Oxygen Therapy Devices Market Rising at a CAGR of 5.5% over the period between 2015 and 2023
A news report by the Transparency Market Research states that the competitive landscape of the oxygen therapy devices demonstrate highly fragmented, thanks to the large and small local players. The market is facing stiff competition among the local players due to adoption of strategy for the continuous innovation of the devices to strengthen their business and gain competitive edge among the other players. As the key players are more focused for the innovation of devices, as the competition among the players are anticipated to increase substantially in near future. Some of the leading players operating in the North America oxygen therapy devices includes Smiths Medical, Fisher & Paykel Healthcare Limited, DeVilbiss Healthcare LLC, Philips Respironics Inc., Invacare Corporation., and AirSep Corporation.
According to TMR, The North America oxygen therapy devices market held an opportunity worth US$1.58 bn by 2023. Rising at a CAGR of 5.5% over the period between 2015 and 2023.
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Increasing demand for Venturi Masks to propel Market Growth
Based on product, the study segregates the North America oxygen therapy devices market into oxygen delivery devices and oxygen source equipment. The study sub-segments the oxygen delivery devices into CPAP (continuous positive airway pressure) masks, nasal cannula, venturi masks, bag valve masks simple oxygen masks, and non-rebreather masks. Among all the segment, venturi masks is likely to dominate the market in terms of substantial revenue share in overall market. Further, oxygen source equipment is divided into oxygen concentrators, oxygen cylinders and liquid oxygen device. Out of all the sub segment, oxygen concentrators leads the market in terms of low cost, better storage capacity as well as maximum mobility.
Rising prevalence of COPD to Maintain U.S. position as Leading Region
The report also studies the oxygen therapy devices on the basis of its geographical spread across the North America. The North America market is segmented into the U.S. and Canada. Of these, the market in U.S. is anticipated to witness significant growth over the forecast period. Moreover, increasing prevalence of CODA patients are likely to influence the growth of the oxygen therapy devices in the U.S. CODA is considered as the third leading reason for the cause of death in the North America. Increasing aged population is likely to propel the overall growth of the oxygen therapy market over the forecast period. The U.S. market for oxygen therapy devices will likely to witness healthy growth over the forecast period.
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Additionally, increasing awareness about the treatment of the chronic respiratory disease will likely to drive the demand in near future. In contrast, the patients are more inclined toward oxygen concentrators due to its affordability. As the oxygen therapy devices are more expensive. Also, lack of reimbursement policies is likely to hinder the growth of the oxygen therapy devices market in near future.
This review is based on the findings of a TMR 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.”
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