23 January 2020
Visiongain’s new report the Oxygen Therapy Market Report 2020-2030: Forecasts by Product (Oxygen Source Equipment, Oxygen Delivery Devices, Static, Dynamic), By Application, By End-use) plus analysis of leading companies indicates that the global oxygen therapy market will grow at a CAGR over 10.0% by 2030.
The main drivers of the industry were increased incidences of chronic respiratory diseases coupled with increased demand for home healthcare. Nearly 12 million adults have been diagnosed with COPD in the U.S., according to the National Institutes of Health (NIH), and 120,000 people die each year. Asthma affects nearly 334 million people worldwide, according to data published by the Global Asthma Network (GAN). It is expected that increased patient population will boost demand for these products. The resulting increase in demand is expected to drive the industry in the years to come. In turn, the introduction of technologically advanced oxygen source and delivery systems is expected to improve the market, providing effective patient care. Such developments include flow control systems, sensors, and the combination of pulse dose meter delivery tools. O2 therapy adoption is increasing due to potential benefits such as controlled flow, effective dosage.
Increasing popularity and usage of on-demand and continuous Portable Oxygen Concentrators (POCs) in a wide variety of applications such as emergency medicine is also expected to drive demand in the years to come. This rise is due to the entry into the market of international rivals, consumer demand for portable devices, and medical need for increased support for geriatric population mobility. Thanks to continuous innovation, the company is expected to increase and result in more productive units and lower prices. Oxygen concentrators are expected to grow at a lucrative pace in the segment of the oxygen source equipment. Because of their applicability in various medical emergencies, use in ambulances, trains and aircraft, the transportable concentrators are expected to present significant growth potential; thus contributing to the potential demand for this product.
Due to the availability of a wide range of delivery devices related to the inspiratory and physiological needs of different patients, the oxygen delivery devices segment is expected to show a lucrative growth. However, the associated potential benefits such as continuous O2 flow, removal of complicated masks, variable pressure demand, and flow dilution are expected to promote demand over the coming years. Due to the increasing prevalence of COPD, the category Chronic Obstructive Pulmonary Disorder (COPD) dominated the market with a large 38 % share. According to figures released by the WHO, COPD affects around 65 million people and is the fifth leading cause of death. COPD's increasing prevalence fuels the medical imperative for COPD care, thus leading to business expansion. Asthma held the industry's second-largest share based on application. It is expected that the emerging O2 treatment modalities such as high-flow nasal cannula delivery of O2 in emergency care and non-invasive asthma treatment ventilation would provide the industry with future growth opportunities in this segment during the study period.
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