Oxygen Conservation Devices Market Size, Share & Trends Analysis Report By Product (Electromechanical Pulsing Devices, Reservoir Oxygen Delivery Devices, Transtracheal Catheters, Others), By End User (Hospitals & Clinics, Long-Term Care Units, Home Care) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global oxygen conservation devices market size was valued at USD 1.07 billion in 2022. It is projected to reach USD 2.94 billion by 2031, growing at a CAGR of 11.9% during the forecast period (2023–2031).

A pressure-reducing device called an oxygen-conserving device (OCD) regulates the amount of oxygen delivered to the patient from the oxygen source. Patients with severe lung diseases, such as cystic fibrosis, diffuse interstitial lung disease, chronic obstructive pulmonary disease, or hypoxia-related symptoms, who need long-term oxygen therapy to maintain a normal lifestyle, are treated with oxygen conservation devices. Pneumatic and electronic oxygen conservation devices are the two main categories of oxygen conservation devices. Electronic oxygen conservation devices are battery supported, whereas pneumatic oxygen conservation devices use high-pressure oxygen gas and do not need an external power source like a battery. For instance, a pneumatic oxygen conservation device like the Invacare Pneumatic Oxygen Conserver has an on/off selector knob along with liter flow and continuous flow modes. The Evolution Electronic Oxygen Conserver from CHAD Therapeutics runs on two AA batteries. The Invacare delivers volume consistently, whereas the Evolution has a pulse range of 14 to 40 breaths per minute. The rising number of people with chronic lung disorders is the main factor driving the market for oxygen-conservation devices. Additionally, favorable rental and reimbursement policies drive the market for oxygen-conservation devices.

Market Dynamics

What Are the Main Factors Driving the Market for Oxygen Conservation Devices?

Growing Adoption by Chronic Respiratory Disease Patients

Due to the introduction of new technologies, unmet needs, growing demand for better medication & treatment, and the emergence of various medical devices, the healthcare sector has experienced significant growth over the past couple of decades. Oxygen therapy is thought to be the most dependable and effective treatment for patients with hypercapnic chronic respiratory diseases and chronic obstructive pulmonary diseases (COPD). The importance of oxygen therapy in treating dyspnea and providing relief from several conditions related to hypercapnic chronic respiratory diseases, such as pulmonary hypertension, has been highlighted by numerous studies. Despite significant advancements, it is still difficult for doctors to prescribe oxygen and advise patients on using it for at-home therapy. Various oxygen-saving tools and methods have recently hit the market, and they are being used more frequently as standalone or combined treatments. While they are on the go and away from homecare settings, patients who need oxygen therapy frequently use oxygen conservation devices. There has been increasing demand for portable oxygen conservation devices, particularly from patients with advanced lung disease who need oxygen for an extended period.

A Better Substitute for Traditional Oxygen Therapy

In traditional home oxygen therapy, oxygen is continuously pumped through a nasal cannula and is delivered at low flow rates. The oxygen delivered during expiration is largely wasted, so even though the delivery process was straightforward, it was wasteful. Additionally, a sizeable amount of oxygen was lost during late inhalation, when oxygen does not reach the lung tissues that exchange gases. As a result, combining a variety of oxygen-conserving devices with various oxygen sources, such as liquid oxygen, lightweight compressed oxygen, and battery-powered oxygen concentrators, emerged as the ideal solution. Pulsed oxygen delivery systems are the name given to these gadgets.

What Are the Main Factors Limiting the Market for Oxygen Conservation Devices?

Stringent Regulations by Regulatory Bodies

The market is anticipated to be constrained by the high costs associated with the devices due to the strict regulatory policies used by regulatory bodies to monitor the efficacy of oxygen conservation devices as medical devices. A respiratory tool called an oxygen conserver regulates how much oxygen is delivered to patients from an oxygen tank. Patients with hypoxia are given oxygen therapy and additional oxygen, which helps to improve their condition. Oxygen conservers control oxygen flow in patients with chronic respiratory diseases where oxygen supply is constrained or limited. Oxygen conservers are crucial in controlling oxygen flow because low oxygen levels require additional oxygen therapy.

What Are the Future Opportunities for Oxygen Conservation Devices?

R&D Lead to Improvement of Oxygen Conserving Devices

The development of advanced oxygen-conserving devices is anticipated to rely on research activities heavily. To maximize the number of oxygens patients, inhale, market participants in oxygen-conserving devices focus on improving their design. Pneumatic, electronic, and disposable devices for oxygen conservation are currently on the market. Compared to disposable oxygen conservers, the adoption of pneumatic and electronic devices is anticipated to remain higher. While stakeholders continue to focus on improving their products' design, a flood of portable oxygen-saving devices is on the market. Responsive Respiratory Inc. created a disposable, lightweight oxygen-conserving device for challenging patients to saturate. Due to the new device's built-in humidification effect, additional humidification is unnecessary. It is anticipated that pneumatic and electronic oxygen-conserving devices will make up about 72% of the market for oxygen-conserving devices.

