The Oxygen Conservation Devices Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Oxygen conservation devices aid in conserving the flow of oxygen by delivering a controlled amount of oxygen to patients based on their breathing patterns. They help patients breathe more deeply and prolong the use of oxygen tanks.
The oxygen conservation devices market is expected to witness significant growth over the forecast period owing to the rising incidences of chronic respiratory diseases such as COPD and asthma. As per the WHO, around 65 million people suffer from moderate to severe COPD worldwide. Moreover, the increasing healthcare expenditure and better access to healthcare facilities also contributes to market growth. Government initiatives to spread awareness regarding respiratory diseases and availability of reimbursement for oxygen therapy further drives the adoption of oxygen conservation devices. Additionally, technological advancements in oxygen delivery devices have improved patient comfort and compliance, thereby fueling market expansion.
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Major companies in Oxygen Conservation Devices Market are:
✤ Medline Industries Inc.
✤ Invacare Corporation
✤ Responsive Respiratory Inc.
✤ Drive Medical
✤ DeVilbiss Healthcare Ltd.
✤ Precision Medical Inc.
✤ Hersill S.L.
✤ Inogen Inc.
✤ Essex Industries Inc.
Note: Major Players are sorted in no particular order.
Rising prevalence of chronic respiratory diseases is driving the oxygen conservation devices market
The prevalence of chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma is increasing significantly across the world. As per WHO estimates, around 65 million people suffer from moderate to severe COPD globally. COPD is projected to be the third leading cause of death worldwide by 2030. Oxygen conservation devices help these patients reduce their oxygen usage and dependency on oxygen supply, thereby offering significant cost benefits to the healthcare systems. These devices are playing a pivotal role in managing COPD and other respiratory disorders effectively at home, improving patient outcomes and quality of life. Their ability to maximize oxygen therapy is fueling the demand from healthcare providers and patients.
Growing geriatric population is propelling the adoption of oxygen conservation devices
The global geriatric population, aged 65 years or older, is expected to nearly double by 2050. Older adults are more susceptible to developing chronic health conditions like respiratory diseases due to age-related physiological changes and decline in the immune system. With life expectancy rising, the risk of respiratory disorders is also rising among the elderly. As oxygen conserving techniques can help senior citizens minimize supplemental oxygen usage and stay active for longer duration between cylinder replacements, their popularity is surging rapidly. Manufacturers are actively developing innovative products specifically targeting the unique needs of the aging population to further penetrate the market.
Stringent regulatory environment for new product approval is impeding market growth
Medical device companies dealing with oxygen therapy equipment have to comply with stringent regulations of authorities like the U.S. FDA and the European Commission to gain approvals for new products. The approval process involves rigorous clinical testing and documentation which is a costly and time-consuming process. Even minor changes or upgrades in existing devices require prior regulatory clearance. This poses regulatory hurdles, increases the product development cycle and delays the launch of advanced solutions. It hampers quick innovations and technical advancements to meet evolving care needs. Regulatory issues have emerged as a major restraint hampering the development and commercialization of novel oxygen conservation devices.
Advent of 3D printing offers a major opportunity
3D printing or additive manufacturing has emerged as a breakthrough technology that is revolutionizing the medical devices industry. This innovative production method provides significant benefits like reduced cost of production, design customization capability and compact size. Its application in designing oxygen conserving devices can unlock new opportunities. Companies are leveraging 3D printing to develop patient-specific oxygen conserving solution and meet the diverse requirements of individual diseases. This technology brings product miniaturization, making devices more wearable. It also enables mass-customization and rapid prototyping, accelerating the product development cycle. 3D printing is opening up new avenues for producing next-gen portable and integrated devices, giving an impetus to market development.
Adoption of telehealth and remote monitoring trend is gaining traction
With the COVID-19 pandemic accelerating the digital health transformation, telehealth and remote patient monitoring solutions are witnessing tremendous growth. Oxygen conservation device manufacturers are actively developing smart connected versions integrated with mobile apps, sensors and cloud computing. These digital devices monitor patients' vital parameters from home and alert care teams in case of emergencies. The data is available seamlessly to physicians for timely interventions. This technology trend allows continuous supervision of patients, improves adherence to therapy regimens and clinical outcomes. It brings improved access to specialty care and greater independence. As healthcare shifts from institutions to homes, the demand for telehealth-enabled oxygen conservation products is expected to surge dramatically over the coming years.
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Highlights of the global Oxygen Conservation Devices Market report:
→ This analysis provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2023-2030), using 2021 as the base year. It also covers the global Oxygen Conservation Devices Market in-depth.
→ It offers enticing investment proposition matrices for this sector and explains the likely future growth of key revenue streams.
→ Additionally, this study offers crucial insights into market forces, limitations, opportunities, new product introductions or approvals, market trends, regional perspective, and competitive tactics used by top rivals.
→ Based on the following factors: company highlights, product portfolio, significant highlights, financial performance, and strategies, it covers key players in the global Oxygen Conservation Devices Market.
→ Marketers and company leaders will be able to make wise decisions about next product launches, type updates, market expansion, and marketing strategies thanks to the insights from this research.
→ A wide spectrum of industry stakeholders are covered by the global Oxygen Conservation Devices Market research, including investors, vendors, product producers, distributors, new entrants, and financial analysts.
→ The many strategy matrices used in researching the global Oxygen Conservation Devices Market will aid stakeholders in making decisions.
The research was developed through the synthesis, analysis, and interpretation of data gathered from multiple sources on the parent market. Additionally, analysis has been done of the economic circumstances and other economic indicators and factors to evaluate their respective impact on the Oxygen Conservation Devices Market, along with the present impact, so as to develop strategic and informed projections about the scenarios in the market. This is mostly due to the developing countries' unmet potential in terms of product pricing and revenue collection.
Key Questions Answered In The Report:
• Which regional market will experience the greatest and most rapid growth?
• Who are the top five Oxygen Conservation Devices Market players?
• How will the Oxygen Conservation Devices Market evolve over the next six years?
• What application and product will dominate the Oxygen Conservation Devices Market?
• What are the market drivers and constraints for Oxygen Conservation Devices Market?
• What will be the Oxygen Conservation Devices Market's CAGR and size during the forecast period?
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