The 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%. Growing incidence of respiratory diseases, growth in the elderly population, preference towards home-based oxygen therapy, and technological innovations are driving the growth of this market.
The oxygen therapy equipment market is consolidated in nature due to the presence of a large number of players. The key players in the market are Philips Healthcare (Netherlands), Linde Healthcare (Germany), Chart Industries, Inc. (U.S.), Invacare Corporation (U.S.), Becton, Dickinson and Company (U.S.), Smiths Medical (U.S.), Drägerwerk AG & Co. KGaA (Germany), Teleflex Incorporated (U.S.), Fisher & Paykel Healthcare Corporation Limited (New Zealand), Taiyo Nippon Sanso Corporation (Japan), Inogen, Inc. (U.S.), Heinen + Löwenstein GmbH & Co. KG (Germany), DeVilbiss Healthcare (U.S.), Essex Industries, Inc. (U.S.), HERSILL, S.L. (Spain), Weinmann Emergency Medical Technology GmbH + Co. KG (Germany), Messer Medical Austria GmbH (Germany), TECNO-GAZ S.p.A (Italy), HUM - Gesellschaft für Homecare und Medizintechnik mbH (Germany), medicap homecare GmbH (Germany), GCE Holding AB (Sweden), Allied Healthcare Products Inc. (U.S.), Medicop D.O.O. (Slovenia), Andreas Fahl Medizintechnik-Vertriebs GmbH (Germany), and Respan Products Inc. (Canada).
The key strategy followed by most companies in the oxygen therapy equipment market are product launches. This strategy accounted for the largest share of the overall growth strategies mapped from 2015 to 2017. Some of the leading players that adopted this strategy include Philips Healthcare (Netherlands), Linde Healthcare (Germany), Becton, Dickinson and Company (U.S.), Chart Industries, Inc. (U.S.), Invacare Corporation (U.S.), Inogen, Inc. (U.S.), and Fisher & Paykel Healthcare Corporation Limited (New Zealand).
Philips Healthcare (Netherlands) dominated the oxygen therapy equipment market in 2017. The company provides oxygen therapy devices through its Sleep and Respiratory Care business area. Philips Healthcare derives a majority of its revenue from the North American market. The company focuses on providing sophisticated products like oxygen concentrators, liquid oxygen devices, and oxygen cylinders. It is also looking at broadening its product offerings in the market via product launches. In 2016, Philips Healthcare, a market leader providing oxygen therapy equipment, developed Respironics EverGo, a portable oxygen concentrator which does not require refill or tank replacement. This enhances patient comfort as the patient does not have to depend on external parties for consumables.
Linde Healthcare (Germany) accounted for the second-largest share of the oxygen therapy equipment market in 2017. Linde Healthcare provides liquid oxygen containers for hospital use and oxygen concentrators, oxygen cylinders, and liquid oxygen devices for home care patients. In order to further strengthen its position in the market, the company acquired companies in North America and China, and expanded its operations in North America. Linde also focuses on product launches, for example, in May 2016, Linde India launched LIV, a light medical oxygen cylinder with a built-in regulator; this equipment is suitable for continuous oxygen therapy as well as home-based oxygen therapy.
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