The size of the Oxygen Therapy Market in the Asia Pacific was worth USD 0.41 billion in 2022 and is estimated to be growing at a CAGR of 7.92% to reach USD 0.60 billion by 2027. Oxygen therapy involves administering oxygen through an external device.
Factors such as increasing population, increased ratio of the elderly population, increased awareness in public about the detection of diseases and treatment, increased chronic illness like cancer, diabetes, cardiovascular diseases, and brain disorders, increased number of surgeries increase the market growth. Increased healthcare and spending due to improved healthcare economy, technological advancements and rise in research-based activities, rise in awareness on healthy lifestyles in public, and awareness in people about various oxygen therapy devices fuels up market growth.
Government initiatives on releasing funds to various hospitals, clinics, diagnostic centers while providing oxygen cylinders and necessary devices will also increase market size. Government initiatives in creating awareness of different oxygen therapy devices and other medical devices increase market value. Increased healthcare plans and schemes, reimbursement plans for various health checkups fuel up a market size. Major key players, investors, and manufacturers in this market are another primary market driver.
However, market drivers are boosting upmarket growth; the market growth hampering factors restricted market growth and are listed below. High costs associated with these devices are a back point for this market. Maintenance of these devices is also of huge tasks, and hence a lot of labor and skilled workers are needed for this market. Lack of experienced staff and workers will harm this market. The stringent regulations by approval authorities for the medical devices hamper the market growth and impact manufacturers, retailers, and end-users.
This research report has been segmented & sub-segmented into the following categories:
Regionally, Asia-Pacific is expected to be the most promising region for oxygen therapy devices and is stated to witness exponential growth in the coming years. Factors such as large elderly population, increasing economic growth, rapidly growing awareness among individuals regarding personal wellbeing, government-based initiatives promoting oxygen therapy devices, and better health care facilities are the key reasons boosting the market in developing countries such as India and China.
Asia Pacific market is estimated to grow in this forecast period. Factors such as increased population growth, increased elderly population, rise in infectious diseases, rise in chronic illness like cancers, diabetes, cardiovascular diseases, brain disorders increase the market growth. India and China are the most populated regions in Asia pacific. China is also the place with the highest viral disease spread rate.
The most promising companies dominating the APAC Oxygen Therapy Market are Chart Industries Inc., Invacare Corporation, Becton, Dickinson and Company, Smiths Medical, Teleflex Incorporated, Inogen, Inc., DeVilbiss Healthcare, Essex Industries, Inc., Allied Healthcare Products Inc., and Respan Products Inc.
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