The global oxygen therapy equipment market is expected to reach $4.01 billion by 2022 from $2.65 billion in 2017, at a compound annual growth rate of 8.7%, according to a new report from Research and Markets.
A number of factors, such as the increasing prevalence of respiratory disorders, rapid growth in the geriatric population, high prevalence of tobacco smoking, preference toward home-based oxygen therapy, and technological advancements are expected to drive the growth of this market.
The global oxygen therapy equipment market is segmented by product, portability, application, end users, and regions. By product, the market is segmented into oxygen source equipment and oxygen delivery devices. The oxygen source equipment segment is expected to lead the global market in 2017. The rising incidence of respiratory disorders and technical innovations in the field are key growth factors of this subsegment.
On the basis of portability, the market is classified into stationary devices and portable devices. Patients are mostly confined to their beds during treatment which drives the stationary oxygen therapy devices market and helps the segment hold the largest share of the market in 2017.
The oxygen therapy equipment market is segmented into chronic obstructive pulmonary disease (COPD), asthma, respiratory distress syndrome, cystic fibrosis, pneumonia, and other diseases/disorders, on the basis of applications. COPD accounts for the largest segment and is also the fastest growing application segment in the market. Cases of COPD are rising across the globe due to factors like the proliferation of tobacco smoking and increase in the geriatric population, which is in turn driving the growth of this segment.