The healthcare vertical is expected to accelerate based on IoMT (Internet of Medical Technology). The key players in IoMT help in designing and tuning to sophisticated custom software. Also, iTunes or Google Play catalogs have encompassed healthcare and wellness mobile apps. With synchronization with wearables like fitness trackers or pulsometers for using data collected via sensors placed on body for reporting/analysing health conditions, the Oxygen Therapy Market is there to take the healthcare vertical by storm in the next 10 years.
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The air enters the body through nose or mouth through the wind pipe to the lungs via bronchi. The bronchi branches out into several tubes called bronchioles, which further branch out into tiny air sacs known as alveoli. These tiny air sacs are covered with a mesh of blood vessels called capillaries, which are connected to several arteries and veins which transfer oxygen throughout the body.
Certain acute or chronic disease conditions, which affect the transfer of oxygen from alveoli to the blood, such a pneumonia, cystic fibrosis, asthma, dysplasia, heart failure, sleep apnea, lung disorders, and COPD (chronic obstructive pulmonary disease). Oxygen therapy is administered on the basis of arterial blood gas test and a pulse oximetry test.
According to the World Health Organization (WHO), total deaths due to COPD is expected to rise approximately by 30% in the next decade, thereby driving the need to incorporate oxygen therapy as a treatment option. However it is estimated that COPD will be the third most fatal disease worldwide by 2024, thereby widening the consumer base for oxygen therapy market.
The growing demand for technologically advanced system, such as portable oxygen concentrator system has also boosted global oxygen therapy market growth. Some of the major advancements include pulse oximetry devices, and nasopharyngeal oxygen therapy.
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The global Oxygen Therapy market is segmented on basis of product type, disease, administration device, end user, and geography:
|by Product type||
|by basis of disease||
|by end User||
Major benefits of oxygen therapy are decreasing shortness of breath and fatigue, it helps people with sleep disorders and increases the lifespan of individuals with COPD. Depending on the need, oxygen therapy devices can purchased through insurance companies.
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On the basis of regional presence, global oxygen therapy market is segmented into five key regions viz. North America, Latin America, Europe, Asia-Pacific-Pacific, and Middle East & Africa. North America is expected to lead the global Oxygen Therapy testing market due to high prevalence of respiratory related diseases, increase in number of product approval, increase in aging population, increase in vulnerability to respiratory conditions, innovation in portable oxygen concentrators, rise in number of untreated sleep apnea cases, growing demand for oxygen filling devices and high RnD investment are driving the growth of oxygen therapy market in the region.
European market is also closely competing in terms of revenue generation because of favorable government initiatives taken for respiratory care.
The oxygen therapy market in Asia-Pacific Pacific region is expected to witness a rise in growth opportunities due to an increase in geriatric population requiring home-based oxygen therapy, and rising healthcare expenditure. The other major restraining factor for growth of oxygen therapy market have been strict regulatory approval policies and complicated reimbursement process.
Some key players involved in oxygen therapy market are Care Fusion Corp., GE Healthcare, Hersill, Philips Respironics, Inc., De-Vilbiss Healthcare, MAQUET Medical Systems, Smiths Medical, Allied Healthcare Products, Fisher & Paykel Healthcare Limited, Teleflex Incorporated, and Invacare Corporation.
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