August 17, 2022 08:17 ET | Source: Facts & Factors Facts & Factors
NEW YORK, United States, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Oxygen Therapy Market Size, Share, Growth Analysis Report By Product (Oxygen Source Equipment, Oxygen Delivery Devices), By Application (Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnea, Respiratory Distress Syndrome, Cystic Fibrosis, Pneumonia), By End-use (Hospitals, Home Healthcare), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Oxygen Therapy Market size & share was valued at approximately USD 16,294.10 million in 2021. The market is expected to grow above a CAGR of 9.80% and is anticipated to reach over USD 28,552.51 million by 2028.”
The report analyses the Oxygen Therapy market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Oxygen Therapy market.
What is Oxygen Therapy? How big is the Oxygen Therapy Industry?
The intervention used to assist a patient with a medical condition in acquiring adequate oxygen is called oxygen therapy. When a patient's oxygen supply is inadequate, such as with asthma, COPD, or other disorders, oxygen therapy is utilized to treat the condition. An increased requirement for oxygen treatment is brought on by an increase in acute and chronic illnesses. Depending on their specific requirements, patients can choose from a variety of oxygen therapy options, including oxygen concentrators, liquid oxygen, and hyperbaric oxygen therapy. Since oxygen is required for a variety of cell metabolisms and tissue oxygenation is crucial for proper physiological function, oxygen therapy employs oxygen gas to treat acute or chronic patients.
Oxygen treatment is done when the blood's oxygen levels are low. It may be administered in some ways, from nasal spray to hyperbaric oxygen in a sealed space. A group of organs and tissues is known as the respiratory system supporting breathing. The lungs, nasal passages, and windpipe comprise the respiratory system. Air enters the body through the mouth or nose and is carried by the bronchi through the windpipe to the lungs.
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Key Insights from Primary Research
The report contains qualitative and quantitative research on the global oxygen therapy market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Oxygen Therapy market include;
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Due to the rising number of patients with respiratory disorders who require OTD practically constantly, the market for oxygen treatment devices (OTD) is booming. The demand for such devices is fueled by the pressure on healthcare facilities to manage patients who require OTD all the time. Additionally, the market for oxygen treatment equipment is expanding due to rising pollution and cigarette use. The development of many significant market participants on a global scale and the appearance of novel products are projected to assist the global oxygen treatment market during the forecast period.
The obstacles limiting market growth include, however, the high price of oxygen concentrators and their adverse effects, which include skin irritation and nasal dryness when used therapeutically. The market for oxygen treatment equipment will have difficulties due to the tight regulatory requirements that cause delays in product approval. Additionally, the availability of affordable substitutes made by regional manufacturers and Medicare reimbursement rate reductions for home oxygen treatment will serve as market restraints and slow the industry's development pace.
Oxygen Therapy Market: COVID-19 Impact Analysis
Oxygen therapy is beneficial for COVID-19 patients whose respiratory function has been compromised. The overall shift from standalone to portable concentrators intensified in 2020 when health care providers spent more money on the less expensive stationary equipment. However, because of widespread lockdown restrictions, fewer consumers need mobility. Despite the slowdown, it is estimated that the mobile OTD industry would grow and have significant expansion throughout the projected time.
The prevalence of COPD, which is known to increase the risk of developing a severe disease from COVID-19, has also inspired the development of treatments that offer a greater flow of oxygen, such as high-flow nasal therapy. Therefore, over the projected period, the aforementioned causes will drive the expansion of oxygen conserving technologies.
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Oxygen Therapy Market: Segmentation Analysis
The global oxygen therapy market is segregated based on product, application, end-user, and region.
Based on product, the market is divided into oxygen source equipment and oxygen delivery devices. In 2021, oxygen source equipment dominated the market. On the basis of application, the market is classified into COPD (chronic obstructive pulmonary disease), asthma, obstructive sleep apnea, RDS, cystic fibrosis, pneumonia, and others. COPD (chronic obstructive pulmonary disease) segment led the market in 2021 and is expected to maintain its dominance during the forecast period. Based on end-user, the market is classified into hospitals, home care, and other end-users. In 2021, the market was dominated by the hospital category.
Due to significant expenditures and O2 treatment trials taking place in North America, this region led the market. This is because there are more end users in this area, and more people are aware of the advantages of oxygen treatment in hospitals. On the other hand, Asia-Pacific is anticipated to see the greatest growth rate throughout the projection period because of the region's expanding penetration of foreign players and rising R&D activity. For instance, research was done to determine the effectiveness of long-term O2 therapy by the British Medical Research Council and North American Nocturnal Oxygen Therapy.
Additionally, the rising use of topical wound oxygen (TWO) therapy and hyperbaric oxygen therapy in this area is boosting market demand. In addition, this area has a significant risk of respiratory illnesses due to urbanization and occupational dangers, which is predicted to spur growth throughout the projection period. During the projected period, it's expected that the Asia Pacific region will experience exponential development.
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The global oxygen therapy market is segmented as follows:
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