The oxygen therapy devices market size was estimated at USD 2,870 million in 2019 and is projected to grow with a CAGR of 8.5%.
In the atmosphere, oxygen comprises about 21% of gases, which are sufficient for respiratory intake among people with healthy lungs, but insufficient for patients with chronic lung conditions such as COPD, asthma, and pneumonia, further prompting the need for oxygen therapy devices.
The market players are actively working to develop technologically advanced devices to address the rising prevalence of asthma and COPD caused due to high tobacco smoking. For instance, Philips Respironics Oxygen Concentrator is widely used across the U.S. Apart from this, the availability of low-cost alternatives by local manufacturers and increasing adoption of telemedicine and telemonitoring provide an impetus to the market growth.
Growing environmental pollution and occupational exposure to toxic gases is subsequently increasing the prevalence of chronic respiratory conditions across the globe. As per the National Institutes of Health (NIH), in the U.S., approximately 12 million people were diagnosed with COPD in 2017, and about 120,000 people die of COPD each year. As per the data reported by the Global Asthma Network (GAN), globally, nearly 334 million people had asthma in 2018. As per the World Health Organization (WHO) estimates, COPD is the third leading cause of death across the globe, with more than 380 million people currently suffering from the disease. In China, India, Brazil, and Eastern European countries, COPD is largely undiagnosed due to high healthcare costs.
In developing countries, more than 90% of COPD related deaths are caused due to high pollution levels and the rising number of smokers. Governments and market players are conducting awareness programs to raise awareness regarding oxygen therapy. For instance, the World COPD Day announced the Global Initiative for Chronic Obstructive Lung Disease (GOLD), aimed at educating and empowering patients suffering from COPD. Similarly, Phillips in collaboration with COPD athlete Russell Winwood developed motivational content for educating and empowering patients and physicians to adopt oxygen therapy equipment.
Today, oxygen therapy devices are equipped with technologically advanced sensors, flow-regulating devices, and pulse dosemeters to provide efficient patient care. These devices offer controlled flow, efficient dosing, faster response rates, and greater durability & reliability, further driving their adoption across the globe. Some of the emerging technologies are listed below;
The oxygen source devices segment holds the largest market share as it is extensively used in oxygen cylinders, oxygen concentrators, liquid oxygen devices, and continuous positive airways pressure (CPAP) devices. In the oxygen source devices segment, the portable oxygen concentrators segment is projected to grow with a lucrative CAGR during the forecast period. The portable oxygen concentrators are largely used in various medical emergencies, ambulances, rails, and aircraft, further driving the segment growth.
The oxygen delivery devices segment is projected to grow with a significant CAGR. Availability of a wide range of delivery devices such as oxygen masks, nasal cannula, venturi masks, non-rebreather masks, bag valve masks, and CPAP masks used in different respiratory and physiological needs drive the segment growth. These devices offer constant oxygen flow and variable pressure and flow dilution, further driving the segment growth. In the oxygen delivery devices segment, the oxygen masks segment is expected to witness the fastest growth.
The asthma segment held the second-largest market share in 2018. Emerging oxygen delivery modalities, such as high flow nasal cannula, is subsequently driving its demand across emergency care and non-invasive ventilation for asthma treatment, further driving the segment growth. As per the Centers for Disease Control and Prevention (CDC), in the U.S., around 25 million people have asthma.
The obstructive sleep apnea segment is projected to witness exponential growth during the forecast period. Increasing the use of nocturnal oxygen therapy, growing prevalence of sleep apnea and supplemental oxygen administration, and rising adoption of CPAP devices drive the segment growth. As per Sleepapnea.org, in the U.S., around 22 million people suffer from sleep apnea.
Oxygen therapy is the ideal treatment intervention for patients suffering from COVID-19. Disruption in the supply chain has compelled the leading players to develop efficient oxygen source and oxygen delivery devices. For instance, ResMed is actively working to develop oxygen therapy devices such as oxygen concentrators, liquid oxygen devices, and CPAP devices. Thus, the rising prevalence of the COVID-19 is subsequently prompting the dire need for effective oxygen therapy devices.
North America dominates the oxygen therapy devices market on account of increasing R&D investments in oxygen therapy. For instance, the North American Nocturnal Oxygen Therapy Association collaborated with the British Medical Research Council to study the efficacy of long-term oxygen therapy. The increasing popularity of hyperbaric oxygen therapy and topical wound oxygen THERAPY (TWO) drives market growth. Rising incidences of occupational hazards, increasing prevalence of chronic respiratory disorders, supportive government initiatives, and the presence of leading players, such as SeQual, Inogen, Invacare, Oxus, AirSep, Philips Respironics, and Inova Labs Inc., provide an impetus to the market growth. The Federal Aviation Administration (FAA) is actively working to develop oxygen therapy devices in North America, further driving the market growth.
Asia-Pacific is expected to witness exponential growth during the forecast period on account of rising R&D investment by prominent players, increasing commercialization of oxygen therapy devices, surging healthcare spending, and government support. Consistent technological advancements, coupled with rising collaboration among the leading players provide an impetus to the market growth.
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