Oxygen therapy market taxonomy
The global OxygenTherapy Market is segmented on basis of source equipment, application,delivery device, and end use. By type of source equipment, the market in oxygentherapy is segmented into oxygen cylinders, liquid oxygen devices, and oxygenconcentrators. On the basis of device type, the the oxygen therapy industry issegmented into nasal cannula, face mask, bag valve mask, venturi mask, oxygenmask, non-rebreather mask, and CPAP devices. On the basis of application, theglobal oxygen therapy market is as asthma, cystic fibrosis, COPD, pneumonia,respiratory distress syndrome, and cardiovascular diseases.
Oxygen therapy is used inhospitals to cure patients suffering from respiratory diseases such as COPD andpneumonia, and also cardiovascular diseases fueling growth of the oxygen therapymarket. Oxygen therapy is also used in clinics, rehabilitations centers andhome care settings .
Oxygen therapy is the use ofoxygen as medical intervention to maintain enough oxygen in conditions such ashypoxia, hypoxemia, and other related conditions. Oxygen may be administeredthrough a nasal cannula, face mask, or through hyperbaric oxygen chamber. Thistherapy helps maintain oxygen level in the blood for treatment of acute andchronic diseases such as chronic obstructive diseases (COPD), pneumonia, andasthma. Long-term therapy with oxygen is often useful in people suffering fromCOPD. Certain other acute or chronic disease conditions where oxygen therapy iseffective include cystic fibrosis, dysplasia, heart failure, sleep apnea, andlung disorders.
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Increasing incidence of COPD andlung disorders drive growth of the oxygen therapy market across the globe
Factors such as high prevalenceof respiratory related diseases, growing aging population, and increasingvulnerability of the populace to respiratory conditions are fueling growth ofthe oxygen therapy market in North America. According to the Center forDiseases Control and Prevention (CDC), around 15.7 million people in the U.S.were diagnosed with COPD in 2013. Other factors driving demand for oxygentherapy include innovation in portable oxygen concentrators, rise in number ofuntreated sleep apnea cases, favorable reimbursement scenario, growing demandfor oxygen filling devices, good medical facilities, and high investment inresearch and development activities. The European market in oxygen therapy isalso gaining traction in recent times, mainly fueled by increasing number ofpatients suffering from respiratory diseases and favorable governmentinitiatives to facilitate respiratory care.
According to the World HealthOrganization, over 90% of COPD deaths occur in low income and middle incomecountries. Therefore, the oxygen therapy market is expected to growsubstantially in African, Asian, and Latin American countries due to highprevalence of COPD and deaths due to the disease. Furthermore, increasingawareness among medical facilities, increasing government investment inhealthcare facilities, and availability of low cost treatment is projected todrive demand for oxygen therapy in emerging economies.
Alarming increase in number oflung damage cases increasing demand for oxygen therapy for effective treatment
According to World HealthOrganization (WHO) over 3 million people die each year due to COPD. Increasinguse of oxygen therapy in treatment of diseases such as COPD, asthma,obstructive sleep apnea, and respiratory distress syndrome is a supportiveprevalent trend in the market. Long-term oxygen therapy for patients suffering fromchronic lung disease can help improve quality and length of life, in turncreating a favorable environment for the market. Increasing risk of lung damagedue to tobacco consumption, occupational hazards, and pollution would furtheraugment market growth over the following decade.
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Global players engaged in theoxygen therapy market
There are several medical devicecompanies, both local player and global ones, engaged in manufacture of oxygentherapy devices. Some of the prominent players are Respironics, Inc. (a Philipscompany), Fisher & Paykel Healthcare Limited, Teleflex Incorporated,Invacare Corporation, AirSep Corporation, CareFusion Corporation, DeVilbissHealthcare, MAQUET Holding B.V. & Co. KG, and ResMed, Inc.
Key Developments
Major companies in the market arefocused on different business strategies such as product launches, in order toexpand product portfolio and gain competitive edge in the market. For instance,in September 2018, CAIRE, Inc., a manufacturer of oxygen therapy solutions,launched Freestyle Comfort, a portable oxygen concentrator. This novel devicewill feature five pulse settings and innovative comfort curves.
Various leading hospitals arefocused on different business strategies such as product and treatmentlaunches, in order to offer effective oxygen therapy solutions to patients. Forinstance, in April 2018, Amandeep Hospital, Amritsar, India launched a noveltreatment therapy called Hyerbaric Oxygen Therapy (HBOT). This therapy will beused in wound healing, especially for diabetic foot and non-healing wounds.
Key players in the market arefocused on different business strategies such as product launches, in order toexpand their product portfolio. For instance, in April 2019, Inogen, Inc., aU.S.-based medical technology company, launched Innovative Inogen One G5, whichis a portable oxygen concentrator. This novel respiratory product can be usedfor home settings and will meet the needs of oxygen therapy patients.
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