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Global Oxygen Therapy Market to Grow at a CAGR of 9.1% During 2021-2026, Aided by Rising Chronic Illnesses

According to a new report by EMR titled, ‘Global Oxygen Therapy Market Report and Forecast 2021-2026’, the market attained a value of about USD 11 billion in 2020. The industry is further expected to grow at a CAGR of 9.1% in the forecast period of 2021-2026 to reach a value of nearly USD 17 billion by 2026.

The rise of various respiratory chronic illnesses is increasing the demand for portable oxygen supplements, which can help the patients continue their normal lifestyle. The development of portable oxygen therapy, which can be transported easily and prevent the risk of injury, is aiding the market growth. Moreover, the introduction of low-maintenance and cost-effective oxygen concentrators, which can be afforded by all sections of society, is also augmenting the market growth. The Asia Pacific market is expected to grow robustly due to the rising prevalence of respiratory diseases, such as asthma and chronic obstructive pulmonary disease (COPD), especially among the geriatric population, which is also providing further impetus to the market growth. Moreover, the surging cases of advanced cancer also require supplement oxygen, which, in turn, is further fuelling the oxygen therapy industry.

Philips Respironics, Inc. (AMS: PHIA), one of the leading players, launched SimplyGo portable oxygen concentrator in May 2021 in the United Kingdom. The device offers users-triggered and continuous flow in a design weighing less than 5kg, making it useful in homecare. Moreover, the product is optimised to serve the needs of patients affected by conditions, such as chronic obstructive pulmonary disease and chronic respiratory failure. In addition, it also comes with accessories, such as a functional carrying case, fold-up mobile cart, and detachable bag. The oxygen concentrator gives patients a choice to select the best-fitted solution to help them in the observance of their oxygen therapy while still being in harmony with their lifestyles. Such developments are expected to propel the market growth in the forecast period.

Market Analysis by Product, Application, End Use, and Region:

  • The market, on the basis of product, can be divided into oxygen source equipment and oxygen delivery devices.
  • Based on applications, the industry can be divided into chronic obstructive pulmonary disease, asthma, obstructive sleep apnea, respiratory distress syndrome, cystic fibrosis, and others.
  • The end uses for oxygen therapy include home healthcare and hospitals.
  • The regional markets for oxygen therapy include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising cases of chronic obstructive pulmonary disease (COPD) and asthma due to increasing pollution levels and tobacco smoking are augmenting the market growth. 
  • The market is being aided by the introduction of favourable government policies and incentives to treat chronic illness.
  • The surge of COVID-19 has led to pneumonia and an increase in the demand for oxygen supplements, which is also aiding the market growth.
  • Technological advancements, innovations, and increasing research and development (R&D) activities are propelling the growth of the oxygen therapy industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global oxygen therapy market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the products, applications, end uses, and regions of oxygen therapy.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for oxygen therapy are Hersill S.L., Philips Respironics, Inc., DeVilbiss Healthcare LLC, Smiths Medical, and Teleflex Incorporated, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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