Market Trends of Oxygen Therapy Equipment Industry
This section covers the major market trends shaping the Oxygen Therapy Equipment Market according to our research experts:
Chronic Obstructive Pulmonary Disorder (COPD) is the Segment by Application expected to hold Largest Market Share over the Forecast Period
Chronic respiratory diseases affect the airways and other parts of the lungs for a long duration of the period. Respiratory symptoms are among the major causes of consultation with doctors and physicians in primary health care centers. Chronic respiratory diseases affect more than 1 billion people, globally, as per the Global Asthma report, 2018. COPD, with tobacco smoking as its root cause, has affected a significant part of the world population, as per the WHO. Furthermore, according to a 2017 publication in The Lancet Respiratory Medicine, in 2015, an estimated 3.2 people died from COPD, globally. If the patient has low levels of oxygen owing to COPD in blood then long-term oxygen therapy is used. Thus, the rising prevalence of COPD is expected to create huge demand for oxygen therapy equipments resulting in high growth of the Oxygen Therapy Equipment market.
North America is Expected to Hold Largest Market Share over the Forecast Period
The United States is expected to be the largest oxygen therapy equipment market owing to the rising prevalence of respiratory diseases and the presence of better healthcare infrastructure. Also, there is a rise in per capita health expenditure in the country which is expected to increase over the forecast period owing to the decrease in the unemployment rate. The major risk factor for most of the respiratory diseases is smoking. In 2016, more than 15 of every 100 US adults aged 18 years or older smoked cigarettes as per the estimates of the Centre for Disease Control and Prevention (CDC). The cases of COPD is likely to increase in the United States owing to the higher smoking prevalence and aging populations in the country. Over the last decades, there have been significant advances in oxygen concentrator design and functionality. The newer generation of portable oxygen concentrators is designed to be lightweight, quiet, and energy-efficient. Owing to associated advantages of compact size, lower cost, and convenience to carry, the use of portable oxygen contractors have been growing rapidly. Thus, owing to the all above mentioned factors the market is expected to witness high growth.
