Oxygen
is a colorless and odorless gas necessary for the body to survive.
Oxygen therapy is a process to supply oxygen to patients who, due to
breathing disorders, are unable to get enough oxygen supply for their
body naturally. People who receive oxygen therapy often show improved
energy levels and sleep, and better quality of life. Oxygen therapy can
be exceptionally beneficial for those who experience low oxygen levels
frequently. Regular utilization of oxygen therapy can further allow
people to be mobile and active by lowering the breathing disorder. It
extends life expectancy remarkably and improves the quality of life.
Adoption of innovative technologies in
medical devices, rise in government expenditure in health care domain,
and increase in investment by companies manufacturing homecare products
are likely to boost the growth of the global consumer oxygen equipment
market during the forecast period. However, high product costs and
stringent FDA regulations pertaining to medical devices are some of the
factors which could restrain the growth of the global consumer oxygen
equipment market during the forecast period.
The global consumer oxygen equipment
market is segmented by product and end-user. Based on the product
segmentation, the global consumer oxygen equipment market is classified
into ambulatory devices and oxygen concentrators. The ambulatory devices
involve liquid oxygen system and compressed gas system. The oxygen
concentrators are basically devices which consist continuous flow oxygen
concentrators and pulse dose oxygen concentrators. In terms of revenue,
the oxygen concentrators segment dominated the consumer oxygen
equipment market in 2015 owing to improved esthetics and extra safety
features. The segment is expected to continue its dominance in the
market by 2024 due to increasing technological developments in the
lighter & portable oxygen devices, suitable for use at shopping
complexes, airports, offices, and in flights. Continuous flow technology
dominated the consumer oxygen equipment market in 2015. Pulse dose
technology provides patients with improved technology, high mobility,
ease of use, and increased efficiency. The technology is much reliable
and safer than continuous flow technology, which is the reason the
segment is expected to dominate the market over continuous flow
technology by 2024.
Based on the end-user segmentation, the
global consumer oxygen equipment market involves hospitals, homecare
settings, ambulatory surgical centers, and others. Growing geriatric
population, coupled with rising number of long-term oxygen therapy
(LTOT) patients, drives the requirement for homecare settings.
Therefore, the homecare settings segment is expected to grow in the
consumer oxygen equipment market rapidly. In severe cases, doctors
mostly recommend for oxygen therapies with home oxygen concentrators.
Moreover, equipment features such as low maintenance,
cost-effectiveness, and provision for intact oxygen supply to patients
are driving the homecare settings segment in the market during the
forecast period.
Geographically, the consumer oxygen
equipment market has been classified into North America, Europe, Asia
Pacific, Latin America, and Middle East & Africa. North America held
a large share in the global consumer oxygen equipment market in 2015,
which is attributed to the rise in number of COPD patients in the
region. The pressure to produce portable, lighter & cheaper
equipment which can be used while traveling abroad in turn increased the
demand for the consumer oxygen equipment market in North America.
Evolution of health insurance system in Europe is expected to contribute
considerably to the potential and attractiveness of the Europe consumer
oxygen equipment market. The consumer oxygen equipment demand in the
U.K. is being driven by the rising levels of smoking. Asia Pacific is
considered to be a fast growing region for the consumer oxygen equipment
market. Key factors driving the growth in the region include rise in
preference for home treatment, high prevalence of respiratory disorders,
and improvement in health care system.
Major players contributing in the global
consumer oxygen equipment market are Inova Labs, Inc., Koninklijke
Philips N.V., Chart Industries, DeVilbiss Healthcare, Inogen, Invacare
Corporation, SeQual, Nidek Medical Products, Inc., Providence Medical,
CAIRE Inc., VORTRAN Medical Technology, and Percussionaire Corp.
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