Oxygen Conserving Devices Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2028

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

According to Vision Research Reports, the global oxygen conserving devices market size was valued at US$ 168 Mn in 2019 and to surpass around US$ 265 million by 2028.

Oxygen therapy is considered to be a highly important tool to help save lives of patients suffering from hypoxemia and other health conditions. Oxygen conservers are used to regulate the supply of oxygen, thus saving the overuse of oxygen by offering precise amount of oxygen. Oxygen conservers are prescribed with ambulatory cylinders, which optimizes the supply for a long duration of up to three days. Pneumatic, electronic, liquid oxygen, and disposable are the various oxygen conserver devices available in the market.

Significant expansion of the oxygen conserving devices market can be attributed to investments in technology, strong product portfolio, and rise in patient pool suffering from pulmonary or non-pulmonary condition. Moreover, increase in geriatric population is another factor fueling the oxygen conserving devices market.

North America dominated the oxygen conserving devices market in 2020, and the trend is anticipated to continue during the forecast period. This can be ascribed to the rise in awareness about hypoxemia that is caused by COPD and other respiratory diseases, presence of key players, increase in patient pool, favorable reimbursement policies, and availability of new oxygen conservers for pediatric patients in the region. However, misdiagnosis or underdiagnoses and high product pricing of certain oxygen conservers are likely to hamper the oxygen conserving devices market in North America during the forecast period.

Rise in Incidences of COPD and Other Chronic Respiratory Diseases to Drive Market

Rising incidences of chronic obstructive pulmonary disease (COPD) and other respiratory diseases globally is likely to prompt key players to develop oxygen conservers as a supplemental oxygen therapy and subsequently, save wastage of oxygen. COPD is considered to be the third-leading cause of death in the U.S., and fourth-leading cause of death across the world. According to an article published on Verywell Health, COPD affects around 11 million people in the U.S. and commonly occurs in people over the age of 40. This indication drives the need for supplemental oxygen, which is managed by the use of oxygen conserving devices.

According to the Global Burden of Disease Study, in 2016, 251 million cases of COPD were identified, and 3.17 million deaths were recorded due to this disease, globally. Mostly 90% of deaths by COPD occur in middle or low income countries. A major cause for COPD disease is the increase in incidence of smoking among adults across the globe. Moreover, long-term asthma is also responsible for causing the COPD disease. According to research published in Science Daily, in April 2018, China was home to a significantly large population of adult COPD patients, which is estimated to be 100 million. This number represents around 8.6% of the population of China, which indicates that the prevalence of COPD is considerably high in China.

Increasing Geriatric Population Fuels Demand for Continuous Innovation in Oxygen Therapy

Rising geriatric population, globally, is fueling the demand for oxygen conserving devices to carry out their daily activities. The geriatric population often suffers from certain chronic respiratory diseases that hamper their mobility; hence, their dependence on oxygen therapy helps improve the quality of their life. For instance, pneumatic, electronic, and disposable oxygen conservers are available for geriatric patients and thus, fulfill the need for devices offering supplemental oxygen. Rise in the geriatric population demands better treatment options, which in turn is likely to provide opportunities to companies that operate in the oxygen conserving devices market. According to the United Nations, the geriatric population, or people above the age of 60, is expected to double by 2050, and triple by 2100. It is projected to rise from 962 million in 2017 to 2.1 billion by 2050 and reach 3.1 billion by 2100. Globally, the geriatric population is the rising at a rapid pace, as compared to the population growth rate of the younger age group.

Rising Prevalence of Chronic Bronchitis Drives Demand for Oxygen Conserving Devices

In terms of indication, the oxygen conserving devices market has been segmented into chronic bronchitis, emphysema, sleep apnea, and others. Chronic bronchitis and emphysema are two major COPD diseases that accounted for considerable deaths and these conditions drive the need for oxygen therapy across globe. Patients suffering from severe COPD require continuous supply of oxygen. According to WHO, COPD is the fourth-leading cause of death in the world, with approximately 2.75 million deaths per annum. The WHO predicts that COPD would be the third-leading cause of death by 2030. According to the CDC, over 16 million people in the U.S. are living with respiratory disorders such as lung cancer, COPD, and heart diseases, caused due to smoking.

Research Activities Lead to Development of Improved Oxygen Conserving Devices

Research activities are expected to play an imperative role in the development of advanced oxygen conserving devices. Stakeholders in the oxygen conserving devices market are concentrating their efforts toward improving the design of their devices to optimize the level of oxygen inhaled by patients. At present, different types of oxygen conserving devices that are available include pneumatic, electronic, and disposable. Of which, the adoption of pneumatic and electronic devices is expected to remain higher than disposable oxygen conservers.