Regional Analysis

North America Dominates the Global Market.

The global oxygen conservation devices market is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.

North America is the most significant shareholder in the global oxygen conservation devices market and is expected to grow at a CAGR of 11.6% % during the forecast period. North America's oxygen conservation devices market analysis includes the U.S. and Canada. Due to the rapidly rising prevalence of chronic obstructive pulmonary disease and asthma, The Institute for Health Metrics and Evaluation estimates that 6.7% of all deaths reported in the United States occurred due to chronic respiratory diseases. By type of chronic respiratory disease, sex, and county, death rates from chronic respiratory diseases increased by 30% in the United States. Additionally, ongoing O2 therapy clinical trials and significant research and development spending are likely to support the expansion of the North American oxygen conservation devices market. The market share of oxygen conservation devices in North America will increase due to the rising prevalence of chronic respiratory diseases. Due to the rising number of oxygen therapy applications that have received FDA approval, including those for cancer, autism, diabetes, and other conditions, this region is expected to grow strongly throughout the forecast period.

LAMEA is expected to grow at the fastest CAGR of 12.4% during the forecast period. The region's market growth is anticipated to be constrained by the region's stationary hospital services and a lack of public awareness of respiratory diseases. The Middle East market growth is likely to be further constrained by the rising rate of medical tourism from nations like Dubai, Abu Dhabi, and Qatar to India and other nearby countries in search of better and more affordable medical facilities. Due to low public awareness of the adverse effects of smoking, Africa is anticipated to contribute the least to the regional market for oxygen conservation devices. However, in the coming years, market growth is anticipated to be supported by an increase in the number of cigarette smokers in the area and expanding the establishments of notable players. Poor healthcare infrastructure, a lack of oxygen conservation devices in the area, and public awareness of respiratory illnesses like asthma and COPD are primarily to blame for this.

Segmental Analysis

The market is segmented by product and end user.

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

The reservoir oxygen delivery devices segment is the highest contributor to the market and is expected to grow at a CAGR of 12.3% during the forecast period. They go by the name "reservoir cannulas" as well. The elements that led to a rapid adoption rate and early introduction. These devices increase the effectiveness of O2 delivery and are typically advised for patients who require higher flow rates. These products have the benefits of being dependable, simple to use, affordable, and disposable, to name a few. The reservoir oxygen delivery devices segment is anticipated to lead market growth among products. The demand for these products has increased over the past few years due to their high reliability, disability, affordability, and ease of use.

Based on end users, the global oxygen conservation devices market is bifurcated into hospitals & clinics, long-term care units, and home care.

The hospitals & clinics segment is the highest contributor to the market and is expected to grow at a CAGR of 11.7% during the forecast period due to the expertise, well-established hospital care, and infrastructure, as well as the rising number of admissions of patients with chronic respiratory conditions. Due to the effective use of oxygen conservation devices in domestic settings to provide supplemental oxygen to patients, particularly geriatric patients, the homecare segment is forecasted to grow at a significant CAGR. Patients with severe disorders prefer to receive treatment in hospitals because they can provide a controlled environment and various facilities, driving market growth in this segment. During this forecast period, it is also anticipated that the availability of government institutions, such as the NHS National Patient Safety Agency, will support the market growth of oxygen conservation devices.

Impact of covid-19

As part of steps to control the transmission of the COVID-19 pandemic, governments in several nations have limited the movement of commodities and people and suspended the functioning of manufacturing facilities. It has impacted power usage throughout the world. As per the short-term forecast of the United States Energy Information Administration (EIA), electricity consumption in the United States is expected to fall by a record 4.5% by the end of 2020, as businesses have temporarily shut down due to the government lockdowns to stop the prevalence of the coronavirus. As a result, global demand for and manufacturing instrument transformers is expected to fall.

Recent Developments

• October 2022, The Open Oximetry Project, a multi-year initiative to increase access to secure pulse oximeters worldwide by sharing data and developing new standards and technologies for oximeter validation that better account for skin color, is being officially launched by the UCSF Center for Health Equity in Surgery and Anesthesia (CHESA).

• February 2022, Essex Industries' medical gas regulator product line has been acquired by Control Devices, a portfolio company of HBM Holdings. Control Devices is the leading developer and producer of highly engineered flow-control products used in specialized applications across various end markets.