According to TMR’s estimations, the opportunity in the market for oxygen therapy devices in North America, which was US$1.0 bn in 2014, is anticipated to rise at a CAGR of 5.50% during the period from 2015 to 2023 and reach a value of US$1.58 bn by the end of the forecast period.
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U.S. to Acquire Leading Position in North America Oxygen Therapy Devices Market
The North America market for oxygen therapy devices reports its presence across the U.S. and Canada. Among the two, the U.S.
has captured the lion’s share in this market and is expected to retain it over the period of the forecast on the grounds of the significant rise in the prevalence of chronic obstructive pulmonary diseases (COPD) in this economy.Canada, however, is projected to provide more promising opportunities for growth in the near future due to the increasingly expanding base of the geriatric population.
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The research report considers oxygen source equipment and oxygen delivery devices as the main types of products available in the North America market for oxygen therapy devices. Oxygen cylinders, oxygen concentrators, and liquid oxygen devices are important oxygen source equipment and venturi masks, bag valve masks, simple oxygen masks, nasal cannula, non-rebreather masks, and continuous positive airway pressure (CPAP) masks are the key oxygen delivery devices used for the treatment of a number of chronic diseases in this region.
The oxygen concentrators in the oxygen source equipment segment and venturi masks in the oxygen delivery devices segment are enjoying a ‘much greater than others’ demand and are projected to remain doing so in the years to come, reports the research study.
Demand for Oxygen Therapy Devices to be Fueled by Rise in Respiratory Diseases
“The increasing incidence rate of respiratory diseases, such as asthma, COPD, respiratory distress syndrome, and obstructive sleep apnea has emerged as the prime factor behind the growth of the market for oxygen therapy devices in North America,” says a TMR analyst. Apart from this, a surge in the preference for home healthcare and the significant advancements in technologies are also boosting this market remarkably and are expected to continue doing so over the next few years.
On the other hand, the augmenting inclination of consumers towards refurbished tools and equipment, high cost incurred in oxygen therapy devices, and the dearth of favorable reimbursement policies may impact overall revenue of this market adversely, states the report.
The North America oxygen therapy devices market is characterized by the presence of established companies in a large number. Teleflex Inc., Smiths Medical, ResMed, Koninklijke Philips, MAQUET Holding, Invacare Corp., Fisher & Paykel Healthcare, DeVilbiss Healthcare, CareFusion Corp., and Chart Industries are some of the leading vendors of oxygen therapy devices across North America, finds a new study by Transparency Market Research (TMR).
These players are constantly striving to innovate and bring in technological advancements to devices in order to gain an edge over the competitors in this market, notes the research study.
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