Oxygen Conserving Devices
Market: Overview
According to the report, the global oxygen conserving devices market was valued at ~US$
164 Mn in 2018. It is projected to expand at a moderate
CAGR during the forecast period. Oxygen therapy is considered to be a highly
important tool to help save lives of patients suffering from hypoxemia and
other health conditions. Oxygen conservers are used to regulate the supply of
oxygen, thus saving the overuse of oxygen by offering precise amount of oxygen.
Oxygen conservers are prescribed with ambulatory cylinders, which optimizes the
supply for a long duration of up to three days. Pneumatic, electronic, liquid oxygen,
and disposable are the various oxygen conserver devices available in the
market.
Significant expansion of the oxygen conserving devices
market can be attributed to investments in technology, strong product
portfolio, and rise in patient pool suffering from pulmonary or non-pulmonary
condition. Moreover, increase in geriatric population is another factor fueling
the oxygen conserving devices market.
North America dominated the oxygen conserving devices
market in 2018, and the trend is anticipated to continue during the
forecast period. This can be ascribed to the rise in awareness about hypoxemia
that is caused by COPD and other respiratory diseases, presence of key players,
increase in patient pool, favorable reimbursement policies, and availability of
new oxygen conservers for pediatric patients in the region. However,
misdiagnosis or underdiagnoses and high product pricing of certain oxygen
conservers are likely to hamper the oxygen conserving devices market in North
America during the forecast period.
Rise in Incidences of
COPD and Other Chronic Respiratory Diseases to Drive Market
Rising incidences of chronic obstructive pulmonary
disease (COPD) and other respiratory diseases globally is likely to prompt key
players to develop oxygen conservers as a supplemental oxygen therapy and
subsequently, save wastage of oxygen. COPD is considered to be the
third-leading cause of death in the U.S., and fourth-leading cause of death
across the world. According to an article published on Verywell Health, COPD
affects around 11 million people in the U.S. and commonly occurs
in people over the age of 40. This indication drives the need for supplemental
oxygen, which is managed by the use of oxygen conserving devices.
According to the Global Burden of Disease Study, in 2016, 251
million cases of COPD were identified, and 3.17 million deaths
were recorded due to this disease, globally. Mostly 90% of
deaths by COPD occur in middle or low income countries. A major cause for COPD
disease is the increase in incidence of smoking among adults across the globe.
Moreover, long-term asthma is also responsible for causing the COPD disease.
According to research published in Science Daily, in April 2018,
China was home to a significantly large population of adult COPD patients,
which is estimated to be 100 million. This number represents
around 8.6% of the population of China, which indicates that
the prevalence of COPD is considerably high in China.
Increasing Geriatric
Population Fuels Demand for Continuous Innovation in Oxygen Therapy
Rising geriatric population, globally, is fueling the
demand for oxygen conserving devices to carry out their daily activities. The
geriatric population often suffers from certain chronic respiratory diseases
that hamper their mobility; hence, their dependence on oxygen therapy helps
improve the quality of their life. For instance, pneumatic, electronic, and
disposable oxygen conservers are available for geriatric patients and thus,
fulfill the need for devices offering supplemental oxygen. Rise in the
geriatric population demands better treatment options, which in turn is likely to
provide opportunities to companies that operate in the oxygen conserving
devices market. According to the United Nations, the geriatric population, or
people above the age of 60, is expected to double by 2050, and
triple by 2100. It is projected to rise from 962 million in 2017 to 2.1
billion by 2050 and reach 3.1 billion by 2100.
Globally, the geriatric population is the rising at a rapid pace, as compared
to the population growth rate of the younger age group.
Rising Prevalence of
Chronic Bronchitis Drives Demand for Oxygen Conserving Devices
In terms of indication, the oxygen conserving devices
market has been segmented into chronic bronchitis, emphysema, sleep apnea, and
others. Chronic bronchitis and emphysema are two major COPD diseases that accounted
for considerable deaths and these conditions drive the need for oxygen therapy
across globe. Patients suffering from severe COPD require continuous supply of
oxygen. According to WHO, COPD is the fourth-leading cause of death in the
world, with approximately 2.75 million deaths per annum. The WHO predicts that
COPD would be the third-leading cause of death by 2030. According
to the CDC, over 16 million people in the U.S. are living with respiratory
disorders such as lung cancer, COPD, and heart diseases, caused due to smoking.
Oxygen Conserving Devices
Market: Prominent Regions
In terms of region, the oxygen conserving devices market
has been segmented into five major regions: North America, Europe, Asia
Pacific, Latin America, and Middle East & Africa. North America dominated
the oxygen conserving devices market in 2018, followed by Europe.
North America accounted for a major share of the oxygen conserving devices
market in 2018, owing to a rise in incidence of COPD and supportive
government policies. Moreover, aging baby boomers are estimated to fuel the
demand for oxygen therapy, including oxygen conservers, to help them lead a
comfortable life.
According to the U.S. Census Bureau, all baby boomers are
expected to be older than the age of 65 by the year 2030.
Technological advancements and reliable reimbursement policies in the U.S. for
oxygen therapy devices helps patients to access these devices. Moreover,
presence of key players in the region and a strong product portfolio of
supplemental oxygen therapy are projected to drive the market in the region.
The oxygen conserving devices market in Asia Pacific is
projected to expand at a notable CAGR from 2019 to 2027. This
can be attributed to an increase in healthcare expenditure, rapid increase in
rate of adoption of devices used for oxygen therapy, and growing prevalence of
chronic respiratory diseases among patient population in developing countries.
Moreover, rising geriatric population in countries such as Japan, India, and
China is estimated to positively impact the development of innovative oxygen
conserver devices in these countries. Furthermore, strong medical devices
supply chain in countries such as India, Japan, and China is driving the oxygen
conserving devices market in the region.
Development of Innovative
Disposable Oxygen Conservers Offers Significant Growth Opportunities
The oxygen conserving devices market is fragmented, in
terms of number of players. Key as well as local players have been offering
various oxygen conserving devices, including pneumatic, liquid oxygen, and
disposable types in the market for the past few years. Key players operating in
the oxygen conserving devices market include Inogen Inc., GCE Group,
Precision Medical Inc., Drive DeVilbiss International, Medline Industries,
Inc., GF health Products, Inc., Inovo, Inc., Essex Industries, and Krober
Medizintechnik. These players have adopted various strategies, such as
investments toward the development of oxygen conserving devices, which include
disposable oxygen conservers, electronic oxygen conservers, and strengthening
their distribution network and product portfolio.
Companies such as Drive Devilbliss Healthcare have
introduced disposable oxygen conservers, such as Oxymizer disposable oxygen
conserver, which provides and saves oxygen in 4:1 ratio, as compared to that
offered by other continuous flow oxygen therapy devices.
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