Oxygen Therapy Market Share, Growth, Trends & Forecast to 2027

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Oxygen Therapy Market
Oxygen Therapy Market

The global Oxygen Therapy Market is expected to grow significantly over the forecast period of 2021 to 2027. The increasing prevalence of respiratory disorders such as COPD, asthma, and sleep apnea, coupled with a rising geriatric population, is expected to drive the market growth. Additionally, the growing demand for home healthcare services, technological advancements, and the increasing number of smokers worldwide are further fueling the market growth.

According to recent research, the Oxygen Therapy Market was valued at $8.2 billion in 2020 and is projected to reach $16.9 billion by 2027, with a CAGR of 10.4% during the forecast period.

The market is segmented by product, application, end-user, and geography. By product, the market is categorized into oxygen source equipment, oxygen delivery devices, and accessories. The oxygen source equipment segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period due to the high demand for oxygen concentrators, which are widely used in home care settings.

Based on application, the market is segmented into respiratory disorders, cardiovascular diseases, and others. The respiratory disorders segment accounted for the largest market share in 2020, attributed to the high prevalence of respiratory disorders globally. By end-user, the market is categorized into hospitals, home care settings, and ambulatory surgical centers.

The home care settings segment is expected to witness the highest growth during the forecast period due to the growing demand for home healthcare services and increasing patient preference for home-based oxygen therapy.

Due to the rising incidence of infectious and chronic illnesses and increased need for clinical diagnostics worldwide, the Clinical Diagnostic Market is expanding rapidly.

Geographically, North America dominated the market in 2020, followed by Europe, due to the high prevalence of respiratory disorders, well-established healthcare infrastructure, and technological advancements. However, the Asia Pacific region is expected to witness the highest growth during the forecast period due to the increasing healthcare expenditure, growing geriatric population, and rising prevalence of respiratory disorders.

In conclusion, the global Oxygen Therapy Market is expected to witness significant growth during the forecast period due to the increasing prevalence of respiratory disorders and the growing demand for home healthcare services. The market is highly competitive and fragmented, with the presence of several global and regional players. Key players in the market include Philips Healthcare, Invacare Corporation, Linde Group, Chart Industries, Inc., and Air Liquide.

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