The global oxygen therapy equipment market is expected to reach USD $4.01 billion by 2022, at a CAGR of 8.7% from 2017 to 2022, according to a new market report by Reportbuyer.
According to the report, the major factors driving this market are the rising incidence of respiratory disorders, growing geriatric population, high proportion of tobacco smoking, inclination towards home-based oxygen therapy, and technical innovations.
Key findings of the report include:
- Oxygen source equipment to register the highest CAGR during the forecast period
- The oxygen therapy equipment market is classified on the basis of products into oxygen source equipment and oxygen delivery devices.
- The oxygen source equipment segment is expected to grow at a higher rate during the forecast period. This is attributed to the industry players developing innovative products which are small, quiet, and effective leading to higher acceptance from consumers.
- Home care settings to dominate the oxygen therapy equipment market during the forecast period
- APAC is estimated to be the fastest growing regional segment in the global oxygen therapy market during the forecast period
The growth of this market is hindered to some extent due to the accessibility of low-cost alternates by local manufacturers, strict regulatory guidelines causing delays in product approvals, and Medicare reimbursement rate cuts for home oxygen therapy in the US, according to the report.