Oxygen Therapy Devices Market to Develop at 5.7% CAGR between 2014 and 2020 on Account of Changing Patient Preference Transparency Market Research (TMR) has announced the release of a new research report based on the global oxygen therapy devices market that estimates the overall value of the market to be US$2.80 billion by 2020, expanding at a CAGR of 5.7% during the period from 2014 to 2020. The research study is titled “Oxygen Therapy Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020� and reports that the global market for oxygen therapy devices had reached a value of US$1.90 billion in 2013. Based on product type, the report segments the global oxygen therapy devices market into the oxygen source equipment market and the oxygen delivery devices market. In the oxygen source equipment market, the oxygen concentrators segment held the leading position in 2013. However, the liquid oxygen devices segment is expected to surpass it during the forecast period. Similarly, in the oxygen delivery devices market, the venturi masks segment is expected to register the highest growth between 2014 and 2020.
Oxygen therapy has emerged to be one of the most potential options used for treating various respiratory diseases due to its definitive, supplementary or palliative role. The administration of supplemental oxygen has become an essential element for appropriate management of a number of disease conditions. Various benefits of oxygen therapy include increased mental stamina, improved breathing pattern, and prevention of heart failure in people with severe respiratory diseases. The growing application area of oxygen therapy across various disease conditions such as chronic obstructive pulmonary disease (COPD), asthma, obstructive sleep apnea, and respiratory distress syndrome is driving the growth of the global oxygen therapy devices market. Furthermore, long-term oxygen therapy in patients with chronic lung disease is believed to improve the quality and length of life, contributing towards the growth of oxygen therapy devices market. The oxygen therapy devices market is segmented by product type into oxygen source equipment and oxygen delivery devices. Oxygen source equipment is further sub-segmented into oxygen cylinders, oxygen concentrators and liquid oxygen devices. Oxygen concentrators accounted for the largest market share of the overall oxygen therapy devices market in 2013. However, liquid oxygen devices are expected to grow at the highest CAGR during the forecast period through 2014 to 2020.