Oxygen therapy is a treatment that provides extra oxygen to lungs whenever a disease or respiratory condition is preventing them from getting enough oxygen. It is gaining popularity as one of the most reliable options used for the treatment of numerous types of respiratory diseases due to its supplementary, palliative, and definitive role. The administration of supplemental oxygen has become imperative for accurate management of various diseases. According to the National Institute of Health, oxygen therapy can potentially enhance the quality and length of life of individuals affected with chronic obstructive pulmonary diseases (COPD). Some of the benefits of this therapy are improved breathing pattern, increased mental stamina, and reduced risks of heart failure in people with severe respiratory disorders. The rising awareness regarding its benefits is fuelling the growth of the global oxygen therapy devices market.
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The report serves as a repository of analysis and information regarding various aspects of the global oxygen therapy devices market including value chain analysis, market dynamics, geographical segmentation, and competitive landscape. Historical data and current market scenario have been taken into account to derive the future trends anticipated in the market.
Overview of the Global Oxygen Therapy Devices Market
The increasing adoption of oxygen therapies as a treatment for various diseases including asthma, COPD, obstructive sleep apnea, and respiratory distress syndrome is driving the global oxygen therapy devices market. However, the shortage of proper reimbursement policies and presence of stringent regulations associated with oxygen therapy devices are likely to impede the growth of the market.
The valuation of the global oxygen therapy devices market was US$1.9 bn in 2013 and is anticipated to rise to US$2.8 bn by 2020, expanding at a CAGR of 5.70% between 2014 and 2020. Geographically, North America was the leading market in terms of revenue in 2013. The growth of this region can be attributed to factors such as rising prevalence of life-threatening respiratory disorders, technological developments in the field of medical devices, increasing awareness regarding the benefits of oxygen therapy, and the presence of well-developed healthcare infrastructure. However, due to the presence of a large population, robust economic growth, and increasing government initiatives to promote healthcare, Asia Pacific is expected to exhibit a significant CAGR over the forecast period.
On the basis of applications, the market is segmented into asthma, cystic fibrosis, chronic obstructive pulmonary disease, pneumonia, obstructive sleep apnea, and respiratory distress syndrome. The COPD segment will continue to dominate the market until 2020 owing to the increasing incidence of COPD across the globe and rising patient preference for oxygen therapy as their first treatment option.
On the basis of product type, the market is categorized into two major segments: oxygen delivery devices and oxygen source equipment. The oxygen delivery devices segment is further segmented into bag valve masks, nasal cannula, CPAP masks, non-rebreather masks, and venturi masks. Out of these, venturi masks will dominate the market throughout the forecast period. The sub-segments of oxygen source equipment are liquid oxygen devices, oxygen concentrators, and oxygen cylinders. The liquid devices segment is estimated to rise at a noteworthy CAGR during the same period owing to the increasing need for improved storage capacity and greater mobility and its growing adoption for the treatment of various respiratory diseases.
Companies Mentioned in the Global Oxygen Therapy Devices Market
Some of the key players operating in the market are AirSep Corporation, CareFusion Corporation, Fisher & Paykel Healthcare Limited, DeVilbiss Healthcare, Invacare Corporation, MAQUET Holding B.V. & Co. KG, ResMed Inc., Respironics, Inc. (a Philips company), and Teleflex Incorporated.
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