February 10, 2023 03:40 ET | Source: Growth Plus Reports Growth Plus Reports

Newark, New Castle, USA, Feb. 10, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Oxygen Therapy Equipment Market by Product (Oxygen Source Equipment, Oxygen Delivery Devices), Application (COPD, Asthma), End-user (Home Care Setting, Hospital) - Global Outlook and Forecast 2020-2030" published by Growth Plus Reports, the oxygen therapy equipment market is expected to grow at a CAGR of 7.32% from 2021 to reach US$ 6.81 billion by 2030. Oxygen therapy equipment has emerged as a promising option for advanced treatments to the several illnesses. Portable Oxygen Tank

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Oxygen therapy, often known as supplemental oxygen, is the use of administering oxygen as a medicinal treatment. Cluster headaches, carbon monoxide poisoning, and hypoxemia are severe conditions that require immediate medical attention. Oxygen treatment equipment are frequently beneficial in persistent hypoxemia caused by conditions such as severe chronic obstructive pulmonary disease (COPD) or cystic fibrosis. Nearly 12 million adult Americans have been diagnosed with COPD, and 120,000 people die from it each year, according to the National Institutes of Health (NIH). According to the Global Asthma Network (GAN), asthma affects 334 million people worldwide. For anesthesia, oxygen treatment can be used as a prophylactic approach to maintaining stable blood oxygen levels.

The market for oxygen therapy equipment is expanding due to a variety of factors, such as the rise in tobacco use and the prevalence of respiratory disorders, the preference for separate oxygen therapy equipment over portable equipment, and ongoing technological developments in the oxygen therapy industry. The increased frequency of chronic respiratory illnesses is primarily driving the market. The market is expected to expand with the introduction of technologically sophisticated oxygen sources and delivery systems that offer efficient patient care. These advancements include pulse dosage meters, sensors, flow regulators, and delivery systems. Additionally, smoking is well recognized to have negative effects on the respiratory system, including the emergence of both malignant and noncancerous diseases and the acceleration of existing illnesses.

The global oxygen therapy equipment market has been analyzed from four perspectives: Product, Application, End-user, and Region. Excerpts from ‘By Product Segmentation’

The global market for oxygen therapy equipment is divided into two categories based on the products:

The section of oxygen source equipment is further broken down into oxygen cylinders, liquid oxygen devices, and oxygen concentrators. Oxygen masks, nasal cannulas, venturi masks, non-rebreather masks, bag-valve masks, and other oxygen delivery devices are included in the section on oxygen delivery devices. In 2021, the oxygen source equipment category accounted for the greatest market share of the oxygen therapy equipment market. The oxygen concentrator category of oxygen source equipment dominated the world market. Due to its great availability and usage in the form of oxygen concentrators, compressed gas systems, cylinders, and liquid oxygen, oxygen source equipment made up the majority of the market.

Additionally, these devices serve as the main source and first step in O2 therapy, playing a crucial role in the industry's overall growth. In the oxygen source equipment market, oxygen concentrators are expected to expand at a profitable rate. Due to their use in ambulances, trains, and aircraft, as well as their application in various medical emergencies, transportable concentrators are anticipated to exhibit high growth potential, which will help to drive this segment's potential demand.

Excerpts from ‘By Region Segmentation’

North America, Europe, Asia Pacific, and the Rest of the World are the geographical segments of the global oxygen therapy equipment market. North America retained a leading position in the market in 2021 and produced the highest revenue share thanks to considerable R&D investments and studies including oxygen therapy in this region. For instance, the British Medical Research Council and North American Nocturnal Oxygen Therapy conducted studies to establish the efficacy of long-term oxygen therapy. The increasing use of topical wound oxygen therapy (TWO) and hyperbaric oxygen therapy in this region also impacts market demand. Due to urbanization and work risks, this region also has a higher risk of developing respiratory ailments, which is anticipated to accelerate market expansion everywhere.

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Major corporations are aggressively engaged in mergers and acquisitions, the development of new products, joint ventures, and partnerships to enhance their position in the market. The leading businesses in the global health insurance market include:

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