Global Outlook for Oxygen Therapy Devices Market By Key Trends and Analysis 2020
Global Oxygen Therapy Devices Market: Snapshot
The prevalence of chronic respiratory diseases such as asthma, pulmonary hypertension, chronic obstructive pulmonary disease (COPD), occupational lung disease, and respiratory allergies has been increasing worldwide, especially in middle-income and low-income countries. The World Health Organization states that each year, at least 3 million people die from COPD. This alarming rise in the prevalence of various respiratory diseases is the primary factor boosting the uptake of oxygen therapy and oxygen therapy devices. The global market for oxygen therapy devices is expected to value US$2.8 bn by 2020, the end of the forecast period. The numerous benefits of oxygen therapy will also contribute to the growth of this market. These include reduced risk of heart failure, better mental stamina, and enhanced breathing patterns.
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Liquid Oxygen Devices Gain Much Traction thanks to Greater Storage Capacity
On the basis of product type, the oxygen therapy devices market has been bifurcated into oxygen source equipment and oxygen delivery devices. Cylinders, concentrators, and liquid oxygen devices are the main types of oxygen source equipment, of which, oxygen concentrators hold the leading share in the overall market. Nevertheless, liquid oxygen devices will register strong growth in the coming years owing to their rising application in the treatment of different respiratory disorders and greater storage capacity. Oxygen delivery devices include nasal cannula, Venturi masks, bag valve masks, non-rebreather masks, simple oxygen masks, and continuous positive airway pressure (CPAP) masks. Among these, Venturi masks are likely to witness higher growth through 2020.
Oxygen therapy devices find application in the treatment of asthma, chronic obstructive pulmonary disease (COPD), respiratory distress syndrome, pneumonia, obstructive sleep apnea, and cystic fibrosis. The COPD segment dominates the overall oxygen therapy devices market and is anticipated to retain its hold throughout the forecast period on account of increasing prevalence of COPD and a rising number of patients showing preference for oxygen therapy as the first treatment option.
North America to Retain Lead in Global Oxygen Therapy Devices Market
By way of region, the global market for oxygen therapy devices has been segmented into Asia Pacific, North America, Europe, and Rest of the World. North America accounted for the dominant share at the start of the forecast period and is slated to continue its leading streak through 2020. This can be attributed to factors such as superior and sophisticated healthcare infrastructure, constant technological advancement in the field of medical devices, and growing awareness among the patient population. Rising prevalence of various life-threatening respiratory diseases is also a major factor boosting the demand for and usage of oxygen therapy devices in North America. The National Institutes of Health states that chronic obstructive pulmonary disease – the third leading cause of death in the U.S. – claims over 120,000 lives each year. This alarming prevalence of COPD is sure to keep the demand for oxygen therapy devices high in the region.
Asia Pacific, on the other hand, will be one of the most promising regions in the global market and is slated to witness impressive growth over the coming years. Factors such as a large population base, rapid economic growth, improving awareness among consumers regarding personal health and wellbeing, rising promotional initiatives by the government, and better disease management are likely to give the Asia Pacific oxygen therapy devices market a significant boost.
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