Rapidly Increasing Prevalence of Chronic Respiratory Diseases |...

Rapidly Increasing Prevalence of Chronic Respiratory Diseases

Posté 2023-12-12 12:03:03

1KB

The oxygen therapy market is estimated to be valued at US$ 36.75 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:

Strength:
- – Growing aging population suffering from chronic respiratory diseases drives the demand.
- – High adoption of home-based oxygen therapy over hospital-based treatment.
- – Technological advancements in oxygen delivery devices enhancing portability.
Weakness:
- – High costs associated with oxygen therapy systems limits the adoption in developing regions.
- – Lack of awareness about oxygen therapy in rural areas.
Opportunity:
- – Untapped growth opportunities in emerging markets of Asia Pacific and Middle East & Africa.
- – Increasing insurance coverage and reimbursement policies favoring the market growth.
Threats:
- – Competition from alternative therapies such as portable ventilators and concentrators.
- – Stringent regulatory approvals for new product launches.

Key Takeaways:

The Global Oxygen Therapy Market Growth is expected to witness high, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of chronic respiratory diseases such as COPD and asthma. As per recent estimates, COPD affects over 329 million people globally and is the third leading cause of death. Thus, growing COPD burden will significantly drive the oxygen therapy adoption during the forecast period.

Regional analysis:

North America currently dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to growing geriatric population, high healthcare spending, and presence of major players in the region. However, Asia Pacific market is expected to grow at fastest CAGR supported by increasing healthcare investments, rising medical tourism, and growing patient awareness.

Key players:

Key players operating in the oxygen therapy market are GE Healthcare,,Invacare Corporation,,Inogen,,IUC Medical (Smiths Medical),,HERSILL S.L.,,Fisher & Paykel Healthcare Limited,,Philips Respironics, Inc.,,DeVilbiss Healthcare,,Tecno-Gaz Industries,,Allied Healthcare Products, Inc.,,Teleflex Incorporated,,Chart Industries,,ResMedDrägerwerk AG & Co. KGaALinde,,CAIRE. Major players are focusing on new product launches and enhancing their global presence through mergers & acquisitions to strengthen their market share.

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