Oxygen Therapy Market Growth 2023- By COVID-19 Impact and Global Industry Share, CAGR Status, Revenue, Trends Analysis with Future Opportunities and Forecast till 2022-2032: SPER Market Research
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.
According to SPER market research, ‘Oxygen Therapy Market Size- By Product, By Portability, By Application, By End Use – Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Global Oxygen Therapy Market is predicted to reach USD 66.26 billion by 2032 with a CAGR of 6.03%.
The Oxygen Therapy Devices Market is expanding rapidly, due to several major factors. First and foremost, the rising prevalence of respiratory disorders such as chronic obstructive pulmonary disease (COPD), asthma, and sleep apnea is a significant driver, owing to factors such as air pollution, smoking, and an aging population. The need for oxygen therapy devices and services has increased as these illnesses grow more common.
Furthermore, the COVID-19 pandemic highlighted the importance of oxygen therapy in the treatment of severe respiratory problems, creating an urgent need for oxygen concentrators and ventilators.
However, this growing market faces a number of obstacles. 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.
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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.
Geographically, the Oxygen Therapy Equipment Market regional study highlights variations in market dynamics caused by factors such as healthcare infrastructure, disease prevalence, economic development, and government regulations. The market in North America is significant, owing to a high prevalence of respiratory disorders, a well-established healthcare system, and a strong emphasis on technical innovation. With a considerable market share, the United States leads the region. Additionally, some of the market key players are 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.
Oxygen Therapy Devices 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.
For More Information, refer to below link:-
Oxygen Therapy Equipment Market Demand
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