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. The administration of supplemental oxygen has become an essential element for appropriate management of a number of disease conditions. Various benefits of oxygen therapy include increased mental stamina, improved breathing pattern, and prevention of heart failure in people with severe respiratory diseases. The growing application area of oxygen therapy across various disease conditions such as chronic obstructive pulmonary disease (COPD), asthma, obstructive sleep apnea, and respiratory distress syndrome is driving the growth of the global oxygen therapy devices market. Furthermore, long-term oxygen therapy in patients with chronic lung disease is believed to improve the quality and length of life, contributing towards the growth of oxygen therapy devices market.
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The oxygen therapy devices market 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 market share of the overall oxygen therapy devices market in 2013. However, liquid oxygen devices are expected to grow at the highest CAGR during the forecast period through 2014 to 2020. Factors that have contributed towards the high growth of the liquid oxygen devices are greater mobility of the device for users and their increasing application for the treatment of various respiratory disorders. Additionally, better storage capacity of liquid oxygen devices as compared to other oxygen source equipment is also 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 higher CAGR. Factors such as delivery of supplemental oxygen at a precise 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 COPD segment held the largest market share in 2013 of the total oxygen therapy devices market. The segment is also expected to maintain its lead during the forecast period through 2014 to 2020. Factors that accentuated the growth of the segment are high prevalence of COPD across the globe 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.
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Geographically, North America constituted the largest market share for the global oxygen therapy devices market in 2013. Factors that have augmented the growth of the oxygen therapy devices market in North America are increasing prevalence of life-threatening respiratory diseases and better healthcare infrastructures. Furthermore, technological developments in the field of medical devices and increasing awareness of population regarding oxygen therapy are also boosting the growth of the oxygen therapy devices market in North America. According to an article published in the National Institute of Health, oxygen therapy is believed to increase the life span of individuals affected with COPD to great extent. However, Asia Pacific is predicted to foresee the highest growth rate over the forecast period. The rationale behind such high growth has been attributed to availability of large population base, greater than ever initiatives taken by the government to promote healthcare and robust economic growth. Moreover, improving consumer awareness regarding heath issues and better disease management would also drive the growth of the oxygen therapy devices market in the next few years.
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At present, the global oxygen therapy devices market is consolidated in nature due to the involvement of few top organizations in this field. Many emerging medical device companies are expected to foresee great development pertaining to the oxygen therapy devices market. Some of the top companies operating in the 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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