Oxygen therapy is majorly utilized for the treatment of various types of respiratory diseases owing to its supplementary role and beneficial palliative effect. The prime benefits of oxygen therapy are enhanced breathing pattern, enhanced mental stamina, and prevention of heart failure. Oxygen therapy devices are a set of equipment utilized in numerous applications of respiratory care comprising invasive and non-invasive ventilation, asthma management, and aerosol and oxygen delivery.
Increasing Occurrence of Respiratory Diseases to Boost North America Oxygen Therapy Devices Market
The market for oxygen therapy devices in North America is majorly fuelled by the rising preference of patients for portable home oxygen therapy devices. In addition, the increasing occurrence of respiratory diseases and particularly that of chronic obstructive pulmonary disease (COPD) has also stimulated the oxygen therapy devices market in North America.
Furthermore, factors such as numerous technological developments within the respiratory care field and the rising initiatives by the governments of North American countries will also boost the oxygen therapy devices market in North America. On the other hand, the increasing concerns of patients about the complications related with the use of long-term oxygen therapy may inhibit the growth of the market in North America in the coming years.
Liquid Oxygen Devices to Expand at Highest CAGR between 2015 and 2023
By product type, the North America oxygen therapy devices market is majorly segmented into oxygen source equipment and oxygen delivery devices. The segment of oxygen source equipment is further segmented into oxygen concentrators, oxygen cylinders, and liquid oxygen devices. On the other hand, the segment of oxygen delivery devices is further segmented into nasal cannula, simple oxygen masks, venturi masks, bag valve mask, non-rebreather masks, and CPAP masks.
Amongst these, in 2014, the segment of oxygen concentrators led the oxygen therapy devices market in North America with a share of over 42.4%. On the other hand, the segment of liquid oxygen devices is predicted to expand at the greatest CAGR between 2015 and 2023. Within the segment of oxygen delivery devices, venturi masks are predicted to rise at a CAGR of more than 7% from 2015 to 2023.
Rising Use of Oxygen Therapy Devices for COPD Treatment to Propel Market Growth
By application, the oxygen therapy devices market in North America is segmented into asthma, respiratory distress syndrome, chronic obstructive pulmonary disease (COPD), pneumonia, cystic fibrosis, and obstructive sleep apnea. Amongst these, oxygen therapy devices are majorly used in COPD treatment owing to the increasing occurrence of COPD in North America and the increasing preference of patients for oxygen therapy.
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U.S. Emerged as the Largest Market in North America in 2014
On the basis of geography, the oxygen therapy devices market in North America is segmented into Canada and the United States (U.S.). Amongst these, the U.S. led the market in 2014 owing to the advanced healthcare infrastructure and increasing occurrence of respiratory diseases within the region. In addition, the rising public awareness on oxygen therapy devices and the increasing technological advancements have also augmented the development of the oxygen therapy devices market within the U.S.
The key players in the North America oxygen therapy devices market are Fisher & Paykel Healthcare Limited, Invacare Corporation, CareFusion Corporation, and ResMed, Inc., among others.
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