Oxygen Therapy Market Outlook and Growth Analysis Covering Market Size during the Period 2017-2022

Global Oxygen Therapy Devices Market is anticipated to grow at a 5.90% CAGR from 2016 to 2021 and it is estimated that the global market was valued at USD 2.10 bn in 2016 and is relied upon to achieve USD 2.97 bn by 2021. Technological advancements in respiratory care services and a rise in the inclination of patients for convenient home oxygen therapy device are key driving factors for oxygen therapy devices market.

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Different oxygen treatments are utilized to treat various respiratory infections due to their supplementary and definitive role. Advantages of oxygen therapy also include increased mental stamina, aversion of heart failure, and an enhanced breathing pattern. Global oxygen market is driven by increasing application of oxygen supply. The administration and supply of supplementary oxygen have turned into an indispensable part in the management of numerous diseases. Oxygen therapy is applicable to numerous diseases, for example, chronic obstructive pulmonary disease, asthma, respiratory distress syndrome, and obstructive sleep apnea. Long-term oxygen treatments in patients suffering from chronic lung disease are believed to enhance the length and the quality of life, in this way contributing towards the swift development of the global oxygen therapy devices market.

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The growth in different respiratory diseases is expected to be the driving force in the development of the global oxygen therapy devices market in the coming years. Be that as it may, poor compensation and constantly changing regulations related to oxygen therapy devices are expected to hamper the growth of the global oxygen therapy devices market in near future. Despite the fact that the global oxygen therapy devices market is expecting hindrances due to a couple of restrictions, it will discover new development opportunities in growing economies. Furthermore, government's initiative towards improving respiratory care and an increase in government funding for the introduction of new medical devices are predicted to profit the global oxygen therapy devices market.

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The global market for oxygen therapy devices market is segmented into product type, application and end user. On the basis of product, it is segmented into Oxygen Source Equipment, Cylinders, Concentrators, Liquid Oxygen Devices, PAP, Oxygen Delivery Device, Masks, Nasal Cannula, Venturi Mask, Non-Rebreather Mask, Bag Valve and CPAP. Oxygen source equipment are expected to grow at 11% CAGR It is attributed to the consolidation of this equipment in the extensive variety of uses as the first line of treatment. On the basis of application, it is segmented into Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnea, Respiratory Distress Syndrome, Cystic Fibrosis, Pneumonia. Chronic obstructive pulmonary disease holds the largest share of the application segment and it is anticipated to grow lucratively at a CAGR of over 10.5% over the next five years. This is due to increasing popularity of supplemental administration in conjunction with first line treatments available for COPD. Moreover, this treatment includes faster response rates, reliability and portability, and above all improves chances of survival. On the basis of end use it is segmented into Home Healthcare and Hospitals. Home health care dominates the end-use segment, owing to the rise in elderly population coupled with increasing number of patients with low mobility and long-term care requirement in conditions such as Alzheimer’s disease.

On the basis of geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. In 2016, the major share of oxygen therapy market’s revenue was held by North America at staggering 40.0%. High R&D investments and an increase in the number of product endorsements have been the key growth drivers responsible for the North America’s largest share of the market. It is followed by Europe in terms of revenue share owing to the presence of favorable government initiatives for improving respiratory care, such as European Committee for Hyperbaric Medicine (ECHM), involved in promoting awareness pertaining to the treatment. The Asia-Pacific region is expected to offer a lucrative market in the future due to the increasing elderly population who require home-based oxygen therapy. Furthermore, a rise in healthcare expenditure in emerging economies such as China and India will further fuel the market.

Respironics Inc. (a Philips company), Teleflex Incorporated, AirSep Corporation, DeVilbiss Healthcare, ResMed Inc, Fisher & Paykel Healthcare Limited, Invacare Corporation are some of the leading companies in the global oxygen therapy devices market.

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