Rise in incidence of chronic wounds, surge in patient pool of diabetics, and high prominence of wound site infections drive the growth of the global topical oxygen therapy market. On the other hand, lack of awareness in developing countries restrains the growth to some extent. However, introduction of topical oxygen therapy in emerging economies is expected to create lucrative opportunities in the industry.
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.
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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
The key factors that drive the growth of the topical oxygen therapy market size is growth in the incidence of chronic wounds, increase in patient pool of diabetics, and high incidence of wound site infections. In addition, rise in number of surgical procedures and technological advancement in advanced wound care are further topical oxygen therapy market trends. However, lack of awareness in developing countries is likely to hamper the growth of the topical oxygen therapy industry during the forecast period. Conversely, evolution of wound management products and growth of emerging economies are expected to provide numerous opportunities for topical oxygen therapy market forecast.
Covid-19 scenario-
The outbreak of the pandemic provided wound care clinicians with an opportunity to change the wound treatment paradigm in favor of home-based care solutions. It took in essential wound care to prevent amputations, thus offering relief to a hospital system in crisis. An in-home technology for the delivery of supplementary oxygen to wounds was the main focus of the therapy. These factors impacted the global topical oxygen therapy market positively.
Also, removal of strict lockdown and Covid-19 restrictions in 2021 by the majority of the countries coupled with an increase in number of patients visits in hospitals and wound care centers propelled the demand and adoption of wound care devices.
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The chronic wounds segment to lead the trail-
By type, the chronic wounds segment contributed to more than two-thirds of the global topical oxygen therapy market share in 2021, and is expected to lead the trail by 2031. Surge in geriatric population suffering from diabetes and wound site infection propels the growth of the segment. The acute wounds segment, on the other hand, is expected to exhibit the fastest CAGR of 3.8% from 2022 to 2031. Rise in surgical wounds drives the segment growth.
North America Topical Oxygen Therapy Market to Dominate by 2031-
By region, North America garnered the major share in 2021, holding more than two-fifths of the global topical oxygen therapy market, owing to supportive reimbursement policies in the healthcare system across the province. Simultaneously, Asia-Pacific would cite the fastest CAGR of 4.9% throughout the forecast period. This is due to growing awareness among people regarding benefits of TOT.
Key players in the industry-
- Inotec AMD Ltd.
- RashEndZ Inc.
- GWR Inc.
- AOTI, Inc.
- EO2 Concepts
- Mölnlycke Health Care AB
- OxyBand Technologies
- OGENIX