Oxygen Conservation Devices Market, By Product Type (Pneumatic Oxygen Conserver and Electronic Oxygen Conserver)
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Oxygen Conservation Devices Market Drivers
Large pool of chronic obstructive pulmonary diseases (COPD) and other lung diseases are expected to fuel growth of oxygen conservation devices market. For instance, in 2014, Centers for Disease Control and Prevention (CDC) reported around 1,417,101 deaths globally due to chronic respiratory diseases. Moreover, high prevalence of smoking tobacco is expected to add to the pool of lung diseases. According to Inogen Inc., there were 2.5 to 3 million patients in the U.S. and more than 4.5 million patients worldwide who used oxygen therapy in 2015. Furthermore, the number of oxygen therapy patients in the U.S. increased from around 7% to 10% between 2015 and 2021.
Moreover, as these devices are life supporting devices, oxygen conservation devices are supported by the regulatory policies for oxygen therapy by providing the facility at minimal cost. These oxygen conservation devices are covered under the Medicare Program, according to which around 20% of the cost is only paid by the patient. Moreover, awareness about COPD is spread through various governmental and non-governmental initiatives. For instance, Global Initiative for Chronic Obstructive Lung Disease (GOLD) in collaboration with health care professionals and COPD patients initiated World COPD Day, which began from 2002. For instance, in 2014, American Lung Association launched a campaign called as LUNG FORCE, which focused on research and better treatment option for lung diseases.
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