According to the latest report published by Credence Research, Inc. “Topical Oxygen Therapy Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global topical oxygen therapy market is projected to reach US$ 280.1 Mn by 2026, expanding at a CAGR of 3.5% from 2018 to 2026.
Topical oxygen therapy market projected to reach US$ 280.1 Mn by 2026 at a CAGR of 3.5% during the forecast period from 2018 to 2026. Rising incidence of chronic wounds specifically in geriatric population suffering with diabetes is one of the major concerns. Oxygen therapy devices have evolved consistently over the period and proved vital for treatment against wounds associated with peripheral arterial occlusive disease (PAOD) and diabetic foot ulcers. At present, single-use topical oxygen system is the largest revenue generating segment owing to the low risk of cross-contamination, user-friendly design, and availability of huge options to select based on the application. Single-use adhesive patch system is the fastest growing product segment, due to portable use, high patient compatibility, improved efficiency and no contamination.
According to the World Alliance for Wound and Lymphedema Care (WAWLS), between five to seven million chronic and/or complex wounds occur every year in North America. The common wounds were pressure ulcers (21%), leg/foot (28%), and surgical/trauma (48%).
The global topical oxygen therapy market is segmented into products and application. The products studied in this report are sub-segmented into single-use topical oxygen system, single-use adhesive patch system, reusable topical oxygen system, and transdermal continuous oxygen therapy. Additionally, the applications studied in this report is bifurcated into chronic and acute wounds; further, chronic wounds are sub-segmented into diabetic ulcers, venous ulcers, and pressure ulcers. The acute wound is sub-segmented into post amputation, burn care, post-surgical, skin grafts, and trauma injuries. Rising incidence of chronic wounds would additionally boost the topical oxygen therapy market.
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.
Browse the full report Topical Oxygen Therapy Market – Growth, Future Prospects and Competitive Analysis, 2018–2026 report at http://www.credenceresearch.com/report/topical-oxygen-therapy-market
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