Oxygen therapy is a medical intervention that gives people who have problems breathing or have conditions that produce low oxygen levels in their blood a higher concentration of oxygen. It comprises the controlled administration of supplementary oxygen via various delivery devices such as nasal cannulas, face masks, or ventilators.
Global Oxygen Therapy Market Driving Factors and Challenges
The oxygen therapy market is expanding rapidly, owing to a number of major factors. For starters, the rising prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and sleep apnea is a major growth driver. The prevalence of these disorders is increasing due to a growing global population and aging demographics, necessitating the use of oxygen therapy to treat symptoms and improve patients' quality of life.
Furthermore, the ongoing COVID-19 epidemic has underlined the importance of oxygen therapy in the treatment of severe respiratory problems. During the pandemic, hospitals and healthcare facilities have seen an increase in demand for oxygen therapy equipment, such as oxygen concentrators and ventilators.
However, this growing market faces a number of challenges. Some patients may find the expense of oxygen therapy equipment and ongoing maintenance prohibitively expensive, presenting financial barriers to access. Because oxygen therapy is life-saving, regulatory compliance and quality assurance in manufacturing and distribution are crucial, which can be a significant obstacle for businesses in the industry. Furthermore, the market is extremely competitive, with many manufacturers and suppliers vying for market supremacy, putting downward pressure on pricing.
Impact of COVID-19 on Global Oxygen Therapy Market
The COVID-19 pandemic had a substantial impact on the medical device industry due to lockdown restrictions and supply chain management concerns. However, because oxygen therapy was used as the first line of treatment for critically ill patients infected with coronaviruses, oxygen therapy equipment was in high demand throughout the crisis. As a result of a significant global ventilator shortage, demand for oxygen concentrators grew substantially. To address this scarcity, biomedical engineers and scientists have created temporary systems that imitate the fundamental functions of ventilators by repurposing existing equipment such as oxygen concentrators, PAP machines, anaesthetic machines, and manual resuscitators.
Oxygen Therapy Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; CAllied Healthcare Products, Inc., Andreas Fahl Medizintechnik-Vertriebs GmbH, Becton, Dickinson and Company, CAIRE, Chart Industries, Inc., DeVilbiss Healthcare Drägerwerk AG & Co. KGaA, Essex Industries, Inc., Fisher & Paykel Healthcare Corporation Limited, GCE Holding AB, GE Healthcare, Heinen + Löwenstein GmbH & Co. KG, HERSILL S.L., HUM - Gesellschaft für Homecare und Medizintechnik mbH, Inogen, Inc., Invacare Corporation, IUC Medical, Linde Healthcare, Medicap homecare GmbH, Medicop D.O.O., Messer Medical Austria GmbH, Philips Healthcare, Philips Respironics, Inc., ResMedDrägerwerk AG & Co. KGaALinde, Respan Products Inc., Smiths Medical, Taiyo Nippon Sanso Corporation, Tecno-Gaz IndustriesTeleflex Incorporated, Weinmann Emergency Medical Technology GmbH + Co. KG.
Global Oxygen Therapy Market Segmentation:
By Product: Based on the Product, Global Oxygen Therapy Market is segmented as; Oxygen Source Equipment, Oxygen Delivery Devices, Others.
By Portability: Based on the Portability, Global Oxygen Therapy Market is segmented as; Stationary Devices and Portable Devices.
By Application: Based on the Application, Global Oxygen Therapy Market is segmented as; Chronic Obstructive Pulmonary Disease (COPD), Asthma, Cystic Fibrosis, Respiratory Distress Syndrome, Pneumonia, Other Diseases.
By End User: Based on the End User, Global Oxygen Therapy Market is segmented as; Home Healthcare, Non-Home Healthcare, Ambulatory Surgical Centers & Physician Offices.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.