Oxygen Therapy Equipment Market – Overview
The development of procedures that can provide an increased level of preventive care is driving the demand for oxygen therapy equipment market. Reports that gauge the healthcare industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The oxygen therapy equipment market is expected to register a CAGR of 8.9 % in the forecast period.
The amplified occurrence of ailments such as pneumonia, chronic obstructive pulmonary disease, and asthma is anticipated to accelerate the development of the oxygen therapy equipment market. The intensifying healthcare expenditures and advantageous reimbursement policies for oxygen therapy equipment are forecasted to motivate the growth of the market in the upcoming years.
Oxygen Therapy Equipment Market Segmental Analysis
The segmentation of the oxygen therapy equipment market has been segmented on the basis of portability, application, product, and end users. Based on the product, the oxygen therapy equipment market has been segmented into oxygen delivery devices and oxygen source equipment. The segmentation of the oxygen therapy equipment market based on portability comprises of portable oxygen therapy devices and stationary oxygen therapy devices. Based on application, the oxygen therapy equipment market has been segmented into asthma, COPD, respiratory distress syndrome, cystic fibrosis, pneumonia, and other diseases. The end user segment of the oxygen therapy equipment market comprises of hospitals, ambulatory surgical centers, home care settings, physician offices, and others. Based on the region, the market for oxygen therapy equipment is segmented into Europe, Asia Pacific, the Middle East, the Americas, and Africa.
Oxygen Therapy Equipment Market Detailed Regional Analysis
The regional evaluation of the oxygen therapy equipment market states that the Americas region is dominating the oxygen therapy equipment market due to the presence of a huge patient population for diseases like COPD, promising reimbursement policies and growing demands for home care by the growing geriatric population. Additionally, rising healthcare expenditure, the presence of developed economies like the U.S. and Canada fuel the market growth. The European market is likely to hold the second chief market share. Factors such as increasing government support for the healthcare sector, huge patient population drives the market growth within the region. While the market portion in the Asia Pacific region is also estimated to witness growth in the future owing to access to ideal treatment facilities and increasing demand for government initiatives, progressive technology, improved adoption rate, and mounting healthcare expenditure. Conversely, the Middle East and African region have a minimum stake in the oxygen therapy equipment market. This can be accredited to the incidence of deprived economies and strict government policies, particularly in the African region.
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Oxygen Therapy Equipment Market Competitive Analysis
The progress of the market is expected to capture increased momentum in the coming years primarily due to the presence of conducive government policies. The growth turnaround in the market is expected to activate new opportunities for expansion of the market. The improvements in various domestic economies are expected to motivate the development of the market in the upcoming period. The accessibility to key tactical opportunities leading to consequent stabilization of inflation is anticipated to create promising openings for expansion in the coming years. In the coming years, the influence exerted by relatively high-income levels in nations around the world and the potential gains observed to some of the currencies in the world is expected to reinforce the evolution of the market in the forecast period. A considerable rise in the number of investors in the market is projected to create an advantageous scenario for the progress of the market in the forecast period.
The well-established players in the oxygen therapy equipment market are Philips Healthcare, Linde Healthcare, Taiyo Nippon Sanso Corporation, Becton Dickinson and Company, Smiths Medical, Drägerwerk AG & Co. KGaA, Teleflex Incorporated, Invacare Corporation, Allied Healthcare Products Inc., Esex Industries, Inc., Fisher & Paykel Healthcare Corporation Limited, Messer Medical Austria GmbH and Medicop D.O.O to name a few.