Pneumatic and electronic oxygen conserving devices are projected to account for a combined share of ~72% of the oxygen conserving devices market in 2020. While stakeholders continue to emphasize on enhancing the design of their devices, a barrage of lightweight oxygen conserving devices is available. For instance, Responsive Respiratory Inc. developed a disposable oxygen conserving device that is light in weight for hard-to-saturate patients. The new device does not require added humidification, as it comes with an in-built humidification effect.

Oxygen Conserving Devices a Suitable Alternative for Conventional Oxygen Therapy

Conventional home oxygen therapy involves low-flow oxygen and involves continual oxygen flow that is delivered through a nasal cannula. Despite being a relatively simple delivery process, it was wasteful as the oxygen delivered during expiration is largely wasted. Furthermore, a significant volume of oxygen was wasted during late inhalation wherein oxygen does not reach the gas-exchanging lung units. Thus, integrating a range of oxygen sources, including liquid oxygen, lightweight compressed oxygen, and battery-powered oxygen concentrator with various oxygen conserving devices emerged as an ideal oxygen conserving solution. These devices are known as pulsed oxygen delivery systems. Multiple studies and clinical trials have revealed that pulsed oxygen delivery system devices are highly effective in an array of breathing behaviors such as at rest, during sleep, or during exercise.

Despite these advancements, a significant amount of research is in place to improve the efficacy of modern pulsed oxygen technology. Apart from pulsed oxygen delivery systems, within the oxygen conserving devices market, portable oxygen concentrator devices are also garnering a notable amount of traction, as these devices have optimum functional and physical properties, including weight, size, and can also be used in passenger flights. Thus, due to the growing adoption of portable oxygen concentrator and pulsed oxygen delivery system devices, the oxygen conserving devices market is expected to grow at a steady pace during the forecast period (2019-2027).

Prominent Regions

In terms of region, the oxygen conserving devices market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the oxygen conserving devices market in 2020, followed by Europe. North America accounted for a major share of the oxygen conserving devices market in 2020, owing to a rise in incidence of COPD and supportive government policies. Moreover, aging baby boomers are estimated to fuel the demand for oxygen therapy, including oxygen conservers, to help them lead a comfortable life.

According to the U.S. Census Bureau, all baby boomers are expected to be older than the age of 65 by the year 2030. Technological advancements and reliable reimbursement policies in the U.S. for oxygen therapy devices helps patients to access these devices. Moreover, presence of key players in the region and a strong product portfolio of supplemental oxygen therapy are projected to drive the market in the region.

The oxygen conserving devices market in Asia Pacific is projected to expand at a notable CAGR from 2021 to 2028. This can be attributed to an increase in healthcare expenditure, rapid increase in rate of adoption of devices used for oxygen therapy, and growing prevalence of chronic respiratory diseases among patient population in developing countries. Moreover, rising geriatric population in countries such as Japan, India, and China is estimated to positively impact the development of innovative oxygen conserver devices in these countries. Furthermore, strong medical devices supply chain in countries such as India, Japan, and China is driving the oxygen conserving devices market in the region.

Development of Innovative Disposable Oxygen Conservers Offers Significant Growth Opportunities

The oxygen conserving devices market is fragmented, in terms of number of players. Key as well as local players have been offering various oxygen conserving devices, including pneumatic, liquid oxygen, and disposable types in the market for the past few years. Key players operating in the oxygen conserving devices market include Inogen Inc., GCE Group, Precision Medical Inc., Drive DeVilbiss International, Medline Industries, Inc., GF health Products, Inc., Inovo, Inc., Essex Industries, and Krober Medizintechnik. These players have adopted various strategies, such as investments toward the development of oxygen conserving devices, which include disposable oxygen conservers, electronic oxygen conservers, and strengthening their distribution network and product portfolio.

Companies such as Drive Devilbliss Healthcare have introduced disposable oxygen conservers, such as Oxymizer disposable oxygen conserver, which provides and saves oxygen in 4:1 ratio, as compared to that offered by other continuous flow oxygen therapy devices.

Market Segmentation

By Product Type

  • Oxygen Conserver
    • Electronic  OCD
    • Pneumatic OCD
    • Disposable OCD
    • Others
  • Oxygen Conserver Parts & Accessories

By Indication

  • Chronic Bronchitis
  • Emphysema
  • Sleep Apnea
  • Others

By End User

  • Hospitals
  • Homecare
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Report Scope

The Oxygen conserving devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Oxygen conserving devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Oxygen conserving devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Oxygen conserving devices market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Oxygen conserving devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Oxygen conserving devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Oxygen conserving devices by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Oxygen conserving devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Oxygen conserving devices market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Oxygen conserving devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Oxygen conserving devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Oxygen conserving devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Oxygen conserving devices market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Oxygen conserving devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Oxygen conserving devices market. These factors have benefited the growth of the global market for Oxygen conserving devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Oxygen conserving devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Oxygen conserving devices are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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