Oxygen Conserving Devices Market

The global Oxygen Conserving Devices Market is valued at USD 1.2 Billion in 2022 and is projected to reach a value of USD 3 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 12.2% between 2023 and 2030.

Premium Insights

Approximately 12 million adults in the United States have been diagnosed with COPD, and 120,000 people pass away from it every year, according to the National Institutes of Health (NIH). Additionally, 12 million persons have undiagnosed COPD. These indicators indicate that over the next seven years, the country's demand for oxygen conservation devices (OCD) will grow at a CAGR of about 10.8%. The Global Asthma Network reports that approximately 334 million individuals globally are expected to suffer from asthma. Health Promotion and Disease Prevention Office estimates about 25 million Americans have asthma. The prevalence of respiratory illnesses such as chronic obstructive pulmonary disease (COPD), asthma, and pneumonia is rising, driving demand for oxygen therapy and propelling market expansion.

Advancements in technology in the design and functionality of Oxygen Conserving Devices are opening new opportunities for players in the market. For instance, an Indian start-up company, Solaire Initiatives Pvt Ltd., has developed a cutting-edge machine that creates oxygen from water. Compared to an oxygen concentrator, the oxygen produced by the OM Redox device is 3.5 times purer. The technology deployed for this device can also be scaled and made handy, owing to the rising demand for portable Oxygen Conserving Devices. Additionally, government initiatives and reimbursement policies supporting the use of OCDs are expected to propel market growth. Like, the Assistive Technology Act (ATA) provides funding and support to assistive technology programs that help individuals with disabilities, including OCD users, to access necessary devices.

Key Highlights

• By Product, the demand for the Reservoir Oxygen Delivery Devices segment will increase in the Oxygen Conserving Devices market from 2023 to 2030.
• By End-User, the Hospitals & Clinics segment dominated the largest market share globally from 2023 to 2030.
• In 2022, North America dominated the market with the highest revenue share of 42.90%.
• The Europe region will grow at a high CAGR from 2023-2030.

Top Market Trends

1. Oxygen Conserving Devices are designed to efficiently deliver oxygen therapy to patients with respiratory disorders. With technological advancements, Oxygen Conserving Devices have become more efficient and effective, ensuring accurate delivery of oxygen therapy while minimizing the amount of oxygen consumed. The Oxygen Conserving Devices market is witnessing significant growth because of the rising demand for portable and lightweight Oxygen Conserving Devices that enable patients to maintain an active lifestyle while receiving adequate oxygen therapy. Technological advancements in Oxygen Conserving Devices, such as introducing automatic Oxygen Conserving Devices that can adjust oxygen flow according to the patient's breathing pattern, are expected to drive market growth. Additionally, the development of wearable Oxygen Conserving Devices that allows patients the freedom to move around while receiving oxygen therapy is expected to boost market growth further. Overall, the growing demand for advanced and user-friendly Oxygen Conserving Devices is expected to propel the market growth in the coming years.
2. The Oxygen Conserving Devices market is expected to grow significantly due to the increasing demand for home healthcare services. This trend is driven by rising healthcare costs and a growing aging population preferring medical care in their homes. Oxygen Conserving Devices are used to deliver oxygen to patients with respiratory problems and reduce the amount of oxygen wasted, increasing the efficiency and portability of oxygen therapy. The devices are easy to use, safe, and cost-effective, making them popular for home healthcare providers and hospitals. Moreover, the COVID-19 pandemic has further facilitated the growth of the Oxygen Conserving Devices market as patients avoid hospital visits and opt for home healthcare services. The usage of Oxygen Conserving Devices is anticipated to increase in the coming years due to the rising demand for at-home healthcare.

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Economic Insights

The COVID-19 outbreak has significantly impacted the Oxygen Conserving Devices market globally. The shortage of oxygen concentrators and medical-grade oxygen cylinders has become a considerable concern in many countries. Owing to the demand for better healthcare facilities, there is a need for more medical-grade oxygen, especially in countries with higher COVID-19 outbreaks. For instance, India airlifted 23 oxygen generation plants from Germany to meet its oxygen demand during the second wave of the pandemic

Market Segmentation

The global Oxygen Conserving Devices market can be categorized on the following

The global Oxygen Conserving Devices market can be categorized into Product, End User, Region. The Oxygen Conserving Devices market can be categorized into Reservoir Oxygen Delivery Devices, Electromechanical Pulsing Devices, Transtracheal Catheters, Others Products based on Product. The Oxygen Conserving Devices market can be categorized into Hospitals & Clinics, Long-term Care Units, Home Care based on End User. The Oxygen Conserving Devices market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Product

