The global oxygen conserving devices market is expected to reach USD 2.21 billion by 2025, according to a new report by Grand View Research, Inc. Growing prevalence of respiratory diseases is expected to boost the adoption of oxygen conservation devices. According to the Global Asthma Network, nearly 334 million people are affected by asthma worldwide. This shows the potential demand for these devices in the coming years.
According to the WHO, rise in the incidence of COPD and other respiratory disorders is anticipated to boost the demand for oxygen therapy and consequentially increase the adoption of these products. Furthermore, factors such as increasing indoor & outdoor pollution and changing lifestyle contribute to the rising incidence of asthma, thereby fueling demand over the forecast period.
Growing demand for technologically advanced products with potential benefits such as less O2 wastage, ease of use, increased portability, and enhanced patient response are among factors expected to generate lucrative growth opportunities. In addition, well-developed reimbursement structure and supportive regulatory framework are propelling the market. For instance, Medicare policies in the U.S. offer reimbursement for oxygen therapy equipment when it is prescribed by a healthcare professional.
Owing to early introduction, the reservoir oxygen delivery devices segment held the dominant share of 34.52%
Electromechanical pulsing devices are anticipated to grow at a lucrative rate of 12.5% as they exhibit higher O2conserving efficiency compared to other products
The home care segment held the largest share of the global oxygen conserving systems market on the basis of end use owing to the rising incorporation of oxygen therapy devices in home care settings
Long-term care units segment is expected to exhibit lucrative growth over the forecast period owing to an increase in the number of such units in developed countries
North America dominated the global oxygen conserving devices market owing to the presence of better reimbursement policies, growing patient population, and the local presence of a large number of key players
Asia Pacific is anticipated to grow at a lucrative rate of 13.6% owing to developments in the healthcare market and increase in the disposable income of the masses
Major players are involved in various strategies such as mergers & acquisitions to sustain their market position. For instance, in September 2017, Air Liquide acquired Sogo Sangyo Kabushiki Kaisha, thereby increasing its home healthcare and medical gases business in Japan
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Grand View Research has segmented the oxygen conservation devices market report on the basis of product, end-use, and region:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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