North America Oxygen Therapy Devices Market Research Report : Major Factors & Applications 2023

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North America oxygen therapy devices market was valued at US$ 1.0 Bn in 2014; 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

Oxygen therapy has emerged to be one of the most potential options used for treating various respiratory diseases due to its definitive, supplementary or palliative role. Oxygen therapy devices are used for a wide range of applications in the treatment of different diseases including chronic obstructive pulmonary disease, obstructive sleep apnea, respiratory distress syndrome, asthma, cystic fibrosis, and pneumonia. COPD is the largest application of oxygen therapy devices, as the prevalence of respiratory diseases is rapidly increasing. According to the Centers for Disease Control and Prevention, approximately 39.0 million people in the U.S. had evidence of chronic obstructive pulmonary disease in 2011. Likewise, approximately 5.8% of the population of New Mexico is affected by COPD. Kentucky accounted for the highest COPD cases, approximately 9.3%, in 2011, followed by Alabama with 9.1% of the total population. Moreover, rising burden of health care expenditure on governments and private players has induced manufacturers to introduce oxygen therapy devices that are patient friendly, portable, and cost effective.

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The oxygen therapy devices market in North America is segmented by product type into oxygen source equipment and oxygen delivery devices. Oxygen source equipment is further sub-segmented into oxygen cylinders, oxygen concentrators and liquid oxygen devices. Oxygen concentrators accounted for the largest share of more than 42.4% of the overall North America oxygen therapy devices market in 2014. However, liquid oxygen devices are expected to grow at the highest CAGR during the forecast period through 2015 to 2023. Factors such as low per unit cost of liquid oxygen system, power saving, and maximum mobility are accelerating the growth of the liquid oxygen devices in North America. Additionally, easy-to-use features and easy-to-carry liquid oxygen devices are expected to drive market growth during the forecast period. Better storage capacity of liquid oxygen devices as compared to other oxygen source equipment is further expected to drive the growth of the segment.

Similarly, the oxygen delivery devices market is further sub-segmented into simple oxygen masks, nasal cannula, Venturi masks, non-rebreather masks, bag valve masks and CPAP (continuous positive airway pressure) masks. Venturi masks are estimated to grow at an approximate CAGR of above 7% throughout the forecast period. Technological factors such as delivery of supplemental oxygen at an accurate and fixed concentration with minimum discomfort are driving the growth of the segment. Furthermore, based on applications, the oxygen therapy devices market is segmented into chronic obstructive pulmonary disease (COPD), asthma, respiratory distress syndrome, obstructive sleep apnea, pneumonia and cystic fibrosis. The largest application for oxygen therapy devices is COPD, as the prevalence of fatal respiratory diseases is rapidly gaining momentum. Factors that accentuated the growth of the segment are high prevalence of COPD across North America and growing patient preference to opt for oxygen therapy as their first treatment option, thereby propelling the growth of the application of oxygen therapy in COPD treatment in North America.

Geographically, the U.S. constituted the largest market share in the North America oxygen therapy devices market in 2014. Factors that have assisted the growth of the oxygen therapy devices market in the U.S. are rising prevalence of life-threatening repiratory diseases and developed healthcare infrastructures. Furthermore, technological developments in the field of medical devices and increasing public awareness regarding oxygen therapy are also boosting the growth of the oxygen therapy devices market in the U.S.

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At present, some of the major companies involved in the North America oxygen therapy devices market are Respironics, Inc. (a Philips company), Fisher & Paykel Healthcare Limited, Teleflex Incorporated, Invacare Corporation, AirSep Corporation, CareFusion Corporation, DeVilbiss Healthcare, MAQUET Holding B.V. & Co. KG, and ResMed, Inc.

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