North America Oxygen Therapy Devices Market: Snapshot
Oxygen therapy devices are being largely acknowledged for the treatment of several respiratory diseases due to its supplementary, definitive, or palliative role. The growing prevalence of respiratory diseases such as respiratory distress syndrome, COPD, asthma, and obstructive sleep apnea is by far the leading factor augmenting the oxygen therapy devices market in North America. Moreover, the rising preference for home healthcare coupled with the rapid advancements in technology is providing a significant boost to the growth of the market.
However, the growing consumer inclination towards refurbished equipment and the high cost of oxygen therapy devices along with the lack of favorable reimbursement policies are adversely affecting the overall revenue generation of the market. Owing to these factors, the North America oxygen therapy devices market is poised to reach a valuation of US$1.58 bn by 2023, progressing at a CAGR of 5.5% between 2015 and 2023.
Soaring Demand for Venturi Masks Fuels Growth of Oxygen Delivery Devices Segment
Based on product, the North America oxygen therapy devices market is classified into oxygen delivery devices and oxygen source equipment. The oxygen delivery devices market is further categorized into bag valve masks, nasal cannula, simple oxygen masks, non-rebreather masks, venturi masks, and CPAP (continuous positive airway pressure) masks. The venturi masks segment is estimated to register a CAGR of more than 7.0% during the same period. High accuracy along with minimum discomfort are stirring up the demand for these masks.
Similarly, oxygen source equipment is further segmented into oxygen concentrators, oxygen cylinders, and liquid oxygen devices. The oxygen concentrators segment dominates the market in terms of revenue. However, liquid oxygen devices will post a CAGR higher than any other segment during the forecast period. Low per unit cost, maximum mobility, and power saving nature of liquid oxygen systems are propelling their demand in the region. Moreover, features such as easy-to-use, easy-to-carry, and better storage capacity is leading to their greater preference to other oxygen source equipment.
This exhaustive report includes a 360° view of the Oxygen Therapy Devices Market. Browse through this 89-page report to know what factors will shape the market during the period 2015-2023
U.S. to Retain Dominance Owing to High Prevalence of COPD
On the basis of geography, the oxygen therapy devices market in North America is divided into the U.S. and Canada. The U.S. will continue to account for the lion’s share until 2023. The growing prevalence of COPD among the populace is one of the primary factors contributing to the dominance of the country. The American Lung Association ranks COPD third in the causes of death in the U.S., with 11 million people diagnosed with this disease in 2013. The rising awareness regarding the availability of treatment for several chronic respiratory disorders and increasing demand for technologically advanced devices are also fuelling the growth of the market in the U.S.
Moreover, government initiatives play a vital role in the growth of the country. A case in point is the National Asthma Control Initiative (NACI), an initiative by the National Asthma Education and Prevention Program (NAEPP), aims to produce high-impact, reliable solutions in asthma control in the U.S.
The oxygen therapy devices market in Canada is likely to exhibit a noteworthy CAGR during the review period. The widening base of geriatric population along with the rising incidence of respiratory disorders is supplementing the growth of the Canada market. As per the Statistics Canada, 16.1% or approximately 5,780,900 people in Canada, who are 65 years and older, are susceptible to respiratory diseases. The increasing adoption of premium-priced devices and the growing prevalence of COPD are providing a fillip to the growth of the country. COPD is predicted to become the third largest cause of death by 2020 from the fourth largest in 2013.
Some of the prominent players in the North America market for oxygen therapy devices are MAQUET Holding B.V. & Co. KG, Fisher & Paykel Healthcare Limited, Teleflex Incorporated, CareFusion Corporation, Smiths Medical, Philips Respironics Inc., DeVilbiss Healthcare LLC, Invacare Corporation, and AirSep Corporation.
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