According to the latest report published by Credence Research, Inc. “Topical Oxygen Therapy Market By Product (Single Use Topical Oxygen System, Single Use Adhesive Patch System, Reusable Topical Oxygen System, Transdermal Continuous Oxygen Therapy), By Application (Chronic Wounds, Acute Wounds) – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the worldwide market for topical oxygen therapy is expected to achieve US$ 280.1 million by 2026, increasing to CAGR by 3.5 per cent from 2018 to 2026.
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The market for topical oxygen therapy is expected to achieve US$ 280.1 million by 2026 for a CAGR of 3.5 per cent during the forecast period from 2018 to 2026. The increasing incidence of chronic wounds, particularly in the geriatric population suffering from diabetes, is one of the main issues. Oxygen therapy systems have developed over time and have proved essential in the treatment of peripheral arterial occlusive illness (PAOD) and diabetic foot ulcers. At present, the single-use topical oxygen system is the biggest revenue-generating segment due to the low danger of cross-contamination, user-friendly design and the accessibility of vast alternatives for application-based selection. The single-use adhesive patch system is the fastest increasing segment of the product owing to mobile use, elevated patient compatibility, enhanced effectiveness and no contamination.
According to the World Alliance for Wound and Lymphedema Care (WAWLS), between five and seven million chronic and/or complicated injuries happen every year in North America. Pressure ulcers (21%), leg / foot (28%) and surgery / trauma (48%) were prevalent injuries.
The worldwide market for topical oxygen therapy is segmented into products and applications. The products investigated in this study are sub-segmented into a single-use topical oxygen system, a single-use adhesive patch system, a reusable topical oxygen system and a transdermal continuous oxygen therapy system. In addition, the applications studied in this study are bifurcated into chronic and acute injuries; additionally, chronic wounds are sub-segmented into diabetic ulcers, venous ulcers and pressure ulcers. Acute wounds are sub-segmented into post-amputation, burn care, post-surgical, skin grafting, and trauma wounds. Increased incidence of chronic wounds would further increase the market for topical oxygen therapy.
Geographically, Asia Pacific is the fastest growing market and North America held the largest stake in terms of revenue in 2017 and projected to remain stable during the forecast period from 2018 to 2026 due to the growing occurrence of chronic wounds & diabetic patients, and the domicile of major market players. As per the American Diabetes Association, in 2017 around 30.3 Mn had diabetes, which is expected to increase at a higher rate. The ascendancy of North America will be clearly challenged by the Europe. Owing to the strong government support there are huge chances for market diffusion in nations like India, China, and Mexico to the market players at present having a strong hold in developed countries. The need for topical oxygen therapy systems has become prominent in Asia Pacific owing to the continuous rise in the population, high incidence of chronic wounds, and growing diabetic patient pool in the region which will boost the market during the forecast period from 2018 to 2026.
Key Market Movements:
- Global topical oxygen therapy market will experience steady growth with a CAGR of 3.5% during the forecast period from 2018 to 2026
- Rising incidence of chronic wounds and growing diabetic population
- Advancement in the technology of oxygen therapy devices and evolution of advanced wound management products
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By Product Type Segment (2016–2026; US$ Mn)
- Single use topical oxygen system
- Single use adhesive patch system
- Reusable topical oxygen system
- Transdermal continuous oxygen therapy
By Application Type Segment (2016–2026; US$ Mn)
- Diabetic Ulcers
- Venous Ulcers
- Pressure Ulcers
- Burn Care
- Skin Grafts
- Trauma Injuries
By Geography Segment (2016–2026; US$ Mn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America