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.
North America oxygen therapy
market share, by application, 2014 - 2024 (USD Million)
Browse full research report on
Oxygen Therapy Market: http://www.grandviewresearch.com/industry-analysis/oxygen-therapy-market
Further key findings from
the report 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.
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-oxygen-therapy-market
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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