Global Statistics Representing Oxygen Conservation Devices Market Scenario
Global Oxygen Conservation Devices Market was valued at USD 867.3 million in 2018 and is projected to grow at a CAGR of 12.7% during the forecast period.
Oxygen conservation devices are used for regulating the flow of oxygen from an oxygen tank to the patient. These devices are manufactured to keep oxygen flow minimal and subsequently extending the time oxygen tank lasts. Oxygen conservation helps in comforting the patient by partially blocking the continuous flow of oxygen in the patient’s nostril.
Chronic Obstructive Pulmonary Disease (COPD) is a generic term for progressive diseases related to lungs, including chronic bronchitis, refractory asthma, and emphysema. According to the World Health Organization (WHO), in 2015, more than 3.17 million deaths occurred due to COPD, accounting for 5% of the total deaths in 2015. Furthermore, 90% of all the deaths occurring due to COPD are registered in economically backward countries. Improper healthcare infrastructure and limited availability of medical facilities are the key factors for a high number of deaths occurring due to COPD. Moreover, the growing rate of pollution and low disposable income in underdeveloped and developing countries coupled with lack of reimbursement policies by the government and private entities are some of the other factors worsening the situation. These factors have created a pool of opportunities for key players in the global oxygen conservation devices market.
Constant growth in the consumption of oxygen tanks and other oxygen sources have ultimately increased the demand for oxygen conservation devices across the globe. Ongoing technological advancements in the oxygen conservation devices field are expected to fulfill the growing needs of the market. According to the Global Asthma Network, more than 339 million people are suffering from asthma across the globe, causing 1000 deaths every day. The increasing number of asthma patients every year is expected to stimulate the demand for oxygen conservation devices during the forecast period.
Global oxygen conservation devices market is segmented by product, end use, and region.
Based on product, the market is segmented into electromechanical pulsing deices, reservoir oxygen delivery devices, transtracheal catheters, and others. Amongst product, reservoir oxygen delivery devices segment is expected to be lead the market growth. High reliability, disposable, inexpensive, and ease of use are some of the factors which have incited the demand for these products in the last few years. Electromechanical pulsing devices are capable of improving patient mobility and conserving oxygen flow by delivering oxygen pulse only during initial inhalation.
Electromechanical pulsing devices segment is expected to account for a significant share of the market as it extends oxygen tank life by providing early inspiratory oxygen pulse. Transtracheal catheters segment is anticipated to experience stagnant growth during the forecast period. It is used for patients suffering from restrictive and obstructive lung diseases; thus limited application area is the determinant for steady segment growth. Moreover, the possibility of transtracheal catheter getting blocked with mucus and other thick secretions is further slowing the segment’s growth. Other segments comprise of portable O2 cylinders, liquid O2 systems, and O2 concentrators. Growth of other segments is expected to be steady during the forecast period.
Based on end use, the market is segmented into hospitals & clinics, long-term care units, and home care.
In terms of region, the global oxygen conservation devices market is segmented into America, Europe, Asia-Pacific, and the Middle East and Africa.
America comprises of North America and South America. Currently, North America is dominating the global oxygen conservation devices market on account of rapidly increasing prevalence of respiratory diseases, including asthma and chronic obstructive pulmonary disease (COPD). According to the Institute for Health Metrics and Evaluation, in the U.S., 6.7% of all the deaths registered in 2015 were due to chronic respiratory diseases. Institute further stated that during 1980-2014, the U.S. witnessed 30% growth in death rates caused by chronic respiratory diseases varying by type of chronic respiratory disease, sex, and county. Moreover, ongoing clinical trials regarding O2 therapy and high investments in the research & development are likely to further support the North America oxygen conservation devices market growth.
On the other hand, South America oxygen conservation devices market is anticipated to experience slow growth during the forecast period. This is majorly attributed to poor healthcare infrastructure, less penetration of the oxygen conservation devices in the region, and low awareness among people regarding respiratory diseases such as asthma and COPD.
The Middle East and Africa are likely to hold the least share of the global oxygen conservation devices market. Stationary nature of the hospital services and lack of awareness among people regarding respiratory diseases are expected to obstruct the market growth in the region. The increasing rate of medical tourism from countries like Dubai, Abu Dhabi, and Qatar to India and other neighboring countries for better and cheap medical facilities is further likely to restrain the Middle East market growth. Africa is expected to be the least contributor to the regional oxygen conservation devices market as a result of low awareness regarding ill effects of smoking among people. However, increasing number of cigarette smokers in the region and growing establishments of noteworthy players are expected to support the market growth in the next few years.
Some of the major 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).
Our Report Covers
Oxygen Conservation Devices Market Segmentation
By End Use
Middle East & Africa