Oxygen Therapy Device Market Overview:
Oxygen plays a crucial role in making cells work. If the respiratory system fails to work properly, then there are devices that can back the oxygen intake system. Any kind of respiratory imbalance can be avoided using oxygen therapy devices.
The global oxygen therapy devices market could benefit from the rising cases of lung, respiratory, heart, and other diseases. It is significantly getting impacted by changes in the lifestyle. At the same point of time, growing pollution across the world is emerging as one of the chief influences. Government regulations regarding patient care are also quite stringent which has ensured growth in the intake of the oxygen therapy devices. These are factors that can substantially take the global oxygen therapy devices market ahead.
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The oxygen therapy devices industry is gaining massive traction from people who are suffering from chronic obstructive pulmonary diseases (COPD). The global oxygen therapy devices market is expected to rise substantially with a 12% CAGR during the forecast period (2017-2023). The oxygen therapy devices market could easily scale valuation of USD 15 billion by the end of 2023.
Several players in the global oxygen therapy device market are making strategic contributions to ensure individual growth and expansion of the market as a whole. These companies are
Fisher & Paykel Healthcare Limited
and many more.
MRFR in their global oxygen therapy device market analysis revealed segmentation based on types of products, application, and end-users. These segments do unveil complexities that are lying within the oxygen therapy device market.
Based on the types of products, the global oxygen therapy device market can be segmented into incubators, non-re-breather mask, liquid oxygen device, concentrators & oximeter, hyperbaric oxygen chamber, continuous positive airway pressure, cylinder, and nasal cannula.
Based on the application, the oxygen therapy device market can be segmented into sleeping apnea, hypoxia, heart diseases, chronic obstructive pulmonary diseases (COPD), lung diseases, respiratory issues, and others. The COPD segment is quite massive, and its growth is expected to rise. The respiratory issues segment is also playing a significant role in taking the market forward.
Based on the end-users, the oxygen therapy device market includes hospital, clinics, and patients. The market finds significant traction from the hospital segment owing to its well-structured setup and capability of spending more money than the rest. However, the demand for home care can substantially bolster the patients segment.
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Presently, there are a wide array of oxygen delivery devices accessible to the respiratory therapist to utilize for oxygen administration. The choice of oxygen delivery devices depends on the patient’s oxygen requirement, effectiveness of the device, dependability, ease of therapeutic application and patient reception. Although design plays a significant role in selection of these devices, clinical assessment and performance eventually regulates how and which device should be selected for a particular patient.
Region-specific analysis of the oxygen therapy device market includes namely, the Americas, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). This analysis by MRFR is expected to cover growth pockets and data-based on a volume and value.
The market in the Americas is leading the global oxygen therapy device market with almost 45% of the market share. The regional growth can be a result of the superior infrastructure of the segment and high expenditure capacity. But the market is also expecting the benefits of technological advancements.
Europe, on the other hand, is holding the second spot and shares similar features with the market of the Americas. The region is benefitting from increasing investment in the research and development sector. The APAC market is expected to be the fastest growing market. The region is expecting benefits from the huge population it has and revamped healthcare sector. It is anticipating an 8% CAGR during the forecast period. China and India are expected to play significant roles in taking the regional market ahead.
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In 2019, Inogen launched their innovative respiratory product Inogen One G5 oxygen concentrator that they made keeping in mind the home care sector. The device is portable and weighs only 4.7 pounds with 6 flow settings. It has a production capacity of 1260 ml of oxygen. The machine can provide a 13 hours long backup.
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