Asia Pacific Market By Oxygen Therapy Market Analysis By Product (Oxygen Source Equipment, Cylinders, Concentrators, Liquid Oxygen Devices, PAP, Oxygen Delivery Device, Masks, Nasal Cannula, Venturi Mask, Non-Rebreather Mask, Bag Valve, CPAP), By Application (Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnoea, Respiratory Distress Syndrome, Cystic Fibrosis, Pneumonia), By End-use (Home Healthcare, Hospitals), And By Region – Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2017 To 2021)
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Asia Pacific Oxygen Therapy Devices Market was worth USD 0.34 billion in 2016 and estimated to be growing at a CAGR of 7.92%, to reach USD 0.49 billion by 2021. Oxygen therapy involves administering oxygen through an external device.
Oxygen Therapy devices are useful specially for people suffering from severe COPD or cystic fibrosis who suffer from chronically low oxygen levels in their body. Advantages of oxygen therapy also include increased mental stamina, aversion of heart failure, and an enhanced breathing pattern.
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The administration and supply of supplementary oxygen have turned into an indispensable part in the management of numerous diseases. Furthermore, oxygen therapy is applicable to numerous diseases, for example, asthma, respiratory distress syndrome, and obstructive sleep apnoea.
Long-term oxygen treatments in patients suffering from chronic lung disease are believed to enhance the length and the quality of life.
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The growth of the Asia-Pacific oxygen therapy market is mainly driven by the rise in different respiratory diseases and the increasing awareness among general population regarding personal health. The Asia-Pacific region is expected to offer a lucrative market in the future due to the increasing elderly population who require home-based oxygen therapy.
Furthermore, increasing application of oxygen supply is expected to further boost the growth of the market. Be that as it may, poor compensation and constantly changing regulations related to oxygen therapy devices are expected to hamper the growth of the Asia-Pacific oxygen therapy devices market in near future.
Despite the fact that the Asia-Pacific oxygen therapy devices market is expecting hindrances due to a couple of restrictions, it will discover new development opportunities in growing economies. Furthermore, government's initiative towards improving respiratory care and an increase in government funding for the introduction of new medical devices are predicted to profit the Asia-pacific oxygen therapy devices market.
The Asia-Pacific oxygen therapy devices market is segmented into product type, application and end user. On the basis of product, it is segmented into Oxygen Source Equipment, Cylinders, Concentrators, Liquid Oxygen Devices, PAP, Oxygen Delivery Device, Masks, Nasal Cannula, Venturi Mask, Non-Rebreather Mask, Bag Valve and CPAP.
Oxygen source equipment are expected to grow at 11% CAGR It is attributed to the consolidation of this equipment in the extensive variety of uses as the first line of treatment. On the basis of application, it is segmented into Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnoea, Respiratory Distress Syndrome, Cystic Fibrosis, Pneumonia.
Chronic obstructive pulmonary disease holds the largest share of the application segment and it is anticipated to grow lucratively at a CAGR of over 10.5% over the next five years. This is due to increasing popularity of supplemental administration in conjunction with first line treatments available for COPD.
Moreover, this treatment includes faster response rates, reliability and portability, and above all improves chances of survival. On the basis of end use it is segmented into Home Healthcare and Hospitals).
Home health care dominates the end-use segment, owing to the rise in elderly population coupled with increasing number of patients with low mobility and long-term care requirement in conditions such as Alzheimer’s disease.
The Asia-Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. 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 increasing 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.
This market is extremely disjointed with numerous big and developing players operating in the business. The major companies dominating the oxygen therapy devices market in this region are Respironics Inc.
(a Philips company), Teleflex Incorporated, AirSep Corporation, DeVilbiss Healthcare, ResMed, Inc, Fisher & Paykel Healthcare Limited, Invacare Corporation.
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