North America Oxygen Therapy Devices Market Segment Forecast up to 2023

According to a new market report published by Transparency Market Research “Oxygen Therapy Devices Market - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” the North America oxygen therapy devices market was valued at US$ 1.0 Bn in 2014 and is expected to grow at a CAGR of 5.5% from 2015 to 2023, to reach an estimated value of US$ 1.58 Bn in 2023.

 Oxygen therapy is a form of respiratory care that involves administration of supplemental oxygen in order to prevent any damage to tissue cells as a result of hypoxemia. The prime purpose of oxygen therapy is to increase oxygen saturation levels in the damaged tissues. Oxygen therapy results in reduction in shortness of breath, lesser strain on the heart and better quality of life. Increasing incidences of various respiratory illnesses and growing need for better disease management is driving the growth of the global oxygen therapy devices market. Due to its wide application in the treatment of a number of diseases including chronic obstructive pulmonary disease, asthma, pneumonia, obstructive sleep apnea, respiratory distress syndrome and cystic fibrosis, the oxygen therapy devices market is estimated to propel during the forecast period of 2015 to 2023.

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 Geographically, the North America oxygen therapy devices market is segmented into the U.S. and Canada. The U.S. held the largest market in terms of revenue in 2014 and is expected to dominate the position throughout the forecast period. Major factors attributed to the dominance of the U.S. are increasing prevalence of chronic obstructive pulmonary disease (COPD) among the regional population, growing health care awareness regarding the availability of treatment for a wide range of chronic respiratory diseases and demand for technologically advanced devices. According to the American Lung Association, COPD is the third leading cause of death in the U.S., with 11 million people diagnosed with COPD and another 24 million people are estimated to be affected from the disease but are unaware of their situation in 2013. Moreover, increasing government initiatives has also fueled the growth of the market. For instance, the National Asthma Control Initiative (NACI), a program of the National Asthma Education and Prevention Program (NAEPP) in the U.S., aims to produce high-impact solutions and meaningful change in asthma control. The NACI is an action-oriented initiative to engage health care professionals, patients, professional associations, and other stakeholders in order to implement innovative and strategic interventions, thereby reducing asthma disparities. Similarly, the U.S.-based National Prevention Strategy for Tobacco Free Living leads initiatives to improve health through prevention by expanding clinical and community-based preventive services.

 The oxygen therapy devices market in Canada is witnessing significant growth. Factors attributed to the growth of the market are rising geriatric population, high adoption of premium priced devices and rising prevalence of respiratory diseases. According to the Statistics Canada, 16.1% or approximately 5,780,900 people in Canada are 65 years and older who are more likely to suffer from the respiratory disease. Moreover, demand for oxygen therapy products is largely driven by the increasing prevalence of COPD, which affects more than 714,000 people in Canada and is currently the 4th leading cause of death. It is estimated to be the third largest cause of death by 2020.

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 The market exhibits intense competition among existing players, as currently the market for oxygen therapy devices is highly consolidated, comprising a few established companies. Some of the top players operating in the North America oxygen therapy devices market are CareFusion Corporation, DeVilbiss Healthcare, LLC, Fisher & Paykel Healthcare Limited, MAQUET Holding B.V. & Co. KG, Smiths Medical, Teleflex Incorporated, Invacare Corporation, Philips Respironics, Inc., and AirSep Corporation.

 The North America oxygen therapy devices market is segmented as follows:

 North America Oxygen Therapy Devices Market, by Product Type 

• Oxygen Source Equipment
  • Oxygen Cylinders
  • Oxygen Concentrators
  • Liquid Oxygen Devices
• Oxygen Delivery Devices
  • Simple Oxygen Mask
  • Nasal Cannula
  • Venturi Mask
  • Non-rebreather Mask
  • Bag Valve mask
  • CPAP Mask 

North America Oxygen Therapy Devices Market, by Applications 

• Chronic Obstructive Pulmonary Disease (COPD)
• Asthma
• Obstructive Sleep Apnea
• Respiratory Distress Syndrome (RDS)
• Cystic Fibrosis
• Pneumonia

