Market Highlights:
The global oxygen therapy equipment market is expected to register a growth of significant CAGR 8.9% during the forecast period (2018–2023). Increasing prevalence of respiratory diseases, rising healthcare expenditure, growing geriatric population and favorable reimbursement policies are the drivers for the global oxygen therapy device market. However, factors such as high cost of oxygen concentrators and side effects implicated by the oxygen therapy devices restraints the market growth during the forecast period. As per the National Institutes of Health (NIH), nearly 12 million adults have been diagnosed with COPD in the U.S. and 120,000 people die each year. According to the data published by the Global Asthma Network (GAN), asthma affects nearly 334 million people worldwide. Increasing patient population is expected to boost the demand for these products. This consequent increase in demand is expected to drive the industry over the coming years. Key Players:
Segmentation:
Regional Analysis: North America accounted for the largest share of the global oxygen therapy equipment market owing to high R&D investments and trials pertaining to oxygen therapy. For instance, the British Medical Research Council in collaboration with North American Nocturnal Oxygen Therapy conducted research to study the efficacy of long-term Oxygen therapy. Increasing healthcare awareness, advancement in technology, medical tourism are some other factors that boost the growth of the market. Additionally, increasing popularity of hyperbaric oxygen therapy and Topical Wound Oxygen therapy (TWO) over this region is contributing towards the market demand. The European market is expected to hold the second largest market share. The market is expected to witness growth owing to the rising patient population, changing lifestyle, and growing elderly population. This is expected to provide favorable backgrounds for the market to grow. Number of people living with COPD in 5 European countries (UK, France, Germany, Italy, Spain and Belgium) are estimated to be around 11 million in 2016. Asia-Pacific is projected to be the fastest growing region for the global oxygen therapy equipment in 2018. It is expected to witness profitable growth over the forecast period due to the existence of favorable healthcare schemes drafted by government agencies. Awareness programs and quality assurance of diagnostic procedures have added importance in the developing economies of Korea, Taiwan, China, Sri Lanka and India since the last few years. The Middle East and Africa accounts for the least share due to stringent government policies and low per capita income. About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. Contact: Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune - 411028 Maharashtra, India +1 646 845 9312 Email: [email protected]
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