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North America Europe Oxygen Therapy Market Share, Growth, Size, Opportunities, Global Top Countries and Forecast Report 2022-2031

Kenneth Research added a report on North America Europe Oxygen Therapy Market market into the repository of market research reports. The report includes in-depth analysis on the growth drivers, expansion opportunities, restraints and challenges and the recent trends in the market. The market is anticipated to grow at a CAGR of 7.60% during the forecast period, i.e., 2022-2031.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for North America Europe Oxygen Therapy Market products.

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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.

North America & Europe Oxygen Therapy Market Analysis Throughout 2021-2028

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Oxygen therapy market comprises of products that are used to contain and deliver specific concentration of oxygen to the respiratory system of a patient with compromised respiratory function or to help with wound healing and other applications that require additional supply of oxygen. The North America & Europe oxygen therapy market is anticipated to achieve a CAGR of 7.60% during the forecast period, i.e. 2021-2028.

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Factors such as the development of technologically advanced oxygen therapy devices, rising awareness among the medical community regarding development of products for early treatment, technological innovations, changing government initiatives to improve the availability and access to medical resources, growing demand for various respiratory care medical devices across the region, and the increasing collaboration between the manufacturers and healthcare providers are anticipated to promote towards the growth of the North America & Europe oxygen therapy market. Additionally, factors such as the increasing global concern for the risk of respiratory diseases, such as pneumonia, Chronic Obstructive Pulmonary Disease (COPD), asthma, and others, that has raised the need for oxygen therapy treatments, is anticipated to drive the growth of the North America & Europe oxygen therapy market.

The North America & Europe oxygen therapy market consists of various segments that are segmented by product, indication, portability, distribution channel, end-user, and by countries. The indication segment is further sub-segmented into chronic obstructive pulmonary disease, asthma, cystic fibrosis, pneumonia, respiratory distress syndrome, obstructive sleep apnea and others. Out of these, the asthma segment, which registered a value of around USD 894 million in the year 2018 is anticipated to grow at a CAGR of around 8% during the forecast period. Asthma is considered as the most common respiratory disease among children. As per the American Academy of Allergy Asthma & Immunology, an estimated 8.3% of children were suffering from Asthma in United States in the year 2016. This factor is projected to raise the demand for oxygen therapy equipment from the end users in the upcoming years.

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Some of the prominent industry leaders in the North America & Europe oxygen therapy market are Koninklijke Philips, Becton, Dickinson & Company, Smiths Medical, Teleflex Incorporated, GE Healthcare, Allied Healthcare Products, Fisher & Paykel Healthcare Limited, Hersill S.L, and Devilbiss Healthcare LLC.

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