The global oxygen therapy devices market today is mainly dominated by the surging demand for stationary oxygen concentrators. One of the key advantages of this type of oxygen therapy device is that it provides oxygen under every circumstance. Growing global geriatric population is a key factor that has led to the high incidence of respiratory anomalies and COPD (chronic obstructive pulmonary disease), since the aging population is most susceptible to respiratory diseases and pulmonary complexities. Thus, the demand for oxygen therapy devices is increasing significantly and will continue to surge in the forthcoming years.
The latest stationary oxygen concentrator devices are easy to operate, convenient, are improved versions of the earlier models, and most importantly, weigh less. The segment for home based stationary oxygen concentrators has also been witnessing a marked improvement in recent years owing to technological advancements. Geographically, North America holds the highest share in the global oxygen therapy devices market mainly because of its highly sophisticated healthcare infrastructure.
Economies of Scale in the Homecare Services Segment to Stimulate the Demand for Oxygen Therapy Devices
The current shift of focus towards portable oxygen concentrators from stationary oxygen concentrators is gradually creating several opportunities for companies in the global oxygen therapy devices market to enhance their product portfolios. Economies of scale in the homecare services segment of the oxygen therapy devices market will augment the overall demand and productive capacity in the forthcoming years.
Rapid advancements in the area of respiratory care and high incidence of respiratory illnesses and COPD are a few prominent factors stimulating the overall demand for oxygen therapy devices. However, stringent regulatory measures coupled with a poor reimbursement scenario are the glaring market challenges that market participants are faced with.
The key companies manufacturing and supplying oxygen therapy devices are Teleflex Incorporated, Smiths Medical, Philips Respironics Inc., ResMed, Invacare Corporation, CareFusion Corporation, AirSep Corporation, and Fisher and Paykel Healthcare Ltd. On the basis of type of product, the global oxygen therapy devices market is segmented into oxygen source equipment and oxygen delivery devices.
High Incidence of Sleep-disordered Breathing to Stimulate Market Growth
ResMed, a U.S. based manufacturer of devices for treating sleep-based breathing disorders, recently declared its plans of acquiring China based Curative Medical. Curative Medical, is one of the leading suppliers of devices for sleep-disordered breathing and noninvasive ventilation. The joint business collaboration between Curative and ResMed is anticipated to be a boon for the Chinese population, which suffers from obstructive pulmonary disease and sleep disordered breathing.
Besides improving the quality of life, this business venture is expected to reduce the overall costs associated with China’s healthcare system. Curative is known for making use of its Chinese technology in addition to the global technology while manufacturing its products. As a result, it is anticipated that this factor will play a key role in determining the success of ResMed in the following years.
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