Oxygen Conserving Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Oxygen Conserving Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

The Oxygen Conserving Devices Market By Product Type (Reservoir Oxygen Delivery Devices, Electromechanical Pulsing Devices, And Transtracheal Catheters), End-User (Hospitals, Homecare, And Others), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing prevalence of respiratory disorders and continuous rise in air pollution levels

The global oxygen conserving devices market is estimated to grow at a CAGR of 10.73% during the forecast period from 2024 to 2030. The demand for oxygen conserving devices is primarily being boosted by the increasing patient population suffering from chronic obstructive pulmonary disease (COPD) and asthma among other respiratory diseases, the surge in several associated risk factors such as smoking, obesity, air pollution, and others, and innovation in product development among others, thereby contributing to the overall growth of the oxygen conserving devices market during the forecast period from 2024-2030.

Oxygen Conserving Devices Market Dynamics:

According to the World Health Organization (WHO) 2022, it was estimated in 2019 that worldwide around 262 million people were suffering from asthma in 2019.

Also, as per the WHO data on Chronic Obstructive pulmonary disorder (COPD) 2022, globally around 3.23 million deaths had occurred owing to the COPD disorder in the year 2019. As per the aforementioned source, about 90% of COPD deaths occurred in low- and middle-income countries, amongst patients under the age of 70 years. COPD causes persistent and progressive respiratory symptoms, including difficulty in breathing, cough, and phlegm production. The deaths due to COPD can be avoided with proper treatment and management that involves the usage of various oxygen conserving devices.

The Asthma and Lung UK Organization 2022 also stated that in the UK, about 5.4 million people suffer from asthma disorder. In 2021. The number accounts for about one in every 12 adults and one in every 11 children.

The Australian Bureau of Statistics 2022, also revealed their numbers suggesting that under 2.7 million (10.7%) Australian patients were suffering from asthma in 2020-21.

The Interactive Health Atlas of Lung Conditions in England (INHALE) 2022 revealed that in the UK, the emergency hospital admissions for COPD patients were observed to be 133.5 per 100,000 population in the financial year ending 2021.

Another factor contributing to the growth of the Oxygen Conserving Devices market is the continued rise in the number of individuals involved in smoking. For instance, as per the Nanny State Index (NSI) 2021, the rate of people smoking in Austria was 26.40% in 2020. As per the data reported by the Foundation for a Smoke-Free World 2022, there were 20.4 million adult smokers in Brazil in 2019.

However, the high cost of oxygen conserving devices and lack of awareness about respiratory diseases and oxygen conserving devices in low-income countries may restrict the growth of the overall oxygen conserving devices market.

Oxygen Conserving Devices Market Segment Analysis:

Oxygen Conserving Devices Market by Product Type (Reservoir Oxygen Delivery Devices, Electromechanical Pulsing Devices, and Transtracheal Catheters), End-User (Hospitals, Homecare, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product type segment of the oxygen conserving devices market, the reservoir oxygen delivery devices category is expected to amass a significant revenue share in the year 2023.

This is due to the benefits and applications provided by these devices to persons suffering from a variety of respiratory illnesses such as COPD, asthma, dyspnea, and others.

Reservoir Oxygen Delivery Devices are simple to use and need little maintenance compared to other devices. These devices contain an in-built reservoir mechanism that stores oxygen and delivers it as needed to the patient without wasting exhaled oxygen.

Reservoir Oxygen Delivery Devices are more efficient than other oxygen delivery methods and aid in oxygen conservation, particularly during critical periods when oxygen supplies are restricted.

Furthermore, because these devices are lightweight and portable, they are an excellent solution for patients who require oxygen therapy while on the go.

The expanding geriatric population, which is prone to numerous respiratory illnesses, is also driving up demand for reservoir oxygen delivery devices.

Therefore, owing to the above-mentioned factors, the reservoir oxygen delivery devices category is expected to register significant growth, thereby driving the growth of the overall oxygen conserving devices market during the forecast period.

