Oxygen Therapy Devices Market Expected to Reach US$1.58 bn by 2023; says TMR

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.

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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.

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.

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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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This release was published on openPR.