Oxygen Therapy Market to Expand as Industrial Poisoning Becomes a Worldwide Issue
The demand within the global oxygen therapy devices market is projected to increase as improved medical procedures make their way into the healthcare industry. Towards the end of last year, a group of high-school students became victims of gas poisoning across a large building in Suwon. The absence of proper medical equipment for oxygen therapy became a matter of regional outrage. In this review, Transparency Market Research (TMR) looks into the stellar need for inducting oxygen therapy chambers across regions, and its successive impact on market growth.
Administration of hyperbaric oxygen therapy has become a key concern for the medical fraternity. Regional governments have taken multiple initiatives to improve hyperbaric therapy units in their administrative territories. Hamad Medical Corporation (HMC) recently joined the league of companies that provide services in trauma and emergency care. The company has brought hyperbaric oxygen therapy to Qatar, and is expected to gain a large consumer base in the local market.
Seoul Metropolitan Area is set to welcome its first multi-person hyperbaric oxygen therpay chamber. The government in the region resorted to open bidding to transfer the rights for establishing a hyperbaric oxygen therapy chamber. Myongji Hospitals has been selected to initiate the installation of this chamber. The chamber could help patients suffering from burns, gas embolism, and brain abscess. Such developments offer pragmatic cues to individuals and entities looking to invest in the global oxygen therapy devices market.
Transparency Market Research (TMR) finds that the global oxygen therapy devices market would expand at a CAGR of 5.70% over the period between 2014 and 2020. The global oxygen therapy devices market shall touch a value of US$2.8 bn by 2020, rising up from a value of US$1.9 bn in 2013.
Relevance of Oxygen Therapy in Healthcare
The use of oxygen therapy is a part of multiple medical treatments, and this factor has played an integral role in market growth. Fluctuating blood pressure, cardiovascular problems, and irregular breathing are some of the conditions that treated with the help of oxygen therapy. The rising incidence of the aforementioned conditions could, therefore, drive demand within the global market. Low oxygen level in the blood can have an adverse impact on the health of humans. For this reason, the medical fraternity pays optimal focus on improving oxygen therapy procedures.
Threats of Toxicity across Industrial Setups to Drive Market Demand
The industrial sector, especially in the domain of chemical engineering, is highly vulnerable to the incidence of poisonous gas leaks. This factor, coupled with the sophisticated nature of the healthcare fraternity, has played an integral role in market growth. Moreover, inadequate supply of oxygen can be a a cause of severe headaches. This has led the medical fraternity to take extra care in dealing with patients suffering from chronic headache. The need to administer anaesthetics in patients has also generated huge-scale demand within the global market.
Mayo Clinic provides key insights on administration of oxygen therapy, and this factor has played an integral role in market growth. Moreover, oxygen therapy is believed to accelerate the process of healing, whilst also fighting minor infections. The next decade would be crucial from the perspective of market growth. Government investments toward the development of oxygen therapy devices are also expected to increase in the years to follow.
Some of the leading players operating in the global oxygen therapy devices market are ResMed, Teleflex Incorporated,Smiths Medical, CareFusion Corporation, and Invacare Corporation.
The review is based on TMR’s report titled, “Oxygen Therapy Devices Market (Product Type - Oxygen Source Equipment and Oxygen Delivery Devices; Application - Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnea, Respiratory Distress Syndrome, Cystic Fibrosis, and Pneumonia) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”.
The global oxygen therapy devices market is segmented by:
- Oxygen Source Equipment
- Oxygen Cylinders
- Oxygen Concentrators
- Liquid Oxygen Devices
- Oxygen Delivery Devices
- Simple Oxygen Mask
- Nasal Cannula
- Venturi Mask
- Non-rebreather Mask
- Bag Valve mask
- CPAP Mask
- Chronic Obstructive Pulmonary Disease (COPD)
- Obstructive Sleep Apnea
- Respiratory Distress Syndrome (RDS)
- Cystic Fibrosis
- North America
- Asia Pacific
- Rest of the World (RoW)
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