High Flow Oxygen Therapy Devices Market Value to Reach US$ 1.4 Bn by 2031: TMR Study

PRESS RELEASE
Published March 7, 2023

WILMINGTON, DE / ACCESSWIRE / March 7, 2023 / Transparency Market Research Inc. - As per a Transparency Market Research study, the High Flow Oxygen Therapy Devices Market was valued at US$ 1.7 Bn in 2022.

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High-flow oxygen therapy devices are used to deliver supplemental oxygen to a patient to improve the humidity and flow of the oxygen. The therapy is used in patients suffering from acute respiratory distress syndrome, bronchial asthma, and other lung diseases. Hospitals and specialty centers are some of the end-users that use high-flow oxygen devices.

New high-flow oxygen therapy device launches are helping well-established market players in gaining an edge over other players and in generating new revenue streams.

In August 2021, ResMed announced the launch of a new, next-generation positive airway pressure device suitable for use in therapy for managing obstructive sleep apnea.

Additionally, leading market players are collaborating with other players to expand their presence and increase revenue share. The rise in chronic respiratory diseases worldwide is likely to help manufacturers improve their production capabilities to meet customer requirements.

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Key Findings of Market Study

  • A surge in the Prevalence of Chronic Respiratory Diseases Worldwide: There has been a rise in the prevalence of chronic respiratory diseases worldwide in the last few years. The key factor contributing to the increase in the prevalence of chronic respiratory disorders is the surge in use of biomass fuels such as dung and wood for cooking and heating in developing economies. As a result, the demand for high-flow oxygen devices is on the rise and helps fuel market growth.
  • Rise in Prevalence of Lung Cancer: In terms of application, the global market has been segmented into lung cancer, chronic obstructive pulmonary disease, asthma, heart failure, and others. Lung cancer is estimated to account for the dominant market share during the forecast period. A rise in the number of deaths, led by the increase in the prevalence of lung cancer worldwide, is likely to drive the segment. Additionally, advancements in treatment methods such as immunotherapy and targeted therapy are also anticipated to bolster market development in the future.
  • Increase in Demand for Accessory Products: Based on product type, the global market has been segmented into portable devices, standalone devices, and accessories. The accessories segment accounted for the dominant market share in 2022. An increase in demand for different accessories such as high-flow face masks, respiratory humidifiers, and high-flow nasal cannulas from patients suffering from different respiratory diseases is helping the growth of the segment.
  • Coronavirus Pandemic Fuels Growth in Global Market: The outbreak of the coronavirus pandemic impacted several industries; the pandemic outbreak fueled growth in the global high-flow oxygen therapy devices market. Symptoms such as pneumonia and low blood oxygen levels led to the risk of contracting ARF in patients, thus driving product demand and helping in business growth.

High Flow Oxygen Therapy Devices Market-Key Drivers

  • Technological advancements such as the development of hybrid products that are portable and consumer-friendly are likely to help drive the global market during the forecast period.

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High Flow Oxygen Therapy Devices Market-Regional Insights

  • The market in North America accounted for the dominant share in 2022 and the trend is likely to continue during the forecast period. The increase in the prevalence of chronic diseases and the presence of prominent players in countries such as the U.S. and Canada drive the market in the region. Additionally, developed healthcare infrastructure is projected to help increase the adoption of high-flow oxygen devices and thereby assist industry growth.
  • The market in Asia Pacific is anticipated to witness strong growth during the forecast period due to an increase in the geriatric population and surge in the patient population suffering from different respiratory diseases in countries such as India and China. Prominent market players are likely to establish high-flow oxygen therapy device production units and R&D centers due to easy availability of land and labor.

High Flow Oxygen Therapy Devices Market-Key Players

The global market is fragmented and comprises several international and local players. New players entering the market are likely to intensify the competition during the forecast period.

Prominent companies are investing significantly in R&D activities to manufacture new devices which meet customer needs. A rise in demand for improved products is likely to help create business opportunities for leading players in the next few years.

A few key players in the market include

  • GE Healthcare,
  • BMC Medical,
  • Hamilton Medical,
  • Linde Healthcare, and ResMed

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The global market has been segmented as follows:

Product Type

  • Portable Devices
  • Standalone Devices
  • Accessories

By Application

  • Lung Cancer
  • COPD
  • Asthma
  • Heart Failure
  • Other

Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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