The global Oxygen Therapy Equipment market size is estimated at 9.9 billion USD with a CAGR of 9.2% during the forecasted period from 2021-2028.
The global Oxygen Therapy Equipment market size is estimated at 9.9 billion USD with a CAGR of 9.2% during the forecasted period from 2021-2028. The key factor driving the growth of Oxygen Therapy Equipment market is attributed to rising prevalence of chronic respiratory diseases across the globe. Disorders such as asthma, respiratory pain disorder, chronic obstructive pulmonary disease, etc. require oxygen therapy and can enhance breathing issues. Moreover, another factor fueling this market is the rising inclination for portable oxygen therapy devices over standalone devices. Also, the rising awareness and use of telemedicine and home-based oxygen therapy are expected to create lucrative growth opportunities during the forecast period. In addition, growing pool of geriatric population is surging the demand for oxygen therapy due to difficulty in breathing. Furthermore, respiratory diseases can also be triggered due to ever increasing air pollution level and smoking which will certainly surge the Oxygen Therapy Equipment market and increase its demand. Likewise, the current outburst of COVID-19 pandemic is projected to boost the growth of this market and have a positive impact. There is a rise in demand for oxygen therapy market in the current pandemic due to major drop of blood oxygen level in patients. On the other hand, factors such as strict guidelines for approval of oxygen therapy equipment may constrain the growth of market. The widespread presence of chronic respiratory diseases such as asthma, pulmonary hypertension, chronic obstructive pulmonary disease (COPD), occupational lung disease, and respiratory allergies has been increasing globally, especially in Asia-Pacific region. According to the World Health Organization, every year at least 3 million people die due to COPD. Oxygen therapy, also known as O2 therapy, is a medical technique that provides extra oxygen to people who are suffering from sudden or long-term health conditions. Patients diagnosed with conditions requiring oxygen therapy face the cumbersome burden of traditional canister and liquid oxygen technology, losing their mobility. Recent medical innovations have led to the introduction of portable oxygen concentrators which are easy to carry, small, energy- efficient, and simple to be used. The market offers lucrative opportunities to the market players as rapidly growing innovations in medical technology continue to drive the market growth. Moreover, government initiatives to curb the surging respiratory ailments worldwide, is encouraging the entry of new players in the market. In U.S, National Asthma Control Initiative (NACI), is an initiative by the National Asthma Education and Prevention Program (NAEPP), which aims to produce high-impact, reliable solutions in asthma control in the country.
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