Oxygen therapy devices are being largely acknowledged for the treatment of several respiratory diseases due to its supplementary, definitive, or palliative role. The growing prevalence of respiratory diseases such as respiratory distress syndrome, COPD, asthma, and obstructive sleep apnea is by far the leading factor augmenting the oxygen therapy devices market in North America. Moreover, the rising preference for home healthcare coupled with the rapid advancements in technology is providing a significant boost to the growth of the market.
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However, the growing consumer inclination towards refurbished equipment and the high cost of oxygen therapy devices along with the lack of favorable reimbursement policies are adversely affecting the overall revenue generation of the market. Owing to these factors, the North America oxygen therapy devices market is poised to reach a valuation of US$1.58 bn by 2023, progressing at a CAGR of 5.5% between 2015 and 2023.
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.
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.
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.