Oxygen Therapy Devices Market to Reach US$2.8 bn by 2020 owing to Changing Patient Preferences
Transparency Market Research has published a new report on the global oxygen therapy devices market. As per the report, the global oxygen therapy devices market is predicted to expand at a 5.70% CAGR from 2014 to 2020. The report, titled ‘Oxygen Therapy Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,’ states that the global market was valued at US$1.90 bn in 2013 and is expected to reach US$2.80 bn by 2020. The market’s growth will be propelled by technological advancements in respiratory care services and the rising preference of patients for portable home oxygen therapy devices.
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Various oxygen therapies are used to treat different respiratory diseases due to their supplementary and definitive role. Some of the benefits of oxygen therapy are increased mental stamina, prevention of heart failure, and an improved breathing pattern. The increasing application of oxygen therapy is predicted to propel the global oxygen therapy devices market. The administration and supply of supplementary oxygen have become an integral part of the management of many diseases. Oxygen therapy is applicable to many diseases such as chronic obstructive pulmonary disease, asthma, respiratory distress syndrome, and obstructive sleep apnea. Long-term oxygen therapies in patients suffering from chronic lung disease are believed to enhance the length and the quality of life, thus contributing towards the swift growth of the global oxygen therapy devices market.
The rise in various respiratory diseases is expected to provide an impetus to the growth of the global oxygen therapy devices market in the coming few years. However, poor reimbursement policies and changing regulations associated with oxygen therapy devices are expected to hamper the growth of the global oxygen therapy devices market in the near future. Even though the global oxygen therapy devices market is expected to suffer from a few restrictions, it will find new growth opportunities in emerging economies. Furthermore, the increasing government initiatives towards the improvement of respiratory care and the increasing government funding for the introduction of new medical devices are predicted to benefit the global oxygen therapy devices market.
The global oxygen therapy devices market is segmented on the basis of region, application, and product type. Based on product type, the global oxygen therapy devices market is classified into oxygen source equipment and oxygen delivery devices. The oxygen source equipment segment is sub-segmented into oxygen cylinders, liquid oxygen devices, and oxygen concentrators. The oxygen delivery devices segment is sub-segmented into simple oxygen masks, venture masks, CPAP masks, bag valve masks, and non-rebreather masks.
By region, the global oxygen therapy devices market is divided into Asia Pacific, North America, Europe, and Rest of the World. In 2013, North America held a dominant share of 45% in the global oxygen therapy devices market owing to technological developments and the availability of advanced medical devices. Going forward, the rising awareness among people regarding advanced oxygen therapies and the high incidence of various respiratory disorders are expected to propel the North America oxygen therapy devices market.
Leading players are predicted to introduce new oxygen therapy devices in the global market. Some of the key companies operating in the global oxygen therapy devices market are AirSep Corp., CareFusion Corp., MAQUET Holding B.V. & Co. KG, ResMed, Philips Respironics Inc., DeVilbiss Healthcare LLC, and Teleflex Inc.
Full Research Report on Global Oxygen Therapy Devices Market: