Global Oxygen Therapy Devices Market to Reach US$2.8 bn by 2020 owing to Changing Patient Preferences
Oxygen therapy is popularly used for treating numerous types of respiratory diseases due to its beneficial palliative and supplementary role. Administration of supplementary oxygen has become a crucial element for accurate management of various diseases. Some of the many benefits of oxygen therapy are improved breathing pattern, prevention of heart failure, and increased mental stamina. The rapid development of application areas of oxygen therapy across diseases including asthma, respiratory distress syndrome, obstructive sleep apnea, and chronic obstructive pulmonary disease is expected to drive the global oxygen therapy devices market during the period from 2014 to 2020. Long-term oxygen therapy for patients suffering from lung diseases is expected to improve the quality of life, thus contributing towards the development of the global oxygen therapy devices market.
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The global oxygen therapy devices market is segmented on the basis of application, region, and product type. By application, the chronic obstructive pulmonary disease segment is expected to dominate the global oxygen therapy devices market in the years to come due to the increasing prevalence of the disease. By product type, the global oxygen therapy devices market is classified into oxygen source equipment and oxygen delivery devices. The oxygen source equipment segment is sub-segmented into oxygen concentrators, oxygen cylinders, and liquid oxygen devices. In 2013, the oxygen concentrators segment dominated the global oxygen therapy devices market.
The liquid oxygen devices segment is predicted to develop rapidly during the forecast period due to factors such as the need for greater mobility of the equipment and its increasing use for the treatment of numerous respiratory disorders. The improved storage capacity of liquid oxygen devices is expected to drive the liquid oxygen devices segment in the years to come. The Venturi masks sub-segment of the oxygen delivery devices segment dominated the global oxygen therapy devices market in 2013 and is predicted to maintain its dominant position in the years to come.
Based on region, the global oxygen therapy devices market is divided into North America, Asia Pacific, Europe, and Rest of the World. In 2013, in terms of revenue, the global oxygen therapy devices market was led by North America, followed by Asia Pacific. The presence of enhanced healthcare infrastructure facilities and increasing occurrence of life-threatening respiratory diseases are two of the factors driving the North America market for oxygen therapy devices. Europe is predicted to maintain its steady growth during the forecast period.
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Respironics, Inc. (a Philips company), Teleflex Incorporated, AirSep Corporation, DeVilbiss Healthcare, ResMed, Inc, Fisher & Paykel Healthcare Limited, Invacare Corporation are some of the leading companies in the global oxygen therapy devices market.
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