The global oxygen therapy market is expected
to reach USD 18.2 billion by 2024, according to a new study by Grand View
Research, Inc. The increasing prevalence of major respiratory diseases, such as
Chronic Obstructive Pulmonary Disease (COPD), asthma, and obstructive sleep
apnea, is a high impact rendering driver of oxygen therapy market.
As per the
estimates of the WHO, a consequential global rise in the prevalence of asthma
and other respiratory disorders, is expected to heightened clinical urgency to
treat the aforementioned disorders and is expected to boost the demand for
oxygen therapy as the first line treatment and as a supplement in various
applications.
Moreover,
technological advancements are anticipated to provide growth platforms in a
wide range of new applications such as cancer and diabetes; for instance,
incorporation of flow sensors in delivery devices to conserve and regulate the
flow enabling greater patient comfort and outcomes.
Furthermore,
the increasing focus on home healthcare solutions coupled with the development
of portable delivery devices has a major impact on the oxygen therapy market.
These aforementioned factors are expected to serve as key contributing factors
towards the growth of the oxygen therapy market over the forecast period.
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Further key findings from the study suggest:
- The oxygen source equipment segment dominated the product segment in terms of revenue share in 2015owing toits high usage rate and wide scale availability in various forms such as liquid compressed gas, and concentrators. On the other hand, oxygen delivery devices are expected to grow at a lucrative rate being an indispensable part of the oxygen therapy set-ups, thereby contributing towards the overall oxygen therapy market growth during the forecast period.
- Oxygen concentrator spear headed the source equipment market segment owing to rising popularity and adoption of Portable Concentrators in emergency medicine, ambulatory, and home settings.
- Oxygen masks dominated delivery device market segment at over USD 800.0 million in 2015, as a consequence of being the indispensable unit of the delivery system and greater availability of specialty masks as per the patient’s physiological needs
- Chronic Obstructive Pulmonary Disease (COPD) held a substantial market share of application segment and constituted for over 37.0%of the overall revenue share, owing to presence of unmet needs pertinent to COPD treatment, thereby propelling the demand for oxygen therapy market
- Home Healthcare is anticipated to grow lucratively at CAGR of 11.8% owing to associated benefits such as long-term cost efficiency and increased mobility, propelling the demand over the forecast period. Moreover, presence of organizations such American Association for Homecare to promote awareness and strengthen home healthcare are expected to provide growth platform in future to oxygen therapy market
- The key players in this industry include CareFusion, Corp., Tecno-Gaz Industries, GE Healthcare, Hersill, DeVilbiss Healthcare, Philips Respironics, Inc., MAQUET Medical Systems, Allied Healthcare Products, Smiths Medical, Fisher & Paykel Healthcare Limited, Invacare Corporation and Teleflex Incorporated
- These industry players are adopting strategies such as new product development, technological innovation, and strategic collaborations, such as mergers &acquisitions, to capitalize their industry share. For instance, in May 2015, Fisher & Paykel Healthcare launched AIRVO nasal high-flow system to expand its product portfolio and capture greater share of oxygen therapy market.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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