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The global topical oxygen therapy market size was US$ 19,889.74 thousand in 2021. The global topical oxygen therapy market size is forecast to reach $26,872.7 thousand by 2030, growing at a compound annual growth rate (CAGR) of 3.4% during the forecast period from 2022 to 2030.
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The application of oxygen topically over wounded tissue using continuous diffusion or pressured devices is known as topical oxygen therapy (TOT). For topical oxygen therapy, there are particular dressings, gels, hemoglobin sprays, and mechanical devices. For venous insufficiency, postoperative infections, gangrenous lesions, skin grafts, burns, frostbite, and amputations, topical oxygen therapy is FDA-approved in the United States. Additionally, it is employed in the management of venous ulcers in stages 3 and 4, diabetic foot ulcers, chronic wounds, and arterial ulcers. It is applied at the patient’s home comfort and consists of an adhesive-edged boot or bag that is sterile, single-use, and a disposable, gas-impermeable chamber that is wrapped over the injured or affected extremity.
Factors Influencing Market Growth
The rising incidence of chronic wounds, the growing prevalence of diabetics, and the increased incidence of wound site infections drive the global market.
The rising number of surgical procedures and technological improvements in advanced wound care boost the global market growth.
The lack of understanding in developing countries may slow down the overall market growth.
The development of wound management products is forecast to offer lucrative opportunities for the global market.
Impact Analysis of COVID-19
The pandemic gave clinicians who treat wounds the chance to leave the traditional wound care model and adopt home-based care strategies. It incorporated crucial wound care to stop amputations, providing respite to a healthcare system under pressure. The major goal of the therapy was to supply additional oxygen to wounds using a home-based device. Thus, these elements had a favorable impact on the global market for topical oxygen therapy.
Additionally, the majority of the countries’ lifting of severe lockdown and COVID-19 limitations in 2021 together with a rise in the number of patients visiting hospitals and wound care facilities drove demand for and adoption of wound care devices.
Regional Analysis
North America held the dominant position in the industry in 2021 and is forecast to remain dominant during the forecast period. As a result of the rising prevalence of chronic & acute wounds and increasing treatment rate owing to the existence of well-established healthcare technology, a rise in healthcare expenditure by the government, and huge disposable income.
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The Asia Pacific region is forecast to have a considerable growth rate during the forecast period. As a result of the existence of a large population base, growing per capita income, rising medical tourism industry, and increasing public awareness concerning the benefits of topical oxygen therapy devices. Thus, these factors drive the market growth in the region.
Leading Competitors
The leading prominent companies profiled in the global topical oxygen therapy market are:
Inotec AMD Ltd.
RashEndZ Inc.
GWR Inc.
AOTI, Inc.
EO2 Concepts
Mlnlycke Health Care AB
OxyBand Technologies
OGENIX
Other Prominent Players
Scope of the Report
The global topical oxygen therapy market segmentation focuses on Application, End User, and Region.
Segmentation based on Application
Chronic Wounds
Acute Wounds
Segmentation based on End User
Hospitals
Clinics
Home Care
Post Acute Care Settings
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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Updated : 2022-11-09 18:43 GMT+08:00
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