Oxygen Conserving Device Market to Grow at Double Digits until 2028
The global oxygen conserving devices market is showing prolific growth. The growth of the market can be attributed to the growing geriatric population and the increasing prevalence of respiratory diseases among people?
A recent study by strategic consulting and market research firm BlueWeave Consulting revealed that the global oxygen conserving device market was worth USD 1,296.8 million in 2021 and is projected to reach up to USD 2,637.5 million by the year 2028, growing at a CAGR of 11.1% over the forecast period of 2022-2028. The market’s growth can be attributed to the increasing geriatric population and the growing prevalence of respiratory diseases among people. Moreover, technological advancements in electronic oxygen conservers are leading to numerous possibilities. Additionally, oxygen is required for treating respiratory diseases such as emphysema, bronchitis, and other respiratory disorders, which in turn drives the oxygen conserving devices market.
Increasing Prevalence of Respiratory Diseases Contributing to The Growth of Oxygen Conserving Device Market
Chronic respiratory diseases are the most common non-communicable diseases worldwide, primarily caused by improper inhalation exposure. In addition to chronic obstructive pulmonary disease (COPD) and asthma, lung disease and pulmonary sarcoidosis are also common respiratory diseases. Prevalence rates of respiratory diseases have gone up over time. According to the National Centre for Health Statistics, the prevalence of respiratory diseases is highest in persons aged above 80 years of age. However, young adults are also getting infected with the disease. According to experts 80% of COPD are caused by cigarette smoke, genetics, and working conditions within the environment - all of which have the potential to contribute to the demand for oxygen conserving devices during the forecast period.
Technological Advancements Promoting Oxygen Conserving Device Market
Several technological advancements have taken place in oxygen conservation devices, including disposable oxygen conservers and electronic oxygen conservers. Moreover, market players are expanding their distribution networks and product portfolios in order to achieve a large market share. For example, companies such as Drive Devilbliss Healthcare have introduced disposable oxygen conservers, such as Oxymizer disposable oxygen conservers, which provide and save oxygen at a 4:1 ratio, compared to continuous flow oxygen therapy devices. Different type of oxygen conserving devices has been launched in the market with the latest innovation, such as Electronic OCD, portable OCD, etc, which in turn is driving the growth of the global oxygen conserving device market.
The Hospital segment holds the largest market share in the global oxygen conserving device market.
The oxygen conserving devices market is segmented into hospitals, home care, and others based on end-users. The hospitals’ segment dominated the market due to their well-established healthcare system, well-equipped infrastructure, expertise, and high admission rates of patients with chronic respiratory conditions. On the other hand, the home care segment is predicted to grow at a considerable CAGR during the forecast period due to the efficient usage of oxygen conserver devices in homecare settings to provide supplemental oxygen to patients, primarily geriatric patients.
Impact of COVID-19 on the global oxygen conserving device market
Oxygen conserving devices market are used to treat patients with severe lung diseases, such as chronic obstructive pulmonary disease, lung disease, and hypoxia-related symptoms. Such patients require intensive oxygen therapy to remain healthy. Generally, the treatment of respiratory disease requires daily and extensive care, but the COVID-19 pandemic made that very difficult as people with respiratory ailments were unable to receive regular checkups and treatments in hospitals. Moreover, the surge of COVID-19 cases around the world resulted in acute oxygen shortage, which led to an increase in the demand for oxygen conserving devices during the period of the pandemic. Moreover, with the Delta variant of the Coronavirus still prevailing in some countries, the demand for oxygen conserving devices is likely to grow during the forecast period.
North America dominates the global oxygen conserving device Market.
The global oxygen conserving device market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Among the regions, North America dominates the market, followed by Europe and the Asia Pacific. These regions are witnessing remarkable growth due to the presence of various leading global manufacturers in the region. Another primary driving the growth of the oxygen conserving device market in these regions is the growing prevalence of chronic respiratory illnesses, lung diseases, and COVID-19, which directly or indirectly affects lungs and respiratory functions. Additionally, daily increase in pollution also gives rise to respiratory problems, thereby propelling the market forward.
Global Oxygen Conserving Device market - Competitive Landscape
The global oxygen conserving device market is highly fragmented. The key players dominating the oxygen conserving device market are Inogene Inc, GCE Group, Precision Medical, Inc, Drvie DeVilbiss International, Medline Industries Inc, Graham-Field Health Products, Inovo Inc, Essex Industries, Krober Medizintechnik, and other prominent players. The market players adopt a variety of strategies, including investment in oxygen-conserving equipment, such as disposable oxygen concentrators and electronic oxygen concentrators, in addition to expanding their distribution networks and product lines to stay ahead of the pack.
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The report’s in-depth analysis provides information about growth potential, upcoming trends, and the global oxygen conserving device market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global oxygen conserving device market ? along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market’s growth drivers, challenges, and competitive dynamics.