanso Corporation, Becton Dickinson and Company, Messer Medical Austria GmbH, Drägerwerk AG & Co. KGaA, Teleflex Incorporated, Smiths Medical (A Division of Smiths Group PLC), Fisher & Paykel Healthcare Corporation Limited, Invacare Corporation, Esex Industries, Inc., Allied Healthcare Products Inc., Medicop D.O.O, and others are some of the major companies to take part in the global oxygen therapy equipment market. Strategic tools and proper planning for the coming years are helping these companies shine and trigger growth for the market.
Segmentation:
The global market on oxygen therapy equipment has been segmented by portability, application, product, and end users. This segmentation helps in a proper assessment of the market as it reveals several data that can help in understanding the dynamics of the market.
· By product, the study on the oxygen therapy equipment market segments it by oxygen delivery devices and oxygen source equipment. The oxygen source equipment has segments like liquid oxygen devices, oxygen concentrators, and oxygen cylinders. The oxygen concentrators have been segmented into fixed oxygen concentrators and portable oxygen concentrators. The oxygen delivery devices have been segmented into bag valve masks, venturi masks, non-rebreather masks, nasal cannulas, oxygen masks, and other devices.
· By portability, the study on the oxygen therapy equipment market includes stationary oxygen therapy devices and portable oxygen therapy devices. The portable segment would get traction for its ease of use.
· By application, the market includes asthma, cystic fibrosis, COPD, respiratory distress syndrome, pneumonia, and other diseases. Asthma is a major traction provider as a huge number of people are suffering from this across the world.
· By end users, the market includes hospitals, home care settings, ambulatory surgical centers & physician offices, and others.
Regional Analysis:
The Americas would enjoy the market lead and its investment in the field would ensure its future growth as well. This would happen due to structural benefits, investment capacity, and progress in research and development. Asia Pacific would also rise significantly due to the huge surge in demand.
Industry News:
· In July 2020, The Drug Controller General (INIDA) (DGCI) declared that all state licensing authorities should immediately allow all the manufacturers of industrial oxygen to produce medical oxygen. This is to meet the huge demand that has been set by new treatment policies to support COVID-19 cases and also to meet the scarcity of oxygen in the market. With such a clear directive, the India market for oxygen therapy equipment will improve and boost the regional prospects.
· In July 2020, a report got published that mentioned Nocturnal oxygen therapy (NOT) may have a better impact on chronic obstructive pulmonary disease (COPD) patients when they travel to high altitudes. The study was conducted by researchers from the JAMA Network Open. It is probably due to the positive impact of NOT on sleep-disordered breathing, nocturnal hypoxemia, and other health effects.
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