Oxygen Therapy devices are functional mainly for people suffering from severe COPD or cystic fibrosis who suffer from chronically low oxygen levels in their body. Advantages of oxygen therapy also embrace amplified mental strength, aversion of heart breakdown, and an improved breathing pattern. The management and supply of supplementary oxygen have curved into a vital part in the supervision of abundant diseases. Furthermore, oxygen therapy is appropriate to copious diseases, for example, asthma, respiratory distress syndrome, and obstructive sleep apnea. Long-term oxygen treatments in patients suffering from chronic lung disease are supposed to boost the length and the eminence of life.
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Asia Pacific Oxygen Therapy Devices Market was worth USD 0.38 billion in 2018 and expected to be growing at a CAGR of 7.92%, to reach USD 0.56 billion by 2023.
Drivers and restraints:
The growth of the Asia-Pacific oxygen therapy market is primarily motivated by the increase in distinct respiratory diseases and the growing attentiveness among common population concerning personal health. The Asia-Pacific region is anticipated to tender a productive market in the future due to the rising elderly population who need home-based oxygen therapy. Furthermore, amplified application of oxygen supply is anticipated to further enhance the growth of the market.
The major restraints limiting the growth of Asia-Pacific oxygen therapy devices market are poor compensation and constantly changing regulations related to oxygen therapy devices.
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Partition of the Market:
The Asia-Pacific oxygen therapy devices market is partitioned according to product type, application and end user. With respect to 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 is expected to grow at 11% CAGR it is credited to the consolidation of this equipment in the broad variety of uses as the primary line of treatment. With respect to application, it is categorized into Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnoea, Respiratory Distress Syndrome, Cystic Fibrosis, and Pneumonia. Chronic obstructive pulmonary disease holds the largest share of the application section and it is estimated to grow profitably at a CAGR of over 10.5% over the next five years. With respect to end use it is classified into Home Healthcare and Hospitals). Home health care leads the end-use section.
Geographically oxygen therapy devices market is partitioned 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.
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Key players of the market:
The foremost companies leading 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.
Scope of the Report:
The report offers an extensive examination of the business by giving the estimations of market potential and gauges with most extreme granularity. Along this, the variables persuasive in affecting the market flow and patterns are examined in detail at the item level. Further, the execution of the market at the territorial and nation level is evaluated and the prospects with high development potential are distinguished and discussed.
The key players in the business are profiled giving bits of knowledge on their money related execution, advertise position and development techniques. Similar investigation on prime strategical exercises of the market players depicting the key advancements like mergers and acquisitions, coordinated efforts and an assessment of the focused condition inside the business are given. The report additionally offers an expansive standpoint of the market alongside proposals from industry specialists on the open doors for speculation action.
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