Oxygen Conservation Devices Market to Grow at a CAGR of 12.7%

Fri, 02 August 2019 4:02

Increasing prevalence of respiratory diseases, including chronic obstructive pulmonary disease (COPD), asthma, and others are likely to drive the global oxygen conservation devices market. The rising adoption of oxygen conservation devices across the globe for treating various respiratory diseases coupled with rising awareness is expected to escalate the market growth. This is likely to support by rapidly increasing rate of occupational lung diseases such as COPD, Mesothelioma, asbestos-related lung cancer, and non-asbestos related lung cancer. According to the Health and Safety Executive, around 18,000 new cases of work-related breathing or lung problems are reported in the U.K every year. Additionally, 12,000 deaths are caused by lung diseases due to exposures at working environment are reported in the U.K.

Overall burden of the respiratory diseases on individuals has hampered the market growth in the last few years. Treating respiratory diseases is quite expensive on the individual basis, due to which, patients opt-out for treatment rather than using oxygen therapy. However, a rise in the research and development activities across the globe is expected to lower the oxygen therapy costs and additional costs related to oxygen conservation devices.

Surging Number of Hopsitals and Clinics to Flourish the Demand for Oxygen Conservation Devices

The global oxygen conservation devices market is segmented into product, end use, and region.

Based on product, the market is segmented into electromechanical pulsing devices, reservoir oxygen delivery devices, transtracheal catheters, and others.

Based on end use, the market is segmented into hospitals & clinics, long-term care units, and home care. Hospitals & clinics segment dominates he global oxygen conservation devices market. Hospitals & clinics across the globe are increasing at a high pace with the increasing demand for better healthcare services. Patients suffering from respiratory diseases such as COPD, asthma, and lung cancer are inducing the number of hopsitals and clinins around the globe. According to the Asthma UK, the National Health Service (NHS) spends more than USD 1,232.5 million per year to treat people with asthma accounting about 77,124 admissions to hospitals during 2016–2017.

Home care segment is likely to be the fastest-growing segment with a healthy CAGR. Patients suffering from COPD, asthma, and other respiratory diseases with low severity prefer receiving treatment at home, ultimately inciting the demand for oxygen conservation devices for home care settings. Long-term care units segment is expected to experience steady growth in the global oxygen conservation devices market. Lack of availability of long term care units in the emerging countries and low availability of beds for the patients are some of the critical factors slowing the segment’s growth.

Emerging Economies to Offer Ample Opportunities for the Market

North America dominates the global oxygen conservation devices market with the highly developed healthcare system, favorable government policies, and increasing number of patients suffering from respiratory diseases.

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Europe is the second-leading region in terms of value in the global oxygen conservation devices market. Increasing demand for oxygen conservation devices due to the high number of patients across Europe is the key factor driving the market in the region. According to the British Lung Foundation, one in every five people in the U.K. has experienced COPD or asthma in the lifetime and one death every five minutes is registered due to lung disease. Additionally, 10,000 people in the U.K are diagnosed with any form of lung disease every week. Large number of children suffering from asthma in the U.K. and surrounding regions are the other factors propelling the market growth. According to the Statistical data from Asthma UK, currently, 5.4 million people in the U.K are suffering and being treated for asthma, comprising 4.3 million adults and 1.1 million children. Moreover, 368,000 people in Scotland are receiving treatment for asthma with 72,000 children and 296,000 adults. Out of 182,000 people receiving treatment for asthma in Northern Ireland, 36,000 are children.

Asia Pacific is expected to be the fastest-growing region in the global oxygen conservation devices market. Primarily, lack of awareness toward asthma and COPD is the key factor for the large patient base with asthma and other respiratory diseases. Huge number of people are suffering from respiratory diseases in the region due to intense pollution and large labor base working in flour mills, chemical industry, and wood industry. According to the Global Asthma Network, among India’s 1.31 billion population, about 6% children and 2% adults have asthma, which makes up to 78.6 million children and 26.2 million adults.

In 2015, the Indian Chest Society and National College of Chest Physicians, published national Indian asthma guidelines to streamline the asthma diagnostics in the region. However, people tend to avoid the treatment of asthama due to its expensive nature. Consequently, In February 2018, the Government of India announced free health insurance to cover treatment costs for 100 million families with low-income rate.

Key Player

Some of the notable players in the global conservation devices market are Medline Industries, Inc., Responsive Respiratory, Inc., Precision Medical, Inc., Invacare Corporation, Air Liquide, GCE Group, HERSILL, S.L., Essex Industries, Inc., and Medical Depot, Inc. (Drive DeVilbiss Healthcare)

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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