North America Oxygen Therapy Devices Market: Snapshot
The North America market for oxygen therapy devices is expanding at a healthy pace and is expected to tread along a healthy growth path in the next few years. Factors such as the rising prevalence of a number of respiratory conditions in the region, such as asthma, COPD, obstructive sleep apnea, and respiratory distress syndrome, are key to the increased demand for oxygen therapy devices in the region. Moreover, the increased demand for effective home healthcare services and the rapid pace of technological advancement are also working in favor of the market.
The report estimates that the North America oxygen therapy devices market will rise to a revenue opportunity of US$1.58 bn by 2023, registering a CAGR of 5.5% between 2015 and 2023.
Rising Demand for Venturi Masks to Fuel Market Growth
On the basis of product, the report segments the North America oxygen therapy devices market into oxygen source equipment and oxygen delivery devices. The report further analyzes the segment of oxygen delivery devices for varieties such as nasal cannula, bag valve masks, non-rebreather masks, venturi masks, simple oxygen masks, and CPAP (continuous positive airway pressure) masks. Of these, the segment of venturi masks is expected to expand at a CAGR of over 7% over the report’s forecast period. Factors such as minimum discomfort along with high accuracy work in favor of the segment.
The segment of oxygen source equipment is further analyzed for varieties such as liquid oxygen devices, oxygen cylinders, and oxygen concentrators. Of these, the segment of oxygen concentrators presently holds the dominant revenue share in the overall market. Over the forecast period, however, the segment of liquid oxygen devices will expand at the maximum CAGR, thanks to benefits such as ease of carrying, ease of use, better storage capacity, energy efficiency, low cost per unit, and maximum mobility.
High Prevalence of COPD to Maintain U.S.’s Positions as Dominant Regional Market
From a geographical perspective, the report covers the North America oxygen therapy devices market for the U.S. and Canada. Of these, the market in the U.S. is expected to account for a massive chunk in revenue of the overall market throughout the report’s forecast period. The rising population of people with COPD in the country will chiefly lead to the scenario; COPD is considered the third leading causes of death in the country, with nearly 11 mn people in the country diagnosed with the country in 2013. The U.S. market for oxygen therapy devices will continue to expand at a prominent pace over the forecast period as well, thanks to the increased level of awareness regarding available treatments for a number of chronic respiratory conditions.
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The rising uptake of technologically advanced devices in the country’s healthcare infrastructure, driven chiefly by the several encouraging initiatives such as National Asthma Control Initiative (NACI) undertaken by the government. Nevertheless, the market in Canada is also expected to register a noteworthy CAGR over the forecast period, chiefly owing to the rising population of geriatrics and the rising prevalence of a variety of respiratory diseases in the country.
Some of the leading companies operating in the North America oxygen therapy devices market are Fisher & Paykel Healthcare Limited, Teleflex Incorporated, MAQUET Holding B.V. & Co. KG, Philips Respironics Inc., CareFusion Corporation, Invacare Corporation, Smiths Medical, AirSep Corporation, and DeVilbiss Healthcare LLC.