The Oxygen Conservation Devices Market is anticipated to have an effective CAGR of 12% during the period. The oxygen conservation devices market is expected to expand from USD 1.8 billion in 2023 to USD 5.6 billion by 2033.
Previously, the market grew at a faster rate of 8.1% from 2018 to 2022, culminating in a market of USD 1.6 billion in 2022.
Increasing prevalence of chronic obstructive pulmonary diseases (COPD) and other lung diseases are expected to drive the growth of oxygen conservation devices market.
A large pool of chronic respiratory diseases, such as chronic obstructive pulmonary disease (COPD), is expected to drive the growth of the global market in the coming years. For example, the Centers for Disease Control and Prevention (CDC) reported around 1,417,101 deaths due to chronic respiratory diseases 2014.
Contingent to COVID-19, a change in consumer behavior, purchase patterns, re-routing of the supply chain, and changes in the current market dynamics resulted in significant government intervention.
There is a significant threat of negative impacts on sales of oxygen conservation devices worldwide, particularly across Eastern Europe, the European Union, Asia, and the United States.
Creating non-government organizations, such as the Asia Pacific Association of Allergy, Asthma, and Clinical Immunology, is estimated to increase awareness about respiratory disorders and boost the use of oxygen therapy among patients.
Due to high R&D investments and trials related to O2 therapy, as well as the developed reimbursement framework, North America's oxygen-conserving systems market dominated the overall market. It was valued at USD 314 million in 2016.
Moreover, the increasing prevalence of chronic respiratory diseases is estimated to bolster market growth opportunities. Moreover, an increase in FDA approvals for oxygen therapy applications such as cancer, autism, and diabetes is estimated to also drive the market across this region during the forecast period.
The Asia Pacific is expected to grow exponentially due to the ageing population needing home-based oxygen therapy. Additionally, the urgent necessity for developing new systems and replacing them and reworking the existing medical infrastructure is among the major factors presenting lucrative growth opportunities for the global market.
Several factors are likely to contribute to the growth of the global market, such as rising disposable income, high untapped opportunities, and the continuous development of innovative products by key players.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 12% |
| Market Valuation (2023) | USD 1.8 billion |
| Market Valuation (2033) | USD 5.6 billion |
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A large pool of chronic respiratory diseases, such as chronic obstructive pulmonary disease (COPD), is expected to drive the market's growth in the coming years.
For example, the Centers for Disease Control and Prevention (CDC) reported around 1,417,101 deaths due to chronic respiratory diseases 2014.
Furthermore, smoking is expected to contribute to lung disease numbers. According to Inogen Inc., 2.5 to 3 million patients in the United States and more than 4.5 million worldwide used oxygen therapy in 2015.
Even though these devices are critical for life support, oxygen conservation devices are supported through governmental regulations regarding oxygen therapy by providing them at minimal expense.
These devices are covered under the Medicare Program, where about 20% of the cost is only paid by the patient, in turn affecting sales of oxygen conservation devices.
In addition, governmental and non-governmental organizations are carrying out an awareness campaign to raise awareness about COPD. For example, the Global Initiative for Chronic Obstructive Lung Disorders (GOLD) and healthcare professionals have jointly launched World COPD Day, first observed in 2002.
Advantageous rental and reimbursement policies drive the present global market. Due to the stringent regulatory policies used by regulatory bodies to monitor the efficacy of oxygen conservation devices as medical devices, the market is expected to be constrained by the high costs associated with the devices.
The oxygen conserver is a respiratory device designed to control the oxygen flow from the oxygen tank to the patients. It provides oxygen therapy and supplemental oxygen to patients suffering from hypoxia, improving their condition.
Oxygen Conservers are essential in managing oxygen flow in people suffering from chronic respiratory diseases where oxygen supply is limited or restricted. Because low oxygen levels precipitate the need for supplemental oxygen therapy, oxygen conservers also play a major role in managing oxygen flow.
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A study from the National Institutes of Health (NIH) estimated that nearly 12 million adults in the United States suffer from COPD, and 120,000 people die yearly. An additional 12 million adults suffer from COPD without ever being diagnosed.
In the report published by the Global Asthma Network, asthma affects nearly 334 million people worldwide. The patient population has grown due to increased chronic respiratory diseases, which has boosted the demand for oxygen conservation devices.
Owing to the increase in demand, the market is expected to grow, providing opportunities for the global market.
The potential benefits of these products include:
These benefits are expected to spur the demand for these products, driving global market growth.
Oxygen reservoir cannulas, also known as reservoir oxygen delivery devices, accounted for the leading share of the market in 2016 due to their early introduction and high adoption. Since they improve oxygen delivery efficacy, these devices are recommended for patients with higher flow requirements, boosting the global market.
Due to their reliability, ease of use, low cost, and disposable characteristics, these products are anticipated to remain in demand over time.
The market for oxygen-conserving systems also includes O2 cylinders, concentrators, and liquid O2 systems, which use reservoir tubes or pulsing devices to conserve oxygen.
