Research Nester published a report titled “North America & Europe Oxygen Therapy Market: Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the North America & Europe oxygen therapy market in terms of market segmentation by product, indication, portability, distribution channel, end-user, and by countries.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The North America & Europe oxygen therapy market is segmented by product into oxygen source equipment, oxygen delivery devices and hyperbaric oxygen therapy chamber, out of which, the oxygen source equipment segment registered the largest market share of 67.97% in the year 2018 and is expected to grow at a CAGR of 7.36% over the forecast period, i.e. 2021-2028, owing to the increasing need to address the challenges associated with oxygen therapy. The oxygen therapy equipment is further segmented into oxygen concentrators, oxygen cylinders & tanks, and PAP devices. Oxygen concentrators are used for the provision of long-term oxygen therapy to the patients suffering from pulmonary disorders such as chronic obstructive pulmonary disease (COPD).
The North America & Europe oxygen therapy market is anticipated to achieve a CAGR of 7.60% during the forecast period owing to the growing demand for various respiratory care medical devices across the region, backed by the increasing prevalence of the respiratory diseases. Additionally, the development of technologically advanced oxygen therapy devices, technological innovations, rising awareness among the medical community regarding development of products for early treatment, changing government initiatives to improve the availability and access to medical resources and the increasing collaboration between the manufacturers and healthcare providers is also expected to fuel the demand for advanced oxygen therapy products over the future years.
In North America, the oxygen therapy market is driven by U.S., where the market reached a value of USD 1,586.00 million in 2019 and is expected to grow at a CAGR of 7.95% over the forecast period. Rising adoption of innovative oxygen therapy technologies that helps to improve the overall quality of life is anticipated to drive the growth of the market in the country. Moreover, the market in North America is anticipated to grow on the back of the increase in the investments towards healthcare from government and private entities to maintain the highest quality of care offered in healthcare facilities.
On the other hand, the oxygen therapy market in the Europe is anticipated to reach a market size of USD 2,485.30 million by 2028. Factors such as the increasing demand for oxygen therapy from nations such as Germany, UK, France & Italy are anticipated to drive the market in the region.
Increasing Incidences of Pneumonia
According to UNICEF, pneumonia is known to kill a large number of children in comparison to other infectious diseases.
There is growing global concern for diseases such as pneumonia, which has taken several lives over the years. High-income countries, such as the US and Germany are increasingly investing on minimizing and managing the risks of such diseases effectively. Increasing prevalence of pneumonia and other respiratory diseases, such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and others, has further raised the demand for respiratory support systems, such as oxygen cylinders, and has raised the need for oxygen therapy treatments, which in turn is anticipated to drive the growth of the market.
However, concerns regarding the stringent regulatory policies that retains limited number of players and also creates hindrances for new entrants into the market are anticipated to limit the growth of the North America & Europe oxygen therapy market.
This report also provides the existing competitive scenario of some of the key players of the North America & Europe oxygen therapy market, which includes company profiling of Koninklijke Philips (AMS: PHIA), Becton, Dickinson & Company (NYSE: BDX), Smiths Medical, Teleflex Incorporated (NYSE: TFX), GE Healthcare (NYSE: GE), Allied Healthcare Products (NASDAQ: AHPI), Fisher & Paykel Healthcare Limited (NZE: FPH), Hersill S.L, and Devilbiss Healthcare LLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America & Europe oxygen therapy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.