Major players in the oxygen therapy market are Smiths Medical Inc., Hersill SL, Fisher & Paykel Healthcare Corporation Limited, Invacare Corporation, Teleflex Incorporated, Koninklijke Philips N.V., Drive Devilbiss International, Allied Healthcare Products Inc.
New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oxygen Therapy Global Market Report 2023" - www.reportlinker.com/p06464234/?utm_source=GNW
, Becton, Dickinson and Company, General Electric Company, Getinge Group, Essex Industries Inc., Chart Industries Inc., Drägerwerk AG & Co. KGaA, GCE Group, Thermo Fisher Scientific Inc., OxyBand Technologies Inc., and Nidek Medical Products Inc.
The global oxygen therapy market is expected to grow from $23.70 billion in 2022 to $25.89 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oxygen therapy market is expected to reach $36.53 billion in 2027 at a CAGR of 9.0%.
The oxygen therapy market consists of sales of pulse oximeters, oxygen flow meters, portable oxygen supply devices, nasal cannulas, simple masks, non-rebreather masks, continuous positive airway pressure, BiPAP, bag valve mask (ambu bag), endotracheal intubation, and mechanical ventilator.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Oxygen therapy refers to using additional oxygen as part of sickness management in people suffering from respiratory problems who can’t naturally breathe in sufficient oxygen due to various diseases and ailments. Oxygen therapy provides persons with lung disorders or breathing difficulties with the oxygen their bodies require to operate.
North America was the largest region in the oxygen therapy market in 2022. The regions covered in oxygen therapy report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of oxygen therapy products are oxygen delivery devices and oxygen source equipment.Oxygen delivery devices refer to secondary oxygen-providing equipment for people who cannot maintain a safe level of oxygen saturation and are used in oxygen therapy are controlling and monitor respiratory failure devices including nasal or transtracheal catheters, and nasal cannula.
The various types of portability include stationary devices and portable devices that are used in various applications such as pneumonia, chronic obstructive pulmonary disease, asthma, obstructive sleep apnea, respiratory distress syndrome, cystic fibrosis, and others. These are used in hospitals, clinics, home care, and post-acute care settings.
The rising prevalence of respiratory disorders is expected to propel the growth of the oxygen therapy market going forward.A respiratory disorder is a condition that impacts the respiratory system’s lungs and other organs, often known as lung diseases which include tuberculosis, lung cancer, mesothelioma, cystic fibrosis, and asthma.
Oxygen therapy is used in the treatment of people suffering from respiratory disorders condition by providing an additional supply of oxygen that relieves shortness of breath.For instance, in February 2023, according to the report published by American Lung Association, a US-based voluntary lung health and preventing lung disease, a chronic lung illness, such as asthma or COPD, which also includes emphysema and chronic bronchitis, affects more than 34 million Americans.
Additionally, more than 25 million Americans, including more than 4 million children, have breathing difficulties due to asthma. Therefore, the rise in the prevalence of respiratory disorders is driving the growth of the oxygen therapy market.
Technological advancements are a key trend gaining popularity in the oxygen therapy market.Companies operating in the oxygen therapy market are adopting new technologies to sustain their position in their market.
For instance, in July 2022, Omron Healthcare, a Japanese-based electrical equipment manufacturer company, launched a portable oxygen concentrator to assist home care providers in addressing the therapeutic and lifestyle needs of COPD and respiratory patients.This portable oxygen concentrator includes PSA (Pressure Swing Adsorption) technology that provides a continuous supply of oxygen (5L per minute).
Additionally, it employs medical molecular sieves to assure the efficiency and purity of the oxygen while maintaining the device’s mobility, making it easier to transport.
In January 2023, CAIRE Inc, a US-based medical equipment manufacturing company acquired MGC Diagnostics for an undisclosed amount.With this acquisition, CAIRE Inc aims to strengthen its portfolio in diagnostic technologies and to serve patients with pulmonary disease.
MGC Diagnostics is a US-based company involved in the manufacturing and sales of oxygen therapy tools such as pulse oximeters.
The countries covered in the oxygen therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The oxygen therapy market research report is one of a series of new reports that provides oxygen therapy market statistics, including the oxygen therapy industry global market size, regional shares, competitors with an oxygen therapy market share, detailed oxygen therapy market segments, market trends, and opportunities, and any further data you may need to thrive in the oxygen therapy industry. This oxygen therapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: www.reportlinker.com/p06464234/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001