The global market for oxygen therapy equipment grew 7.7% from 2012 to 2017, surging to $2.23 billion, according to a new report by ResearchAndMarkets.com. What’s more, the market is slated to experience even more growth from 2017 to 2022, growing at a compound annual growth rate of 9.17%, due to increasing urbanization and rising levels of air pollution.
The segment of oxygen concentrators has developed at a noteworthy rate since its institution in the medical industry, ResearchAndMarkets.com officials say. Further, considering the growing levels of air pollution—particularly in developing countries such as China, India, and Brazil—incidences of COPD, acute asthma, and other inveterate respiratory diseases has been on the rise.
On a regional basis, North America accounted for the largest share of the global oxygen therapy equipment market in 2016. Still, emerging nations in the Asia Pacific, including China and India, displayed a lot of potential—with the Asia Pacific anticipated to be one of the fastest-growing regions in the forecast period.
Key factors driving the robust growth of the global market for oxygen therapy equipment in the Asia-Pacific region include precarious levels of air pollution, the increase in per capita expenditures on healthcare, as well as the large patient pool. Fortunately, in recent years, medical device manufacturers have dedicated themselves to developing oxygen therapy solutions that can provide medical-grade oxygen with high efficiency while ensuring maximum comfort to the patients.