Oxygen Therapy Devices Market Key Manufacturers, Development Trends And Competitive Analysis 2020
According to a report by Transparency Market Research, the global oxygen therapy devices market will likely rise at a steady CAGR of 5.70% during the period between 2014 and 2020. At this rate, the market which was worth US$1.9 bn in 2013 is forecasted to attain a value of US$2.8 bn by 2020.
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North Emerges Market Leader due to Superior Healthcare Infrastructure
The various products available in the global oxygen therapy devices market can be broadly split into oxygen delivery devices and oxygen source equipment. The oxygen delivery devices can be further divided into simple oxygen mask, nasal cannula, venture mask, bag valve mask, non-rebreather mask, and CPAP mask. Similarly, the oxygen source equipment can also be divided into oxygen cylinders, oxygen concentrators, and liquid oxygen devices. Of them, the liquid oxygen devices are predicted to expand at a healthy clip in the years to come due to their increasing use in treating various respiratory disorders and higher storage capacity.
Depending upon geography, the key segments of the global oxygen therapy devices market are Europe, North America, Asia Pacific, and the Rest of the World. Of them, North America leads the market with maximum share and going forward too, is expected to retain it. This is because of the advanced healthcare infrastructure, continued technological progress resulting in sophisticated medical devices, and a rising crop of aware patients in the region.
Chronic Respiratory Diseases Serving to Catalyze Growth in Market
Rising instances of chronic respiratory diseases, namely pulmonary hypertension, respiratory allergies, asthma, chronic obstructive pulmonary disease (COPD), and occupational lung disease is the primary growth driver in the global market for oxygen therapy devices. Explains the lead analyst of the TMR report, “The World Health Organization (WHO) finds that each year, at least 3 million lives are lost to COPD. This alarming rise in the prevalence of different respiratory diseases is the main factor boosting the uptake of oxygen therapy devices.”
Life-threatening respiratory diseases, again for example, are serving to boost demand for oxygen therapy devices, particularly in North America. The National Institute of Health finds that COPD is the third leading cause of death in the U.S. It results in more than 120,000 deaths annually. This is serving to majorly boost the sales for oxygen therapy devices in the region.
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In addition, various other benefits of oxygen therapy is also contributing to the growth of the market. Those include lowered risk of heart failure, better mental stamina, and improved breathing patterns.
This review is based on the findings of a TMR report, titled, “Oxygen Therapy Devices Market (Product Type – Oxygen Source Equipment (Oxygen Cylinders, Oxygen Concentrators, and Liquid Oxygen Devices) and Oxygen Delivery Devices (Simple Oxygen Mask, Venturi Mask, Nasal Cannula, Non-rebreather Mask, Bag Valve Mask, and CPAP Mask); Application – Chronic Obstructive Pulmonary Disease (COPD), Asthma, Obstructive Sleep Apnea, Respiratory Distress Syndrome (RDS), Cystic Fibrosis, and Pneumonia) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020.”
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector – such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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