According to Fact.MR, a market research and competitive intelligence provider, sales of oxygen therapy equipment are projected to increase at a CAGR of 7.6% from 2022 to 2027. Those who don’t obtain enough oxygen in their bodies can receive treatment through oxygen therapy. Oxygen therapy is a medical intervention that makes use of oxygen to provide acute as well as chronic patient care.
An oxygen therapy machine is utilized to treat a variety of respiratory illnesses due to its supporting relief and supplementary elements. It is now an essential component of the proper care of several illnesses, including asthma, chronic obstructive pulmonary disease, and respiratory pain conditions. Increased strength, better breathing, and heart failure prevention are among the advantages of oxygen therapy.
A widely accepted trend in the market is the rising use of oxygen medical equipment in the management of conditions such as COPD, asthma, obstructive sleep apnea, and respiratory distress syndrome. Long-term oxygen therapy for people with chronic lung illness can help them live longer and with better quality of life, which in turn benefits the market.
Development of affordable, quick, and accurate medical oxygen systems as well as the growing desire for oxygen therapy among patients, doctors, and other healthcare professionals are the factors driving the market expansion. Additional factors, including expanding healthcare expenditure capacities and significant research and development activities, are expected to fuel market growth over the coming years.
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Which Factor is Majorly Augmenting Oxygen Therapy Equipment Market Growth?
“Continuous Innovation in Oxygen Therapy Devices”
The market for oxygen therapy equipment is being driven by factors such as rising urbanization, elevated levels of air pollution, rising per capita healthcare costs, and a large patient pool. Advancements in medical technology are expected to drive the growth of the worldwide oxygen therapy equipment market.
Increased use of telemonitoring and telemedicine is projected to present favorable opportunities for the expansion of the oxygen therapy equipment market over the coming years. The increasing attention that top industry players are paying to developing economies to boost the market for hyperbaric oxygen therapy devices.
It is projected that demand for oxygen therapy systems would rise as a result of recent medical advancements and process improvements. The market is projected to profit from these advances as the global healthcare industry has largely acknowledged and adopted them.
Growing adoption of portable oxygen concentrators in a variety of applications is driving the demand for oxygen therapy equipment. The growing popularity of portable technology among consumers and the clinical necessity of providing the older population with more mobility help are the factors driving market growth. Due to ongoing innovation, which produces more effective equipment and lower pricing, the business is expected to grow over the coming years.
What’s Boosting the United States Oxygen Therapy Equipment Market?
“Higher Public Awareness Regarding Oxygen Therapy Advantages in the U.S.”
Market growth in the U.S is attributed to the superior healthcare infrastructure, the presence of manufacturers of oxygen therapy machines, early accessibility of cutting-edge technology, and new product introductions. Drop in the unemployment rate has led to a rise in per capita health spending, which is expected to continue during the forecast period.
Due to the increasing adoption of home-based oxygen therapy devices, growing public awareness about the advantages of oxygen therapy, and an increase in investments in the enhancement of healthcare facilities, the U.S. is anticipated to hold a significant share of the global market for oxygen therapy equipment.
Why is the Popularity of Oxygen Source Equipment Rising Rapidly?
“Oxygen Source Equipment Gaining Traction Owing to High Accessibility & Consumption in Form of O2 Concentrators”
By product, the oxygen therapy equipment market is classified into oxygen delivery devices and oxygen source equipment.
Oxygen source equipment accounts for 70% share of the global market due to its high accessibility and consumption in the form of oxygen concentrators. Oxygen source equipment serves as the initial steps and main sources for O2 therapy, which greatly aids in the market growth.
Rising prevalence of respiratory illnesses and product innovations that have allowed for the development of smaller, quieter, and more active equipment are the factors anticipated to drive the demand for oxygen source equipment.
Portable concentrators are projected to have significant development potential due to their applications in a variety of medical circumstances as well as in ambulances & trains. This is expected to contribute to boosting the demand for oxygen source equipment.
O2 therapy is becoming more widely used as a result of its potential advantages, including regulated flow, effective dosing, quicker response times, and higher durability & reliability.
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Top companies in the oxygen therapy equipment market put a strong emphasis on extending their global footprint through a variety of tactics, including alliances, collaborations, and partnerships. Market players are emphasizing the development of cutting-edge products that are more precise and efficient.
For instance :
- In 2021, UNICEF collaborated with the U.K. government and Oxygen CoLab to enhance a reliable oxygen concentrator for use in low-resource settings. This project aims to meet the demand for oxygen in critical care facilities.
Segments of Oxygen Therapy Equipment Industry Research
By Product :
- Oxygen Source Equipment
- Oxygen Delivery Devices
By Portability :
By Application :
- Cystic Fibrosis
By End User :
- Home Care
- Ambulatory Surgical Centers
- Physician Offices
By Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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