Prominent participants in the global Oxygen Therapy Devices Market are Philips Respironics, Inc., AirSep Corporation, Teleflex Incorporated, MAQUET Holding B.V. & Co. KG, ResMed, CareFusion Corporation, Smiths Medical, Invacare Corporation, Fisher and Paykel Healthcare Limited, and DeVilbiss Healthcare LLC. Savvy companies in the market are focusing on product development to bolster their positions. They are also looking to expand their geographical footprints by targeting the relatively underserved markets in Asia Pacific, which holds out a strong promise on account of its large population base and bettering healthcare infrastructure.
According to a report by Transparency Market Research, the global oxygen therapy devices market will likely rise at a steady CAGR of 5.70% during the period between 2014 and 2020. At this rate, the market which was worth US$1.9 bn in 2013 is forecasted to attain a value of US$2.8 bn by 2020.
The various products available in the global oxygen therapy devices market can be broadly split into oxygen delivery devices and oxygen source equipment. The oxygen delivery devices can be further divided into simple oxygen mask, nasal cannula, venture mask, bag valve mask, non-rebreather mask, and CPAP mask. Similarly, the oxygen source equipment can also be divided into oxygen cylinders, oxygen concentrators, and liquid oxygen devices. Of them, the liquid oxygen devices are predicted to expand at a healthy clip in the years to come due to their increasing use in treating various respiratory disorders and higher storage capacity.
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Depending upon geography, the key segments of the global oxygen therapy devices market are Europe, North America, Asia Pacific, and the Rest of the World. Of them, North America leads the market with maximum share and going forward too, is expected to retain it. This is because of the advanced healthcare infrastructure, continued technological progress resulting in sophisticated medical devices, and a rising crop of aware patients in the region.
Rising instances of chronic respiratory diseases, namely pulmonary hypertension, respiratory allergies, asthma, chronic obstructive pulmonary disease (COPD), and occupational lung disease is the primary growth driver in the global market for oxygen therapy devices. Explains the lead analyst of the TMR report, “The World Health Organization (WHO) finds that each year, at least 3 million lives are lost to COPD. This alarming rise in the prevalence of different respiratory diseases is the main factor boosting the uptake of oxygen therapy devices.”
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Life-threatening respiratory diseases, again for example, are serving to boost demand for oxygen therapy devices, particularly in North America. The National Institute of Health finds that COPD is the third leading cause of death in the U.S. It results in more than 120,000 deaths annually. This is serving to majorly boost the sales for oxygen therapy devices in the region. In addition, various other benefits of oxygen therapy is also contributing to the growth of the market. Those include lowered risk of heart failure, better mental stamina, and improved breathing patterns.