North America &Europe Oxygen Therapy Market To Expand With Increasing Incidences of Pneumonia to Drive Market Growth By A CAGR of 7.60% Throughout 2021-2028
Research Nester has released a report titled “North America & Europe Oxygen Therapy Market – Regional Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
In comparison to other infectious diseases, pneumonia killsa large number of children, states UNICEF.
Respiratory diseases such as pneumonia is a dangerous disease that has taken lives of numerous people over the years. Increasing global concern for the risk of such diseases is raising the need amongst the nations, especially the high-income countries, such as the US and Germany, to increasingly invest on minimizing and managing the risks of such diseases effectively. Additionally, the surge in the demand for respiratory support systems, such as oxygen cylinders on the back of the growing prevalence of pneumonia and other respiratory diseases, such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and others, has raised the need for oxygen therapy treatments, which in turn is anticipated to drive the growth of the market.
The North America & Europe oxygen therapy market is anticipated to achieve a CAGR of 7.60% during the forecast period, i.e. 2021-2028. The market is thriving on account of the rising awareness among the medical community regarding development of products for early treatment, the development of technologically advanced oxygen therapy devices, technological innovations, growing demand for various respiratory care medical devices across the region, backed by the increasing prevalence of the respiratory diseases, changing government initiatives to improve the availability and access to medical resources, and the increasing collaboration between the manufacturers and healthcare providers.
The oxygen therapy market in North America is primarily driven by the U.S. on account of the rising adoption of innovative oxygen therapy technologies that helps to improve the overall quality of life and is expected to grow at a CAGR of 7.95% over the forecast period. Additionally, factors such as the increasing demand for oxygen therapy from nations such as Germany, UK, France & Italy are anticipated to drive the oxygen therapy market in Europe.
The North America & Europe oxygen therapy market is segmented by product into oxygen source equipment, oxygen delivery devices and hyperbaric oxygen therapy chamber. Among these segments, the oxygen source equipment segment, which registered the largest market share of 67.97% in the year 2018, is expected to grow at a CAGR of 7.36% over the forecast period backed by the increasing need to address the challenges associated with oxygen therapy. Oxygen concentrators are used for the provision of long-term oxygen therapy to the patients suffering from pulmonary disorders such as chronic obstructive pulmonary disease (COPD).
However, concerns for the stringent regulatory policies that retains limited number of players and also creates hindrances for new entrants into the market are anticipated to hinder the growth of the North America & Europe oxygen therapy market.
This report also studies existing competitive scenario of some of the key players of the North America & Europe oxygen therapy market, which includes profiling of Koninklijke Philips (AMS: PHIA), Becton, Dickinson & Company (NYSE: BDX), Smiths Medical, Teleflex Incorporated (NYSE: TFX), GE Healthcare (NYSE: GE), Allied Healthcare Products (NASDAQ: AHPI), Fisher & Paykel Healthcare Limited (NZE: FPH), Hersill S.L, and Devilbiss Healthcare LLC.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “North America & Europe Oxygen Therapy Market – Regional Demand Analysis & Opportunity Outlook 2028”, analyses the overall North America & Europe oxygen therapy industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the North America & Europe oxygen therapy market in the near future.