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.
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.
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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.
AirSep Corporation, Philips Respironics, Inc., MAQUET Holding B.V. & Co. KG, ResMed, CareFusion Corporation, Teleflex Incorporated,Smiths Medical, Invacare Corporation, Fisher and Paykel Healthcare Limited, and DeVilbiss Healthcare LLC are some of the leading contributors in the global oxygen therapy devices market are