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Respiratory Oxygen Delivery Devices Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033
Respiratory Oxygen Delivery Devices Market Share
According to The Business Research Company's, The respiratory oxygen delivery devices market size has grown rapidly in recent years. It will grow from $13.56 billion in 2023 to $15 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to the increasing prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and cystic fibrosis, the growing aging population worldwide, rising awareness about the importance of respiratory health, expansion of healthcare expenditure in emerging economies, and increasing adoption of homecare settings for respiratory therapy.
The respiratory oxygen delivery devices market size is expected to see rapid growth in the next few years. It will grow to $22.62 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to the growing demand for personalized and precision medicine in respiratory care, expansion of home healthcare services and remote patient monitoring, rising investments in research and development, and increasing focus on preventive healthcare and early intervention strategies. Major trends in the forecast period include technological innovations, shift towards value-based care models and patient-centric approaches, integration of telehealth and remote monitoring capabilities into respiratory therapy platforms, utilization of wearables and mobile applications for self-management of respiratory conditions, and adoption of 3D printing and digital manufacturing techniques.
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Market Drivers and Trends:
The increasing prevalence of asthma is expected to propel the growth of the respiratory oxygen delivery device market going forward. Asthma is a chronic respiratory condition characterized by inflammation and narrowing of the airways, leading to recurring episodes of wheezing, coughing, chest tightness, and shortness of breath. The cases of asthma are on the rise due to air pollution, allergen exposure, genetic predisposition, changes in lifestyle and dietary habits, and urbanization. Respiratory oxygen delivery devices help in managing asthma by providing supplemental oxygen therapy to patients during exacerbations, ensuring adequate oxygenation, and alleviating symptoms, thus improving respiratory function and enhancing the quality of life for individuals with asthma. For instance, in May 2024, according to the data published by the National Center for Health Statistics (NCHS), a U.S.-based health statistics agency, the prevalence of current asthma among adults aged 18 and over in the United States increased from 8.4% in 2021 to 8.7% in 2022. Additionally, asthma episodes in the past 12 months for adults in the same age group rose from 3.3% in 2021 to 3.7% in 2022. Therefore, an increasing prevalence of asthma is driving the respiratory oxygen delivery device market.
Companies in the respiratory oxygen delivery device market are focusing on incorporating advanced sensor control systems and interlinked connectivity features in oxygen concentrator devices, such as pressure swing adsorption (PSA) technology, to enhance patient monitoring, improve treatment outcomes, and streamline healthcare delivery processes. Pressure swing adsorption (PSA) technology in oxygen concentrators efficiently separates oxygen from nitrogen in ambient air, providing a continuous and reliable oxygen supply for patients needing respiratory support. For instance, in July 2022, OMRON Healthcare Co. Ltd., a Japan-based medical device manufacturing company, launched a medical molecular sieve oxygen concentrator, a portable device designed to provide a continuous supply of high-purity oxygen. The concentrator separates nitrogen, oxygen, and other elements utilizing pressure swing adsorption (PSA) technology from ambient air, ensuring efficiency and quality while maintaining portability. The device aims to cater to the therapy and lifestyle needs of patients with chronic obstructive pulmonary disease (COPD) and respiratory problems, offering a convenient solution for home care providers and highly active users. The concentrator prioritizes mobility and durability with features such as a 360-degree mute wear-resistant universal caster wheel and a high-impact-resistant design.
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Major Key Players of the Market:
Medtronic plc, Air Liquide S.A., Becton Dickinson and Company, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Medline Industries Inc., ResMed Inc., Drägerwerk AG And Co. KGaA, Smiths Group, Teleflex Incorporated, Masimo Corporation, Chart Industries Inc., Fisher And Paykel Healthcare Limited, Invacare Corporation, Vyaire Medical Inc., Inogen Inc., Drive DeVilbiss Healthcare Inc., Hamilton Medical AG, GaleMed Corporation, Weinmann Emergency Medical Technology GmbH + Co. KG, Precision Medical Inc., Allied Healthcare Products Inc., Salter Labs Inc., Nidek Medical Products Inc.
Respiratory Oxygen Delivery Devices Market 2024 Key Insights:
• The respiratory oxygen delivery devices market size is expected to see rapid growth in the next few years. It will grow to $22.62 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Driving Factors Behind The Growth Of The Respiratory Oxygen Delivery Device Market
• Advancements In Respiratory Oxygen Delivery Devices Is Enhancing Efficiency And Accessibility Through Innovative Solutions
• Asia-Pacific was the largest region in the respiratory oxygen delivery devices market in 2023
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