The global oxygen therapy equipment market is expected to reach USD 4.01 billion by 2022 from USD 2.65 billion in 2017, at a CAGR of 8.7 percent, estimates MarketsandMarkets. Factors such as increasing prevalence of respiratory disorders, rapid growth in the geriatric population, high prevalence of tobacco smoking, preference toward home-based oxygen therapy, and technological advancements are expected to drive the growth of this market.
The oxygen source equipment segment is expected to lead the global market in 2017. This is mainly attributed to rising incidence of respiratory disorders and technical innovations in the field. In terms of geography, the market is dominated by North America, followed by Europe. North America will continue to dominate the global market in the forecast period.
However, Asia-Pacific is expected to witness the highest CAGR, with the growth in this market centered at China, Japan, and India. Increasing investment in healthcare, increase in healthcare expenditure, growth in disposable incomes, and an increase in healthcare insurance coverage are some factors propelling market growth in the APAC region.