HealthcareSeptember 7, 2023

Global Oxygen Conserving Devices Market

As stated in our extensive report, the Global Oxygen Conserving Devices Market accounted USD 1.2 Billion in 2022 and is projected to reach a value of USD 3 Billion by 2030.

The Oxygen Conserving Devices Market refers to the market for medical devices designed to conserve or regulate oxygen flow to patients requiring supplemental oxygen therapy. These devices are used in various settings, including hospitals, long-term care facilities, and home healthcare. Oxygen-conserving devices are typically used by patients with chronic obstructive pulmonary disease (COPD), cystic fibrosis, or other respiratory conditions that impair breathing. Oxygen-conserving devices are designed to provide an adequate oxygen level to patients while minimizing the waste of oxygen and increasing the time between cylinder refills.

Key factors driving the growth of the oxygen-conserving devices market include:

  • The increasing prevalence of respiratory disorders.
  • The rising demand for home healthcare services.
  • The growing senior population.

In addition, technological advancements in the design and functionality of oxygen-conserving devices are opening up new opportunities for players in the market.

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Key factors influencing Oxygen Conserving Devices Market Growth

The growth of the global Oxygen Conserving Devices market can be attributable to the following:

  1. As the prevalence of chronic respiratory diseases such as COPD and asthma increases, the demand for Oxygen Conserving Devices rises significantly, propelling the market growth.
  2. The emergence of advanced technology has led to the introduction of oxygen-conserving devices that offer patients high efficiency, safety, and convenience. The availability of these innovative products is driving the market growth.
  3. The senior population is highly susceptible to respiratory disorders and requires continuous oxygen therapy, driving demand for oxygen-conserving devices.
  4. Governments across the globe are taking initiatives to improve healthcare infrastructure. Favorable regulations and policies that provide uninterrupted healthcare services to patients undergoing oxygen therapy drive market growth.
  5. The growing healthcare expenditure, coupled with the rising demand for home healthcare services, is fueling the demand for oxygen-conserving devices to provide high-quality care to patients.
  6. The demand for portable oxygen-conserving devices is growing due to their lightweight, small size, and convenience in handling and storage, driving the market growth.
  7. Rising awareness about the benefits of oxygen-conserving devices and their ease of availability leads to increased demand for them in the market.
  8. The COVID-19 pandemic has caused respiratory problems among people, leading to high demand for oxygen-conserving devices for treatment, which has further fueled market growth.

North America Region to Lead the Market

North America Oxygen Conserving Devices market is getting more significant with maximum market share during the forecast period. Factors such as the growing geriatric population, increasing prevalence of respiratory disorders, and the availability of efficient healthcare infrastructure contribute to the market’s growth in the region. Moreover, leading manufacturers and advanced healthcare facilities in countries like the US and Canada further boost the market’s growth. The increasing adoption of technologically advanced oxygen-conserving devices, such as Electronic Oxygen Conserver (EOC) and home healthcare services, are also driving the market’s growth in the region. Furthermore, the region’s favorable healthcare reimbursement policies and government initiatives to curb the rising healthcare costs also contribute significantly to the oxygen-conserving devices market’s growth in North America. Overall, the region’s robust healthcare infrastructure and technological advancements are expected to continue driving market growth in the coming years.

Conclusion

The rising demand for home healthcare services and the growing demand for portable oxygen-conserving devices positively influence the Oxygen Conserving Devices market.

Some of the key players in the Global Oxygen Conserving Devices Market include- Responsive Respiratory Inc. (U.S.), Invacare Corporation (U.S.), Medline Industries Inc. (U.S.), Air Liquide (France), HERSILL S.L. (Spain), Precision Medical Inc. (U.S.), Medical Depot Inc. (Canada), GCE Group (Sweden) and others.