A Look into Oxygen Conservation Devices Industry……Deep Analysis…..



The global oxygen conserving devices market is expected to reach USD 2.21 billion by 2025, according to a new report by Grand View Research, Inc. Growing prevalence of respiratory diseases is expected to boost the adoption of oxygen conservation devices. According to the Global Asthma Network, nearly 334 million people are affected by asthma worldwide. This shows the potential demand for these devices in the coming years.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
According to the WHO, rise in the incidence of COPD and other respiratory disorders is anticipated to boost the demand for oxygen therapy and consequentially increase the adoption of these products. Furthermore, factors such as increasing indoor & outdoor pollution and changing lifestyle contribute to the rising incidence of asthma, thereby fueling demand over the forecast period.
Growing demand for technologically advanced products with potential benefits such as less O2 wastage, ease of use, increased portability, and enhanced patient response are among factors expected to generate lucrative growth opportunities. In addition, well-developed reimbursement structure and supportive regulatory framework are propelling the market. For instance, Medicare policies in the U.S. offer reimbursement for oxygen therapy equipment when it is prescribed by a healthcare professional.
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https://www.grandviewresearch.com/industry-analysis/oxygen-conservation-devices-systems-market/request/rs1
Further Key Findings From the Study Suggest: 
·         Owing to early introduction, the reservoir oxygen delivery devices segment held the dominant share of 34.52%
·         Electromechanical pulsing devices are anticipated to grow at a lucrative rate of 12.5% as they exhibit higher O2 conserving efficiency compared to other products
·         The home care segment held the largest share of the global oxygen conserving systems market on the basis of end use owing to the rising incorporation of oxygen therapy devices in home care settings
·         Long-term care units segment is expected to exhibit lucrative growth over the forecast period owing to an increase in the number of such units in developed countries
·         North America dominated the global oxygen conserving devices market owing to the presence of better reimbursement policies, growing patient population, and the local presence of a large number of key players
·         Asia Pacific is anticipated to grow at a lucrative rate of 13.6% owing to developments in the healthcare market and increase in the disposable income of the masses
·         Major players are involved in various strategies such as mergers & acquisitions to sustain their market position. For instance, in September 2017, Air Liquide acquired Sogo Sangyo Kabushiki Kaisha, thereby increasing its home healthcare and medical gases business in Japan
The global oxygen conservation devices market size was valued at USD 776.80 million in 2016 and is anticipated to grow at a CAGR of 12.2% over the forecast period. Rising incidence of respiratory diseases is expected to boost the demand for Oxygen Conservation Devices (OCD). 
According to National Institutes of Health (NIH), nearly 12 million adults have been diagnosed with COPD in the U.S. and 120,000 people die each year. In addition, 12 million adults suffer from undiagnosed COPD. According to the data published by the Global Asthma Network, asthma is likely to affect nearly 334 million people worldwide. The patient population has increased owing to an increase in the prevalence of chronic respiratory diseases, which has boosted the demand for these products. This consequent increase in demand is expected to drive the market in future.
In addition, the demand for technologically advanced products is growing because they deliver better patient outcomes. Some of the potential benefits of these products include greater comfort, ease of use, controlled flow rate as per requirements of patients, enhanced patient response, lower wastage of gas, and increased portability. These benefits are expected to propel the demand for these products and, in turn, boost market potential. 
Moreover, the presence of supportive regulatory framework is fueling the overall growth of this industry. Increasing reimbursement policies are expected to boost the adoption of these products in home care settings. For instance, Medicare Part B covers all the rental O2 therapy equipment and accessories by including them under the category of durable medical equipment. The abovementioned factors are responsible for boosting overall growth of oxygen conserving devices market. 
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-oxygen-conservation-devices-systems-market
Grand View Research has segmented the oxygen conservation devices market report on the basis of product, end-use:
Oxygen Conservation Devices, Product Outlook (Revenue, USD Million, 2014 - 2025)
·         Reservoir Oxygen Delivery Devices
·         Electromechanical Pulsing Devices
·         Transtracheal catheters
·         Others
Oxygen Conservation Devices, End-use Outlook (Revenue, USD Million, 2014 - 2025)
·         Hospitals & Clinics
·         Long-term Care Units
·         Home Care
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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