Integrating the abovementioned devices makes the market more efficient and productive. The oxygen-conserving systems market is estimated to grow steadily during the forecast period.
The hospitals & clinics segment is expected to grow steadily as technologically advanced equipment is used widely in hospitals to improve point-of-care.
The hospital segment is anticipated to grow steadily as oxygen therapy equipment and other associated supplies are used in hospitals. Benefits such as quick reimbursements are available under the Medicare program for oxygen-conserving devices.
Additionally, since hospitals offer a range of facilities and can offer a controlled environment, patients with severe disorders prefer to receive treatment in hospitals, fueling the market growth in this segment.
Furthermore, the presence of government institutions, such as the NHS National Patient Safety Agency, to improve O2 management in hospital settings is also anticipated to fuel market growth of oxygen conservation devices during this forecast period.
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| Countries | Forecast Share Between 2023 to 2033 |
|---|---|
| United States | 34.1% |
| Germany | 5.1% |
| Japan | 4.4% |
| Countries | Forecast CAGR Between 2023 to 2033 |
|---|---|
| China | 9.8% |
| India | 11.5% |
| United Kingdom | 9.8% |
| India | 12.1% |
As the oxygen conservation devices market grows, several local and international medical device makers are investing in this field due to ease of use, greater comfort, control of the flow rate necessary for the patient, enhanced patient response, and reduced gas wastage.
Several local and international medical device manufacturers are investing in this area due to the increasing demand for these factors.
North America's oxygen conservation devices market dominated the overall market. It was valued at USD 314 million in 2016 due to its high R&D investments & trials regarding oxygen therapy and developed reimbursement framework, among others.
The growing prevalence of chronic respiratory diseases is estimated to further boost North America's market share of oxygen conservation devices. This region is predicted to experience robust growth throughout the forecast period due to increasing FDA approvals for oxygen therapy used in applications such as cancer, autism, diabetes, and more.
Among the factors expected to create lucrative growth opportunities is Asia-Pacific's increasing geriatric population that requires home oxygen therapy. The urgent need to develop new systems to replace older ones and upgrade medical infrastructure are some factors anticipated to contribute to regional growth.
The rapid rise in disposable income, the attractiveness of untapped market opportunities, and continuous R&D efforts by key players to develop innovative products are some factors expected to propel the global market to great heights.
Invacare Corporation, Medline Industries, Inc., Air Liquide Medical System, HERSILL, S.L., and Precision Medical, Inc manufacture and market oxygen conservation devices.
Invacare Corporation, Medline Industries, Inc., and Air Liquide Medical System are three of the most successful companies generating revenue from the global market.
Various alliances and collaborations, new product launches, mergers & acquisitions, and expansion strategies are employed by major players to improve market penetration.
It could be attributed to the growing number of players, frequent product approvals, and efficient distribution agreements. As a result, competitive rivalry in the market is expected to increase as time passes.
Due to these factors, several local and international medical device manufacturers have invested in the oxygen-conserving devices market. These products are easy to use, provide increased comfort to the patient, enable the patient to control the flow rate, have less wastage of gas, and are portable.
As part of the acquisition, Air Liquide also acquired Sogo Sangyo Kabushiki Kaisha in Japan, boosting its home healthcare and medical gas businesses.
Recent Developments in the Global Market:
Key Players
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Product, Application, Region |
| Key Companies Profiled | Foncepi Comercial Exportadora Ltd; Invacare Corporation; Medline Industries, Inc.; Air Liquide Medical System; HERSILL, S.L.; Precision Medical, Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is anticipated to register a CAGR for 12% until 2033.
The market is expected to reach USD 5.6 billion by 2033.
North America, Europe, and Asia Pacific are the top 3 countries leading the market.
The market is estimated to secure a valuation of USD 1.8 billion in 2023.
Reservoir oxygen delivery devices is the dominant segment in the market.
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
5.1. Reservoir Oxygen Delivery Devices
5.2. Electromechanical Pulsing Devices
5.3. Transtracheal Catheters
5.4. Others
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use
6.1. Hospitals & Clinics
6.2. Long-term Care
6.3. Home Care
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. North America
7.2. Latin America
7.3. Western Europe
7.4. Eastern Europe
7.5. South Asia and Pacific
7.6. East Asia
7.7. Middle East and Africa
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
15. Key Countries Market Analysis
16. Market Structure Analysis
17. Competition Analysis
17.1. Foncepi Comercial Exportadora Ltd
17.2. Invacare Corporation
17.3. Medline Industries, Inc.
17.4. Air Liquide Medical System
17.5. HERSILL, S.L.
17.6. Precision Medical, Inc.
17.7. GCE Group
17.8. Inogen Inc.
17.9. Bostik
17.10. Inovo, Inc.
18. Assumptions & Acronyms Used
19. Research Methodology
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Oxygen Conservation Devices Market
