LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global oxygen therapy devices market to grow at a CAGR of close to 11% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global oxygen therapy devices market for 2017-2021. The report also lists oxygen therapy equipment and oxygen therapy consumables as the two major product segments of which the oxygen therapy equipment segment accounted for 58% of the market share in 2016.
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Technavio healthcare and life sciences analysts highlight the following three market drivers that are contributing to the growth of the global oxygen therapy devices market:
- Marketing strategies of vendors
- Increasing prevalence of respiratory disorders
- Growing inclination toward home healthcare
Marketing strategies of vendors
Global vendors in the global oxygen therapy devices market are implementing innovative marketing strategies such as offering continual awareness and application training to healthcare professionals and organizing their sales teams around the physician specialties. This helps them create strong relationships with physicians and other end-users, which enhances their ability to cross-sell complementary products.
Companies like Philips Respironics organize promotional activities to educate their end-users about their products. Companies like Chart Industries are focusing on attracting the home oxygen therapy (HOT) consumers by offering them attractive loans and monthly installment schemes. These innovative strategies will drive the global oxygen therapy devices market during the forecast period.
Increasing prevalence of respiratory disorders
It is estimated that nearly two billion people will be aged 60 years or over by 2050, and this growing number is expected to increase the demand for oxygen therapy devices in the market. The prevalence of chronic lung disorders such as COPD and pneumonia is high among the elderly population as the strength of the respiratory muscle decreases with progressing age.
According to Barath Palada, a lead analyst at Technavio for medical devices research, “Moreover, there has been an increase in the incidence of chronic disorders among the global population owing to changes in lifestyle and rise in environmental pollution which has led to a spike in the incidence of COPD, asthma, and other respiratory diseases. All these factors will lead to an increased demand for oxygen therapy, during the forecast period."
By 2030, air pollution and airborne allergens in the US are projected to increase, worsening the asthma scenario. Also, emerging countries in APAC, Eastern Europe, and Latin America with high air pollution show strong potential for the growth of oxygen therapy devices market.
Growing inclination toward home healthcare
The healthcare industry has witnessed a paradigm shift in the last decade with more and more patients opting for home healthcare over hospital care. Modern medicine and improvement in healthcare services have helped improve patient outcome and reduce healthcare expenditure by allowing many people with chronic diseases to receive home-based medical care.
“HOT devices are suitable for people with mild to moderate respiratory disorders like COPD and asthma,” says Barath.
Global vendors like Philips Respironics and emerging vendors like GCE Healthcare are also focusing on launching portable oxygen concentrators for HOT. Also, companies like Inogen are also strategizing to maximize their revenue from the HOT market by strengthening their direct to consumer sales and rentals. Therefore, this emerging trend is expected to have a positive effect on the growth of the market.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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