In some emergency cases (viz. chronic bronchitis, emphysema, heart attacks, injuries, burns, ARDS, COPD & many more), our body needs supplemental oxygen to treat hypoxemia. Oxygen therapy, which has become a popular treatment prescribed by healthcare professionals in hospitals and ambulatory care centers gives the patient a breath of relief by improving the quality of life.
Oxygen therapy has brought a transition in the healthcare sector. Several new types of oxygen sources as well as delivery devices are offering primary growth to this market. The rising popularity of online sales of medical equipment and increasing respiratory diseases are augmenting the growth of this market. Invention of portable oxygen sources have proved beneficial for home-based treatments, which has further fueled the growth of oxygen therapy market.
Based on type, oxygen therapy market (OTM) is classified broadly into oxygen sources and oxygen delivery devices. The major sources are oxygen concentrators, compressed oxygen cylinders, liquid oxygen systems and hyperbaric oxygen therapy (HBOT), while the oxygen delivery devices include different kinds of oxygen masks and nasal cannulas. HBOT is the largest market in the source segment, owing to the significance of providing pure oxygen directly to the bloodstream and treating several diseases. In this context, invention of CPAP masks and BiPAP masks are worth mentioning, meant for treating LTOT cases of COPD and sleep apnea cases.
Based on application, the market has been classified into COPD, pneumonia, asthma, acute respiratory distress syndrome, haemorrhage, sleep apnea and others; among which COPD is grabbing the major market share. According to WHO, COPD has become the 3rd most deadly disease worldwide after cancer and heart stroke. Therefore, oxygen therapy is expected to have maximum application in COPD followed by sleep apnea and pneumonia cases.
Easy reimbursement policies and conventional mind set-up of people is helping hospitals and nursing homes segment to grow with majority of the share in OTM. In addition, invention of portable oxygen concentrators and monoplace hyperbaric chambers are driving the market. Moreover, the rising geriatric population is expected to influence the growth of oxygen therapy market significantly.
Portable devices segment is projected to be the fastest growing transportability segment for oxygen therapy in North America during the forecast period from 2017 to 2025, while the stationary devices segment is presently the dominating market. Advancement in technological solutions has given rise to small, quieter and reliable oxygen concentrators; due to which portable devices segment is witnessing exponential growth.
While based on geographies, it has been segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Presently, North America is dominating this market, but Asia-Pacific is anticipated to be the fastest growing region during the forecast period owing to rising geriatric population, government support, maximum number of COPD cases due to vast active and passive smokers, and higher percentage of respiratory diseases.
Some of the major players in the global oxygen therapy market are Inogen, Taiyo Nippon Sanso Corporation, DeVilbiss Healthcare LLC and Precision Medical, Inc. among others.
Segmentation of Global Oxygen Therapy Market:
Global Oxygen Therapy Market, By Type
Global Oxygen Therapy Market, By Application
Global Oxygen Therapy Market, By End-user
Global Oxygen Therapy Market, By transportability
Global Oxygen Therapy Market: By Geography