Topical Oxygen Therapy Market Research, 2024

PORTLAND, OREGON, UNITED STATES, April 24, 2024 /EINPresswire.com/ -- Growth in the incidence of chronic wounds, increase in patient pool of diabetics, and high incidence of wound site infections, along with rise in number of surgical procedures and technological advancement in advanced wound care fuel growth of the topical oxygen therapy market.

According to the report, the global topical oxygen therapy industry was estimated at $19,889.74 thousand in 2021, and is anticipated to hit $27,721.76 thousand by 2031, registering a CAGR of 3.4% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

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Market Dynamics: Drivers, Restraints, and Opportunities:-

Drivers:

Incidence of Chronic Wounds: The increasing prevalence of chronic wounds is a significant driver for the global topical oxygen therapy market.
Diabetic Patient Pool: A growing number of diabetic patients globally contribute to the demand for wound care solutions.
Wound Site Infections: High rates of wound site infections further boost market growth.

Restraints:

Lack of Awareness: Limited awareness, particularly in developing countries, acts as a restraint to market growth.

Opportunities:

Emerging Economies: The introduction of topical oxygen therapy in emerging economies presents lucrative growth opportunities.

Impact of COVID-19 on Topical Oxygen Therapy Market:

The pandemic prompted a shift towards home-based wound care solutions. Essential wound care measures were taken to prevent amputations, alleviating pressure on overwhelmed hospital systems. Home-based topical oxygen therapy technology became a focal point, positively impacting the global market.

As countries lifted strict COVID-19 restrictions in 2021 and hospital visits increased, the demand for wound care devices rose significantly.

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Market Segmentation:-

Chronic Wounds to Lead the Market:

Type: The chronic wounds segment held over two-thirds of the market share in 2021 and is projected to lead until 2031. This growth is driven by an aging population with diabetes and wound site infections.
Acute Wounds: Expected to grow at the fastest CAGR of 3.8% from 2022 to 2031 due to a rise in surgical wounds.

Homecare Segment Dominates:

Application: The homecare segment accounted for over two-fifths of the market revenue in 2021 and is expected to dominate through 2031. The ease of use of topical oxygen therapy at home contributes to this dominance.
Hospitals: Forecasted to grow at the fastest CAGR of 4.2% during the forecast period, driven by increased adoption of these devices in hospital settings.

Regional Insights:-

North America to Maintain Dominance:

Region: North America led the market in 2021, holding over two-fifths of the global market share. This is attributed to favorable reimbursement policies in the region.

Asia-Pacific Shows Rapid Growth:

Region: Asia-Pacific is expected to witness the fastest CAGR of 4.9% throughout the forecast period, driven by increasing awareness of the benefits of topical oxygen therapy.

Key players in the industry:-

Inotec AMD Ltd.
RashEndZ Inc.
GWR Inc.
AOTI, Inc.
EO2 Concepts
Mölnlycke Health Care AB
OxyBand Technologies
OGENIX

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Key Benefits for Stakeholders:-

The study provides an in-depth analysis of the topical oxygen therapy Market along with the current trends and future estimations to elucidate the imminent investment pockets.

It offers topical oxygen therapy Market analysis from 2021 to 2031, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.

A comprehensive analysis of four regions is provided to determine the prevailing opportunities.

The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global topical oxygen therapy Market growth.

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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