Oxygen Therapy Market is expected to grow at a CAGR of 19.8% from 2020 to 2028 | Increasing number of Lung Disorders as well as Surging Cases of COVID-19 are Propelling the need for Oxygen Therapies
May 20, 2021
Research report published by Proficient Market Research “Oxygen Therapy Market, By Type (Oxygen Gas, Liquid Oxygen, Oxygen Concentrators and Hyperbaric Oxygen Therapy); By End-use (Hospitals and Clinics, Rehab Centers, Homes and Others) Market – Growth, Future Prospects, Post COVID-19 Scenario, 2021 – 2028”, states that the global oxygen therapy is expected to grow at a CAGR of 19.8% during the forecast period from 2021 to 2028.
Oxygen therapy has become the need of an hour due to increasing COVID-19 cases that demand oxygen for critically ill patients and in initial stages of the virus growth in the body. Thereby there has been surging need overall the globe for devices that can supply oxygen to the body. As there has been a shortage of ventilators, the oxygen therapy devices have been used to treat COVID-19 patients having mild breathlessness.
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Additionally, oxygen therapy devices can provide relief to patients and increasing lung disorders are also the contributing factors towards the demand of oxygen therapy which can eventually lead to healthy lifestyle. These factors are going to increase the growth as well as disposable income of the market globally.
Several types of oxygen therapies include oxygen gas, liquid oxygen, oxygen concentrators and hyperbaric oxygen therapy. Among these types, the oxygen gas is more prominent as it is highly effective and harmless to use as it is stored in a portable tanks and can be more efficiently used for treating patients as oxygen is provided in a pulse manner and not continuously.
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Some of the prominent players of the market include Becton, Dickinson and Company, General Electric Company (GE Healthcare), HERSILL, S.L., Philips Respironics, Inc., DeVilbiss Healthcare LLC, MedWrench, LLC, Smiths Group plc (Smiths Medical), Allied Healthcare Products, Inc., Fisher & Paykel Healthcare Limited, Teleflex Incorporated and Invacare Corporation.
Trends and Future Outlook:
In February 2021, HERSILL, S.L. has launched a new device OXYLL 70L/min, an oxygen flow meter which provides high amount of oxygen flow along with an active humidification equipment. Thereby this device has been designed specifically to provide support for COVID-19 patients.
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Based on type, the oxygen therapy market is segmented into the following:
Hyperbaric Oxygen Therapy
Oxygen Gas segment led the overall oxygen therapy market in terms of market value
In 2020, the oxygen gas segment led the overall oxygen therapy market in terms of market value. Due to increasing usage of oxygen gas therapy in healthcare industry as well as for easy usage at patient’s home and its highly efficient nature provides improved relief in patients that are struggling with lung disorders.
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Based on application, the oxygen therapy market is segmented into following:
Hospitals and Clinics
Hospitals and Clinics segment led the overall oxygen therapy market in terms of market value
In 2020, the hospitals and clinics segment led the overall oxygen therapy market in terms of market value due to increasing usage of oxygen therapy as its use has become crucial in treating COVID-19 patients. Hospitals are having the highest demand due to surge in covid-19 patients.
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North America held the largest share in the oxygen therapy market
In 2020, North America held the largest share in oxygen therapy market due to presence of well-established companies that offer oxygen therapy, increased number of pharmaceutical companies, increasing number of individuals struggling with lung disorders, investment towards innovative solutions, initiative of the government towards the healthcare industry.
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