Transparency Market Research has published a new report on the global oxygen therapy devices market. As per the report, the global oxygen therapy devices market is predicted to expand at a 5.70% CAGR from 2014 to 2020.
The report, titled ‘Oxygen Therapy Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,’ states that the global market was valued at US$1.90 bn in 2013 and is expected to reach US$2.80 bn by 2020.
The market’s growth will be propelled by technological advancements in respiratory care services and the rising preference of patients for portable home oxygen therapy devices.
Various oxygen therapies are used to treat different respiratory diseases due to their supplementary and definitive role. Some of the benefits of oxygen therapy are increased mental stamina, prevention of heart failure, and an improved breathing pattern. The increasing application of oxygen therapy is predicted to propel the global oxygen therapy devices market.
The administration and supply of supplementary oxygen have become an integral part of the management of many diseases. Oxygen therapy is applicable to many diseases such as chronic obstructive pulmonary disease, asthma, respiratory distress syndrome, and obstructive sleep apnea. Long-term oxygen therapies in patients suffering from chronic lung disease are believed to enhance the length and the quality of life, thus contributing towards the swift growth of the global oxygen therapy devices market.
Transparency Market Research