 Oxygen Therapy Devices Market, by Geography 

• United States
• Canada

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Global Oxygen Therapy Devices Market to Reach US$2.80 bn by 2020 due to Rising Incidence of COPD

Oxygen therapy has emerged to be one of the most potential options used for treating various respiratory diseases due to its definitive, supplementary or palliative role. The administration of supplemental oxygen has become an essential element for appropriate management of a number of disease conditions. Various benefits of oxygen therapy include increased mental stamina, improved breathing pattern, and prevention of heart failure in people with severe respiratory diseases. The growing application area of oxygen therapy across various disease conditions such as chronic obstructive pulmonary disease (COPD), asthma, obstructive sleep apnea, and respiratory distress syndrome is driving the growth of the global oxygen therapy devices market. Furthermore, long-term oxygen therapy in patients with chronic lung disease is believed to improve the quality and length of life, contributing towards the growth of oxygen therapy devices market.

The oxygen therapy devices market is segmented by product type into oxygen source equipment and oxygen delivery devices. Oxygen source equipment is further sub-segmented into oxygen cylinders, oxygen concentrators and liquid oxygen devices. Oxygen concentrators accounted for the largest market share of the overall oxygen therapy devices market in 2013. However, liquid oxygen devices are expected to grow at the highest CAGR during the forecast period through 2014 to 2020. Factors that have contributed towards the high growth of the liquid oxygen devices are greater mobility of the device for users and their increasing application for the treatment of various respiratory disorders. Additionally, better storage capacity of liquid oxygen devices as compared to other oxygen source equipment is also expected to drive the growth of the segment.

Similarly, the oxygen delivery devices market is further sub-segmented into simple oxygen masks, nasal cannula, Venturi masks, non-rebreather masks, bag valve masks and CPAP (continuous positive airway pressure) masks. Venturi masks are estimated to grow at higher CAGR. Factors such as delivery of supplemental oxygen at a precise and fixed concentration with minimum discomfort are driving the growth of the segment. Furthermore, based on applications, the oxygen therapy devices market is segmented into chronic obstructive pulmonary disease (COPD), asthma, respiratory distress syndrome, obstructive sleep apnea, pneumonia and cystic fibrosis. The COPD segment held the largest market share in 2013 of the total oxygen therapy devices market. The segment is also expected to maintain its lead during the forecast period through 2014 to 2020. Factors that accentuated the growth of the segment are high prevalence of COPD across the globe and growing patient preference to opt for oxygen therapy as their first treatment option, thereby propelling the growth of the application of oxygen therapy in COPD treatment.

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Geographically, North America constituted the largest market share for the global oxygen therapy devices market in 2013. Factors that have augmented the growth of the oxygen therapy devices market in North America are increasing prevalence of life-threatening respiratory diseases and better healthcare infrastructures. Furthermore, technological developments in the field of medical devices and increasing awareness of population regarding oxygen therapy are also boosting the growth of the oxygen therapy devices market in North America. According to an article published in the National Institute of Health, oxygen therapy is believed to increase the life span of individuals affected with COPD to great extent. However, Asia Pacific is predicted to foresee the highest growth rate over the forecast period. The rationale behind such high growth has been attributed to availability of large population base, greater than ever initiatives taken by the government to promote healthcare and robust economic growth. Moreover, improving consumer awareness regarding heath issues and better disease management would also drive the growth of the oxygen therapy devices market in the next few years.

At present, the global oxygen therapy devices market is consolidated in nature due to the involvement of few top organizations in this field. Many emerging medical device companies are expected to foresee great development pertaining to the oxygen therapy devices market. Some of the top companies operating in the oxygen therapy devices market are Respironics, Inc. (a Philips company), Fisher & Paykel Healthcare Limited, Teleflex Incorporated, Invacare Corporation, AirSep Corporation, CareFusion Corporation, DeVilbiss Healthcare, MAQUET Holding B.V. & Co. KG, and ResMed, Inc.