North America is expected to dominate the overall Oxygen Conserving Devices Market:

Among all the regions, North America is estimated to account for the largest share of the oxygen conserving devices market in the year 2023. Owing to the significance of key growth factors such as the rising prevalence of various respiratory disorders like COPD, asthma, and others, rise in several risk factors such as smoking, obesity, and others, high disposable income, sophisticated healthcare infrastructure, presence of key players, increasing product development activities, and others, the market for oxygen conserving devices is expected to witness prosperity in the region during the forecast period 2022-2028.

As per the data published by the World Health Organization (WHO) 2021, approximately 25 million people in the United States had asthma in the year 2020 including 4.2 million children, which equals about 1 in every 13 people. According to the National Center for Health Statistics 2020–2021, stated that the percentage of COPD, emphysema, or chronic bronchitis for adults aged 18 and over, in the United States, increased from 4.6% in 2019 to 5.0% in 2020.

Another factor contributing to the growth of the Oxygen Conserving devices market is the continued rise in the number of individuals involved in smoking. For instance, as per the Centers for Disease Control and Prevention 2022, approximately 40 million people smoke cigarettes in the US. As per the same source, every day nearly 1,600 US youth aged 18 years or younger smoke their first cigarette.

Thus, the above-mentioned factors are likely to propel the growth of the oxygen conserving devices market in the region during the forecast period from 2024-2030.

Oxygen Conserving Devices Market Key Players:

Some of the key market players operating in the oxygen conserving devices market include Air Liquide Medical Systems, GCE Group, Kröber Medizintechnik GmbH, HERSILL, Precision Medical, Inc., Medline Industries, LP., GF Health Products, Inc., Invacare Corporation, Drive DeVilbiss International, Essex Industries Inc., medicap, Sunset Healthcare Solutions, and Others.

Key Takeaways from the Oxygen Conserving Devices Market Report Study

Market size analysis for current oxygen conserving devices market size (2023), and market forecast for 6 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global oxygen conserving devices market.

Various opportunities available for the other competitors in the oxygen conserving devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current oxygen conserving devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for oxygen conserving devices market growth in the coming future?

Target Audience who can be benefited from this Oxygen Conserving Devices Market Report Study

Oxygen Conserving Devices product providers

Research organizations and consulting companies

Oxygen Conserving Devices-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in oxygen conserving devices

Various End-users who want to know more about the oxygen conserving devices market and the latest technological developments in the oxygen conserving devices market.

Frequently Asked Questions for the Oxygen Conserving Devices Market:

1. What are oxygen conserving devices?

Oxygen Conserving Devices, which include reservoir oxygen delivery devices, electromechanical pulsing devices, and transtracheal catheters, are intended to increase oxygen therapy efficiency by synchronizing administration to the patient's breathing beginning.

2. What is the market for global oxygen conserving devices?

The global oxygen conserving devices market is estimated to grow at a CAGR of 10.73% during the forecast period from 2024 to 2030.

3. What are the drivers for the global oxygen conserving devices market?

The demand for oxygen conserving devices is primarily being boosted by the increasing patient population suffering from various respiratory disorders such as chronic obstructive pulmonary disease (COPD) and asthma among others, as the surge in several risk factors such as smoking, obesity, and other associated with causing various respiratory diseases, rise in air pollution levels, and others, thereby contributing to the overall growth of the oxygen conserving devices market during the forecast period from 2024-2030.

4. Who are the key players operating in the global oxygen conserving devices market?

Some of the key market players operating in the Oxygen Conserving devices market include Air Liquide Medical Systems, GCE Group, Kröber Medizintechnik GmbH, HERSILL, Precision Medical, Inc., Medline Industries, LP., GF Health Products, Inc., Invacare Corporation, Drive DeVilbiss International, Essex Industries Inc, medicap, Sunset Healthcare Solutions, and Others.

5. Which region has the highest share in the oxygen conserving devices market?

North America is expected to dominate the overall Oxygen Conserving devices market during the forecast period from 2024-2030. Owing to factors such as the rising prevalence of respiratory diseases, rise in the number of smokers, growing old age population, and others, high disposable income, sophisticated healthcare infrastructure, regulatory approval for new products, and high awareness among others, the North America oxygen conserving devices market is expected to growth in coming years.