Albany, NY -- (SBWIRE) -- 10/11/2018 -- The North American oxygen therapy devices market is fragmented with a large number of established companies such as ResMed, Invacare Corp., Teleflex Inc., Koninklijke Philips, Smiths Medical, MAQUET Holding, Fisher & Paykel Healthcare, CareFusion Corp., DeVilbiss Healthcare, and Chart Industries. According to Transparency Market Research (TMR), a leading research company, leading players within the market are adopting a strategy of constantly innovating the devices in order to gain a competitive edge over other players.
According to TMR, the North American oxygen therapy devices market will be worth US$1.58 bn by 2023. On the basis of product, the oxygen concentrators within the oxygen source equipment segment is witnessing a high demand. The venturi mask within the oxygen delivery devices segment is also enjoying high demand as compared to other products. This is because venturi masks offer reduced discomfort and high accuracy. Both these segments are expected to continue to enjoy and increasing demand during the forecast period.
Staggering Increase In Incidences of COPD to Drive US at the Forefront
On the basis of geography, the US emerged as a clear winner and is expected to continue to hold the lion's share in the market for oxygen therapy devices. Rapid rise in the incidences of chronic obstructive pulmonary diseases among the people in the US will fuel the growth of the market in the US. Canada is also expected to offer lucrative opportunities of growth within the oxygen therapy devices market. The growth of the Canadian oxygen therapy devices market is attributed to the rising population of aged people.
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Government Initiatives to Produce Reliable and High Impact Solutions for Asthma Control to Positively Impact Market
One of the key factors driving the growth of the North America oxygen therapy devices market is the rising awareness regarding the availability of treatment for various chronic respiratory disorders. North America is known to quickly accept and adopt advanced technology and this is also favouring the growth of the oxygen therapy devices Market in the region.
Government initiatives are also playing an important role for the growth of this market. The government in North America is striving to launch programs which creates awareness regarding respiratory diseases as well as aims to produce reliable solutions having high-impact for controlling asthma and other respiratory diseases in the US. This will boost the overall market for oxygen therapy devices in North America.
Increase in Population of Aged People Prone to Respiratory Diseases to Drive Growth Prospects of Market
According to statistics 5,780,900 people in Canada aged 65 and above are vulnerable to respiratory diseases. This is expected to drive the growth prospects of the oxygen therapy devices Market in North America. The region also witnesses an increasing adoption of premium-priced oxygen therapy devices which will give an impetus to the growth of the market. Increasing prevalence of COPD, which is expected to become the third largest reason for death by 2020 will also drive the oxygen therapy devices market.
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Rising Inclination Of Patients To Use Refurbished Equipment To Hamper Growth Of Oxygen Therapy Devices Market
Increasing incidences of obstructive sleep apnea, respiratory distress syndrome, and asthma are propelling the demand for oxygen therapy devices in North America. One of the trends witnessed in North America is the growing preference for home health care as a result of constantly upgrading technology and innovation, which is expected to provide a fillip to the market. On the other hand, patients are increasingly inclined towards refurbished equipment in order to save money. This is because oxygen therapy devices are expensive. A lack of favourable reimbursement policies may also impact the growth of the oxygen therapy devices market.
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