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Oxygen Conserving Device Market Strong Extension In Revenue Continues | Drvie DeVilbiss International, Medline Industries Inc, Graham-Field Health Products

02-16-2023 12:28 PM CET | Health & Medicine

Press release from: Report Ocean

Oxygen Conserving Device Market Strong Extension In Revenue

he global oxygen conserving devices market is showing prolific growth. The growth of the market can be attributed to the growing geriatric population and the increasing prevalence of respiratory diseases among people

A recent study by strategic consulting and market research firm Report Ocean revealed that the global oxygen conserving device market was worth USD 1,296.8 million in 2021 and is projected to reach up to USD 2,637.5 million by the year 2028, growing at a CAGR of 11.1% over the forecast period of 2022-2028. The market's growth can be attributed to the increasing geriatric population and the growing prevalence of respiratory diseases among people. Moreover, technological advancements in electronic oxygen conservers are leading to numerous possibilities. Additionally, oxygen is required for treating respiratory diseases such as emphysema, bronchitis, and other respiratory disorders, which in turn drives the oxygen conserving devices market.

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Increasing Prevalence of Respiratory Diseases Contributing to The Growth of Oxygen Conserving Device Market

Chronic respiratory diseases are the most common non-communicable diseases worldwide, primarily caused by improper inhalation exposure. In addition to chronic obstructive pulmonary disease (COPD) and asthma, lung disease and pulmonary sarcoidosis are also common respiratory diseases. Prevalence rates of respiratory diseases have gone up over time. According to the National Centre for Health Statistics, the prevalence of respiratory diseases is highest in persons aged above 80 years of age. However, young adults are also getting infected with the disease. According to experts 80% of COPD are caused by cigarette smoke, genetics, and working conditions within the environment - all of which have the potential to contribute to the demand for oxygen conserving devices during the forecast period.

Technological Advancements Promoting Oxygen Conserving Device Market

Several technological advancements have taken place in oxygen conservation devices, including disposable oxygen conservers and electronic oxygen conservers. Moreover, market players are expanding their distribution networks and product portfolios in order to achieve a large market share. For example, companies such as Drive Devilbliss Healthcare have introduced disposable oxygen conservers, such as Oxymizer disposable oxygen conservers, which provide and save oxygen at a 4:1 ratio, compared to continuous flow oxygen therapy devices. Different type of oxygen conserving devices has been launched in the market with the latest innovation, such as Electronic OCD, portable OCD, etc, which in turn is driving the growth of the global oxygen conserving device market.

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The Hospital segment holds the largest market share in the global oxygen conserving device market.

The oxygen conserving devices market is segmented into hospitals, home care, and others based on end-users. The hospitals' segment dominated the market due to their well-established healthcare system, well-equipped infrastructure, expertise, and high admission rates of patients with chronic respiratory conditions. On the other hand, the home care segment is predicted to grow at a considerable CAGR during the forecast period due to the efficient usage of oxygen conserver devices in homecare settings to provide supplemental oxygen to patients, primarily geriatric patients.

Impact of COVID-19 on the global oxygen conserving device market

Oxygen conserving devices market are used to treat patients with severe lung diseases, such as chronic obstructive pulmonary disease, lung disease, and hypoxia-related symptoms. Such patients require intensive oxygen therapy to remain healthy. Generally, the treatment of respiratory disease requires daily and extensive care, but the COVID-19 pandemic made that very difficult as people with respiratory ailments were unable to receive regular checkups and treatments in hospitals. Moreover, the surge of COVID-19 cases around the world resulted in acute oxygen shortage, which led to an increase in the demand for oxygen conserving devices during the period of the pandemic. Moreover, with the Delta variant of the Coronavirus still prevailing in some countries, the demand for oxygen conserving devices is likely to grow during the forecast period.

North America dominates the global oxygen conserving device Market.

The global oxygen conserving device market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Among the regions, North America dominates the market, followed by Europe and the Asia Pacific. These regions are witnessing remarkable growth due to the presence of various leading global manufacturers in the region. Another primary driving the growth of the oxygen conserving device market in these regions is the growing prevalence of chronic respiratory illnesses, lung diseases, and COVID-19, which directly or indirectly affects lungs and respiratory functions. Additionally, daily increase in pollution also gives rise to respiratory problems, thereby propelling the market forward.

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Global Oxygen Conserving Device market - Competitive Landscape

The global oxygen conserving device market is highly fragmented. The key players dominating the oxygen conserving device market are Inogene Inc, GCE Group, Precision Medical, Inc, Drvie DeVilbiss International, Medline Industries Inc, Graham-Field Health Products, Inovo Inc, Essex Industries, Krober Medizintechnik, and other prominent players. The market players adopt a variety of strategies, including investment in oxygen-conserving equipment, such as disposable oxygen concentrators and electronic oxygen concentrators, in addition to expanding their distribution networks and product lines to stay ahead of the pack.

Market Segment:
By Type (Oxygen Conserver (Reservoir Oxygen Delivery Devices, Electromechanical Pulsing Devices, Transtracheal Catheters), Oxygen Conserver Parts And Accessories)
By Indication (Chronic Bronchitis, Emphysema, Sleep Apnea, And Others)
By End Users (Hospitals, Homecare, And Others)
By Region (North America, Europe, Asia Pacific, Latin America, Middle East, And Africa)

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

Key Reasons to Buy this Report:

Access to date data compiled by means of our researchers. These grant you with historic and forecast data, which is analyzed to inform you why your market is set to change
This allows you to expect market adjustments to continue to be in advance of your competitors
You will be in a position to replica information from the Excel spreadsheet straight into your advertising plans, commercial enterprise presentations, or different strategic documents
The concise analysis, clear graph, and desk structure will allow you to pinpoint the records you require quickly
Provision of market cost (USD Billion) records for every phase and sub-segment
Indicates the area and section that is predicted to witness the quickest increase as nicely as to dominate the market
Analysis through geography highlighting the consumption of the product/service in the area as nicely as indicating the elements that are affecting the market inside every region
Competitive panorama which contains the market rating of the predominant players, alongside with new service/product launches, partnerships, commercial enterprise expansions, and acquisitions in the previous 5 years of organizations profiled
Extensive business enterprise profiles comprising of business enterprise overview, employer insights, product benchmarking, and SWOT evaluation for the primary market players
The cutting-edge as nicely as the future market outlook of the enterprise regarding current traits which contain boom possibilities and drivers as properly as challenges and restraints of each rising as nicely as developed regions
Includes in-depth evaluation of the market from quite a number views via Porter's 5 forces analysis
Provides perception into the market via Value Chain
Market dynamics scenario, alongside with boom possibilities of the market in the years to come, 6-month post-sales analyst help

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About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.

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