Oxygen Therapy Market is Growing Robustly with Phillips Respironics Inc. introduces new Phillips Respironics E30 ventilator to help COVID-19 patients

 

Oxygen therapy, also called supplementary oxygen, is the administration of oxygen to the body in order to assist with sustaining normal brain function during severe life-threatening emergencies. While normal hospitals can offer such services, a patient will need to be taken directly to the hospital that offers oxygen therapy services in their area. There are many benefits to this style of therapy, but first and foremost, it can save a person's life in the event of an emergency. For instance, those who have been involved in a car accident or suffered from a stroke may require supplemental oxygen in order to survive. In addition, those who are hyperventilating due to asthma may benefit from this treatment as well.

Growing prevalence of respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), and lung cancer is expected to drive growth of the global oxygen therapy market. According to the World Health Organization (WHO), in 2016, around 339 million people were suffering from asthma globally. According to the same source, in 2016, around 251 million people were suffering from COPD globally, while around 3.17 million people died due to the same. Such high prevalence of respiratory diseases has led to increasing adoption of oxygen therapy. Oxygen treatment increases the amount of oxygen that flows in the lungs and bloodstream. In COPD, getting more oxygen can help to breathe individuals better and live longer. Hence, such factors are expected to drive growth of the global oxygen therapy market. Furthermore, growing geriatric population and high prevalence of tobacco smoking are expected to propel the global oxygen therapy market growth in the near future.

However, the presence of low-cost alternatives by local manufacturers and strict regulatory framework in product approval is expected to hamper the global oxygen therapy market growth in the near future. Besides, growing emphasis by industry players on emerging markets and increasing use of telemedicine can present lucrative growth opportunities in the global oxygen therapy market. Among regions, North America is expected to witness significant in the global oxygen therapy market. This is owing to high investment in research and development activities across the region. Besides, rising popularity of hyperbaric oxygen therapy is expected to boost the regional market growth in the near future. Furthermore, Asia Pacific is expected to register a robust growth rate, owing to increasing commercialization of oxygen therapy in the region.

Key companies operating in the global oxygen therapy market are CareFusion Corporation, GE Healthcare, Teleflex Inc., Tecno-Gaz Industries, Hersill, Fisher & Paykel Healthcare Limited, Philips Respironics, Inc., and Allied Healthcare Products, Inc.

For instance, in April 2020, Philips Respironics, Inc. introduced a new Phillips Respironics E30 ventilator to help COVID-19 patients.