Oxygen Therapy Devices Market
Oxygen Therapy Devices Market (Product Type: Oxygen Source Equipment & Oxygen Delivery Devices; Applications: Chronic Obstructive Pulmonary Disease, Asthma, Obstructive Sleep Apnea, Respiratory Distress Syndrome, Cystic Fibrosis, Pneumonia) - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
As per a report published by the National Institutes of Health (NIH), approximately 12 million adults are suffering from chronic obstructive pulmonary disease (COPD) in the U.S. Also, COPD is the cause of 12, 000 death annually. Also, as per statistics provided by the Global Asthma Network (GAN), approximately 334 million have been diagnosed with asthma across the globe.
These diseases require oxygen therapy as a part of treatment process. Hence, oxygen therapy devices market is witnessing tremendous demand.
Further, with emergence of the technologically advanced oxygen source devices and deliver devices, the oxygen therapy devices market is likely to expand. Some of the advancements observed in the market are sensor powered delivery devices, pulse dose meters, and regulating devices.
Adoption rate of O2 therapy is rising. This is due to potential benefits offered such as efficient dosing, greater durability, controlled flow, quick response rate, and greater durability & reliability. These factors are likely to propel growth of industry in coming years.
Registering the requirement of customer, the players are consistently bringing innovation in product to serve various purposes. For example, Portable Oxygen Concentrators (POC) are used for wide range of applications such as emergency medicine. It is also used in case of clinical urgency as it is portable. This segment may contribute to growth of oxygen therapy devices market.
With introduction of new products in the market, the units are getting cheaper. As a result, consumer base is widening.
To improve healthcare facilities, hospitals are implementing advanced equipment for diagnosis and therapeutics purpose. Thus, O2 therapy device is also being wide adopted widely.
As per research analysts, hospital segment is likely to contribute to the global oxygen therapy devices market.
North America Oxygen Therapy Devices Market: Snapshot
The North America market for oxygen therapy devices is expanding at a healthy pace and is expected to tread along a healthy growth path in the next few years. Factors such as the rising prevalence of a number of respiratory conditions in the region, such as asthma, COPD, obstructive sleep apnea, and respiratory distress syndrome, are key to the increased demand for oxygen therapy devices in the region. Moreover, the increased demand for effective home healthcare services and the rapid pace of technological advancement are also working in favor of the market.
The report estimates that the North America oxygen therapy devices market will rise to a revenue opportunity of US$1.58 bn by 2023, registering a CAGR of 5.5% between 2015 and 2023.
Rising Demand for Venturi Masks to Fuel Market Growth
On the basis of product, the report segments the North America oxygen therapy devices market into oxygen source equipment and oxygen delivery devices. The report further analyzes the segment of oxygen delivery devices for varieties such as nasal cannula, bag valve masks, non-rebreather masks, venturi masks, simple oxygen masks, and CPAP (continuous positive airway pressure) masks. Of these, the segment of venturi masks is expected to expand at a CAGR of over 7% over the report’s forecast period. Factors such as minimum discomfort along with high accuracy work in favor of the segment.
The segment of oxygen source equipment is further analyzed for varieties such as liquid oxygen devices, oxygen cylinders, and oxygen concentrators. Of these, the segment of oxygen concentrators presently holds the dominant revenue share in the overall market. Over the forecast period, however, the segment of liquid oxygen devices will expand at the maximum CAGR, thanks to benefits such as ease of carrying, ease of use, better storage capacity, energy efficiency, low cost per unit, and maximum mobility.
High Prevalence of COPD to Maintain U.S.’s Positions as Dominant Regional Market
From a geographical perspective, the report covers the North America oxygen therapy devices market for the U.S. and Canada. Of these, the market in the U.S. is expected to account for a massive chunk in revenue of the overall market throughout the report’s forecast period. The rising population of people with COPD in the country will chiefly lead to the scenario; COPD is considered the third leading causes of death in the country, with nearly 11 mn people in the country diagnosed with the country in 2013. The U.S. market for oxygen therapy devices will continue to expand at a prominent pace over the forecast period as well, thanks to the increased level of awareness regarding available treatments for a number of chronic respiratory conditions.
The rising uptake of technologically advanced devices in the country’s healthcare infrastructure, driven chiefly by the several encouraging initiatives such as National Asthma Control Initiative (NACI) undertaken by the government. Nevertheless, the market in Canada is also expected to register a noteworthy CAGR over the forecast period, chiefly owing to the rising population of geriatrics and the rising prevalence of a variety of respiratory diseases in the country.
Some of the leading companies operating in the North America oxygen therapy devices market are Fisher & Paykel Healthcare Limited, Teleflex Incorporated, MAQUET Holding B.V. & Co. KG, Philips Respironics Inc., CareFusion Corporation, Invacare Corporation, Smiths Medical, AirSep Corporation, and DeVilbiss Healthcare LLC.
This report on the North America oxygen therapy devices market studies the current and future prospects of the market. The market is segmented on the basis of products and application. On the basis of products the oxygen therapy devices market is segmented into oxygen source equipment and oxygen delivery devices. Rise in COPD and asthma cases and significant technological advancements in the field of respiratory devices have triggered the growth of the oxygen therapy devices market. Additionally, high risk of lung damage due to tobacco consumption, pollution, and occupational hazards across the globe is anticipated to augment the market during the forecast period. Moreover, easy-to-use and portable devices are likely to boost the growth of the market.
The North America oxygen therapy devices market report comprises an elaborate executive summary, which includes a market snapshot that provides information about various segments and sub-segments of the market. It also provides information and data analysis of the market with respect to market segments based on the product type, application and geographic analysis.
Based on product type, the North America oxygen therapy devices market has been segmented into two major categories: oxygen source equipment and oxygen delivery devices. The oxygen source equipment segment is further categorized into oxygen cylinders, oxygen concentrators and liquid oxygen devices. Moreover, the oxygen delivery devices segment has been sub-segmented into simple oxygen mask, nasal cannula, Venturi mask, non-rebreather mask, bag valve mask, and CPAP mask. On the basis of application, the market is segmented into chronic obstructive pulmonary disease, asthma, obstructive sleep apnea, respiratory distress syndrome, cystic fibrosis and pneumonia. Demand for oxygen delivery devices is likely to increase due to rising incidence of COPD among the geriatric population and advancement of novel therapeutic devices for oxygen therapy. The market segments have been extensively analyzed based on usefulness, efficacy, revenue, and geographical coverage. The market size and forecast in terms of US$ Mn for each segment has been provided for the period from 2013 to 2023. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2015 to 2023, considering 2014 as the base year.
Geographically, the market has been segmented into two countries: the United States and Canada. The market size and forecast for each of these countries has been provided for the period from 2013 to 2023, along with their respective CAGRs for the forecast period from 2015 to 2023, considering 2014 as the base year. The research study also covers the competitive scenario in these regions. A detailed qualitative analysis of factors responsible for driving and restraining the growth of the market and future opportunities has been provided in the market overview section. This section of the report also provides market attractiveness analysis, Porter’s Five Forces analysis, and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the North America oxygen therapy devices market.
A list of recommendations has been provided for new entrants as well as existing market players to assist them in taking strategic initiatives to establish a strong presence in the market. The report also profiles major players in the North America oxygen therapy devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Major players profiled in this report include 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
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)
- Obstructive Sleep Apnea
- Respiratory Distress Syndrome (RDS)
- Cystic Fibrosis
North America Oxygen Therapy Devices Market, by Geography
- United States