The Oxygen Therapy Market is bound to witness a robust CAGR going forward. The present scenario is that of prediction of the course of treatment based on data analytics. Technology has been dominating in the form of IoMT (Internet-of-Medical-Things), AI (Artificial Intelligence), cloud computing, predictive analytics, and what not? With the proven advantage of the reduction in casualties and real-time access to the history of patients, and not to forget – remote monitoring, the healthcare industry is there to upturn.
Market Overview
Oxygen therapy is administered by use of oxygen gas as a medical intervention given acute or chronic patient care as it is essential for various cell metabolism whereas tissue oxygenation is essential for normal physiological function. Oxygen therapy is administered when the oxygen levels in blood is low. It can be administered in various ways from nasal to hyperbaric oxygen in a closed chamber.
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To understand how oxygen therapy is implemented in use, we need to understand the respiratory system. The respiratory system is a group of organs and tissues that help in breathing. The lungs and the nasal tract along with the wind pipe together form the respiratory system.
The air enters the body through nose or mouth through the wind pipe to the lungs via bronchi. The bronchi branches out into several tubes called bronchioles, which further branch out into tiny air sacs known as alveoli. These tiny air sacs are covered with a mesh of blood vessels called capillaries, which are connected to several arteries and veins which transfer oxygen throughout the body.
Certain acute or chronic disease conditions, which affect the transfer of oxygen from alveoli to the blood, such a pneumonia, cystic fibrosis, asthma, dysplasia, heart failure, sleep apnea, lung disorders, and COPD (chronic obstructive pulmonary disease). Oxygen therapy is administered on the basis of arterial blood gas test and a pulse oximetry test.
According to the World Health Organization (WHO), total deaths due to COPD is expected to rise approximately by 30% in the next decade, thereby driving the need to incorporate oxygen therapy as a treatment option. However it is estimated that COPD will be the third most fatal disease worldwide by 2024, thereby widening the consumer base for oxygen therapy market.
The growing demand for technologically advanced system, such as portable oxygen concentrator system has also boosted global oxygen therapy market growth. Some of the major advancements include pulse oximetry devices, and nasopharyngeal oxygen therapy.
The global Oxygen Therapy market is segmented on basis of product type, disease, administration device, end user, and geography:
| by Product type |
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| by device |
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| by basis of disease |
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| by end User |
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Major benefits of oxygen therapy are decreasing shortness of breath and fatigue, it helps people with sleep disorders and increases the lifespan of individuals with COPD. Depending on the need, oxygen therapy devices can purchased through insurance companies.
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On the basis of regional presence, global oxygen therapy market is segmented into five key regions viz. North America, Latin America, Europe, Asia-Pacific-Pacific, and Middle East & Africa. North America is expected to lead the global Oxygen Therapy testing market due to high prevalence of respiratory related diseases, increase in number of product approval, increase in aging population, increase in vulnerability to respiratory conditions, innovation in portable oxygen concentrators, rise in number of untreated sleep apnea cases, growing demand for oxygen filling devices and high RnD investment are driving the growth of oxygen therapy market in the region.
European market is also closely competing in terms of revenue generation because of favorable government initiatives taken for respiratory care.
The oxygen therapy market in Asia-Pacific Pacific region is expected to witness a rise in growth opportunities due to an increase in geriatric population requiring home-based oxygen therapy, and rising healthcare expenditure. The other major restraining factor for growth of oxygen therapy market have been strict regulatory approval policies and complicated reimbursement process.
Some key players involved in oxygen therapy market are Care Fusion Corp., GE Healthcare, Hersill, Philips Respironics, Inc., De-Vilbiss Healthcare, MAQUET Medical Systems, Smiths Medical, Allied Healthcare Products, Fisher & Paykel Healthcare Limited, Teleflex Incorporated, and Invacare Corporation.
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The report covers exhaustive analysis on:
- Oxygen Therapy Market Segments
- Oxygen Therapy Market Dynamics
- Oxygen Therapy Market Size & Forecast 2016 to 2024
- Oxygen Therapy Market Current Trends/Issues/Challenges
- Competition & Companies involved in oxygen therapy market
- Oxygen Therapy Market Drivers and Restraints
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