A new report, titled “Oxygen Therapy Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,” states the oxygen therapy market will be worth $2.8bn in 2020.
In 2013 the market was valued at $1.9bn and is expected to grow at a CAGR of 5.7% from 2014 to 2020.
Oxygen therapy is a form of respiratory care that involves administration of supplemental oxygen in order to prevent any damage to tissue cells as a result of hypoxemia. The prime purpose of oxygen therapy is to increase oxygen saturation levels in the damaged tissues. Oxygen therapy results in reduction in shortness of breath, lesser strain on the heart and better quality of life. Increasing incidences of various respiratory illnesses and growing need for better disease management is driving the growth of the global oxygen therapy devices market. Due to its wide application in the treatment of a number of diseases including chronic obstructive pulmonary disease, asthma, obstructive sleep apnea, pneumonia, respiratory distress syndrome and cystic fibrosis, the oxygen therapy devices market is estimated to propel during the forecast period of 2014 to 2020.
Based on product type, the oxygen therapy devices market is segmented into oxygen source equipment and oxygen delivery devices. The oxygen source equipment accounted for the largest share, i.e., more than 60% of the total oxygen therapy devices market in 2013. Factors that have contributed towards the growth of the segment are high prevalence of life threatening respiratory diseases among the population, and growing demand for oxygen therapy in order to gain better health-related quality of life. Similarly, in terms of market growth, the oxygen delivery devices segment is estimated to grow at the fastest growth rate of over 6% from 2014 to 2020. Growing usage of oxygen delivery devices supplemented by rapid consumption of disposable masks is driving the growth of the oxygen delivery devices market segment.
Among the application areas of oxygen therapy devices, COPD constituted for the largest market share due to increasing incidences of cigarette smoking and threat of environmental pollution. Furthermore, increasing use of portable and easy-to-use oxygen therapy devices for the treatment of COPD is attributed towards the growth of the market segment.
Geographically, North America accounted for the largest share (over 45% in 2013) of the total oxygen therapy devices market. However, Asia Pacific countries such as Japan, South Korea, Malaysia, Australia, India and China are witnessing remarkable growth thus contributing to the market growth of Asia Pacific at over 6% during the forecast period of 2014 to 2020. Extensive presence of large population coupled with skilled workforce, easy market penetration in developing economies, favourable support from governments for improvement of the healthcare infrastructure would further boost the growth of the oxygen therapy devices market in Asia Pacific.