Research report by Transparency Market Research (TMR) states that the competitive landscape present in the North America oxygen therapy devices market is extremely competitive. The competition is expected to intensify in the coming years due to presence of several large players in the global market. Players are expected to compete on the basis of pricing, and product. The regional overall market is also expected to draw heavy investments in the coming years, resulting in technological advancements and upgrades. Some of the key players operating in the market are DeVilbiss Healthcare LLC, Philips Respironics Inc., AirSep Corporation, and Invacare Corporation.
According to the research report, the North America oxygen therapy devices market is expected to be worth US$1.58 bn by the end of 2023 from US$1.0 bn in 2014. During the forecast period of 2015 and 2023, the North America oxygen therapy devices market is projected to surge at a CAGR of 5.5%. The global will be primary factor responsible for driving the overall market will be the high prevalence of cardiovascular diseases in the region.
The U.S. to Lead Regional Market with Better Acceptance of Technology
On the basis of product, the North America oxygen therapy devices market is segmented into oxygen source equipment and oxygen delivery devices. The oxygen delivery devices market is further divided into nasal cannula, bag valve masks, non-rebreather masks, simple oxygen masks, CPAP (continuous positive airway pressure) masks, and venturi masks. Of these, the venturi masks segment is projected to lead the pack as it can be used with minimum discomfort and offer improved accuracy. This sub-segment is projected to register a CAGR of about 7.0% during the forecast period of 2015 to 2023.
Geographically, the U.S. is expected to lead the North America oxygen therapy devices market due to a high prevalence of COPD diseases. The high awareness about the availability of treatment for a wide range of chronic respiratory diseases in the region and high adoption rate of technology are expected to drive the regional market in the coming years.
Growing Prevalence of Respiratory Disorders Fuels Market Growth
The high levels of air pollution and poor lifestyle choices have resulted in wide range of respiratory diseases and disorders. These are primarily characterized by low oxygen levels in the body, which is also known as hypoxemia. This eventually leads to damage to tissue cells, causing shortness of breath, poor quality of life, and strain on the heart. Oxygen therapy devices refers to a type of respiratory care that provides supplemental oxygen to improve oxygen levels to avoid the aforementioned conditions. Increasing uptake of these therapies has resulted in better disease management for those suffering from chronic obstructive pulmonary disease, obstructive sleep apnea, pneumonia, asthma, respiratory distress syndrome, and cystic fibrosis.
The growth of the North America oxygen therapy devices market is also be aided by increasing number of government initiatives to raise awareness about the diseases and the treatments available for it. For example, an initiative by the National Asthma Education and Prevention Program (NAEPP), National Asthma Control Initiative (NACI) is aimed at offering result-oriented solutions for ensuring asthma control in the U.S.
On the flip side, the North America oxygen therapy devices market is being challenged by changing consumer dynamics. The growing inclination toward refurbished equipment and expensive nature of oxygen therapy devices are expected to restrain the overall market. The market is also being hampered due to the unfavorable reimbursement policies, states the research report.
This review is based on Transparency Market Research’s report, titled “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.”
The North America oxygen therapy devices market is segmented as follows:
North America Oxygen Therapy Devices Market, by Product Type
North America Oxygen Therapy Devices Market, by Applications
Oxygen Therapy Devices Market, by Geography
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