Reservoir Oxygen Delivery Devices Accommodate Maximum Market Share Because They Are Easier to Use and Require Less Maintenance Than Other Devices

Reservoir Oxygen Delivery Devices, Electromechanical Pulsing Devices, Transtracheal Catheters, and Other Devices comprise the market's product segment. In 2022, reservoir oxygen delivery devices dominated the market. These devices have a reservoir system where oxygen is stored and delivered per the patient's demand without wasting exhaled oxygen. This makes them more efficient than other oxygen delivery systems and helps conserve oxygen, especially during critical times when oxygen supply is limited. Additionally, these devices are lightweight and portable, making them an ideal choice for patients who need oxygen therapy while on the go. Moreover, the growing geriatric population prone to respiratory ailments is anticipated to fuel the demand for Oxygen Conserving Devices, particularly Reservoir Oxygen Delivery Devices, in the coming years.

Based on End-use

Hospitals & Clinics to Express Dominion as Patients with Severe Disorders Prefer to be treated in Hospitals

Based on indication, the hospitals & clinics sector led the global market and contributed more than 47.70% of the total revenue share in 2022. Fill-finish processes involve the final formulation, filling, and packaging of vaccines, making it a crucial step in vaccine manufacturing. The market is anticipated to experience exponential growth due to the rising demand for vaccines, especially during the ongoing COVID-19 pandemic. Contract manufacturing organizations specializing in fill-finish services are expected to play a vital role in meeting this demand and ensuring the efficient production and delivery of vaccines. This surge in demand for fill-finish services will likely contribute to the overall growth and dominance of the vaccine contract manufacturing market.

Based on Region

North America to Lead Global Sales Owing to Increasing Prevalence of Chronic Diseases and the Raising Demand for Portable Oxygen Concentrators

North America is expected to grow steadily due to the aging population, the increasing prevalence of COPD (chronic obstructive pulmonary disease), and the rising demand for portable oxygen concentrators. The region will likely witness technological advancements in developing compact and lightweight Oxygen Conserving Devices that are easy to carry and offer extended battery life. Moreover, the region's healthcare infrastructure and favorable reimbursement policies will further drive the demand for Oxygen Conserving Devices. The market's expansion in this area is also anticipated to be significantly accelerated by the rising patient and healthcare professional awareness of the advantages of Oxygen Conserving Devices.

In 2022, the market in Europe was increasing. The main drivers of the growth in oxygen-conserving device sales include an expanding senior population, chronic obstructive pulmonary disease (COPD) prevalence and other respiratory illnesses, and technical developments in healthcare. In addition, the European market is also benefiting from supportive government policies aimed at improving healthcare infrastructure and increasing awareness about Oxygen Conserving Devices. Furthermore, the increasing trend of home-based healthcare and the preference for portable and lightweight Oxygen Conserving Devices are also driving market growth in Europe.

Competitive Landscape

The Oxygen Conserving Devices market is highly competitive, with several small and large players. CAIRE, Drive DeVilbiss Healthcare, Inogen, Invacare Corporation, Luxfer Gas Cylinder, O2 Concepts, Inc., Philips Respironics, and Precision Medical are a few of the major companies active in the market. To increase their position in the market, these businesses concentrate on tactics including product portfolio expansion, partnerships and alliances, acquisitions, and new product launches. For instance, in June 2022, Inogen, Inc. announced the launch of its Tidal Assist® Oxygen Delivery System. Patients with COPD (chronic obstructive pulmonary disease) can receive high-flow oxygen therapy from this compact, portable oxygen concentrator.

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), Essex Industries Inc. (U.S.) among others.

Recent Market Developments

• In October 2022, the UCSF Center for Health Equity in Surgery and Anesthesia (CHESA) officially launched the Open Oximetry Project. This multi-year project aims to increase access to secure pulse oximeters by sharing data and creating new standards and techniques for oximeter validation that better account for skin color.
• In February 2022, Control Devices, a portfolio company of HBM Holdings, purchased the medical gas regulator product line from Essex Industries. Control Devices is the leading developer and manufacturer of highly developed flow-control systems in specialized applications across numerous end markets.

Segmentation of the Global Oxygen Conserving Devices Market