According to a recent report published by Reports Monitor, Global Oxygen Conservation Devices Market is estimated to grow at a significant CAGR over the forecast period.
Oxygen conserving device is known for reducing the pressure. This device provides oxygen to the patient from the oxygen source by controlling the flow of oxygen. Such devices are referred for the patients who are suffering from lung diseases which include cystic fibrosis-related symptoms, chronic obstructive lung disease, and diffuse parenchymal lung disease. Such devices help to live a normal lifestyle to the patients with lung diseases and provide long-term oxygen therapy.
There are two types of oxygen conservation devices including electronic and pneumatic devices. Electronic devices run with the help of the battery, while the pneumatic devices are not dependent on external sources such as battery and work with high pressure when there is need of a large amount of oxygen gas. Such devices deliver increased flexibility and comfort to the patients. These devices were designed to deliver effective oxygen treatment and portability of devices so as to assure better mobility of patients.
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According to a report published in August 2017 by World Health Organisation (WHO), presently around 235 million individuals are suffering from asthma. In 2016, around 383,000 individuals died because of asthma. Asthma is a non-communicable chronic disease, mostly occurring in low and middle-income countries.
According to the estimation from National Institutes of Health (NIH), in the U.S., around 12 million adults were diagnosed with chronic obstructive pulmonary disease and approximately 120,000 individuals are dying each year.
Rising need for advanced technology in medical equipment owing to ease of use and portability, better customer response, the controlled flow rate of the gas and lower wastage of gases are the major factors propelling the growth of the market. In addition, the occurrence of respiratory diseases in low and middle-income countries, where the population is large are anticipated to boost the market growth. Moreover, supportive regulatory policies and rising awareness towards these diseases have provided huge growth opportunities for the market. Furthermore, changing lifestyle and increasing pollution are the significant factors contributing to the expansion of the market.
Geographically, the metabolic testing market is segmented on the basis of the region covering North America, Asia Pacific, Europe, and LAMEA. North America is predicted to be dominant in the market, owing to the rising incidences of respiratory diseases and the presence of a large number of medical organizations. Furthermore, easy reimbursement policies and regulatory framework are the significant factors witnessing remarkable growth in the market. Moreover, investment in research and development related to O2 therapy and rising number of FDA approvals for such therapies are expected to boost the market growth over the forecast period. In the North American region, the presence of several organizations including Canadian Thoracic Society, Center for disease Control and Prevention, and Canadian Society of Respiratory Therapy is promoting the applications of oxygen conservation devices and developing advanced technology associated with these devices are anticipated to witness positive impact on the market.
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The Asia-Pacific market is expected to be growing due to several factors including the rising geriatric population who need oxygen therapy at home and developed healthcare infrastructure, owing to developed systems and new innovation related to medical equipment and devices are further anticipated to propel the growth of the market, providing huge growth opportunities for the market. Furthermore, increasing disposable income of APAC region, research and development activities and huge untapped population are the significant factors propelling the expansion of the market. Moreover, the presence of organizations including Asthma and Clinical Immunology and Asia Pacific Association of Allergy are spreading the awareness about numerous medical solutions related to these diseases available in the market and positively influencing the market.
Prominent players in the market are Responsive Respiratory, Inc., Medline Industries, Inc., Invacare Corporation, GCE Group, Air Liquide, HERSILL, S.L., Medical Depot, Inc. (Drive DeVilbiss Healthcare), Essex Industries, Inc., Precision Medical, Inc., and, Inogen, Inc.
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On May 25, 2018, a global provider of medical products “Medline Industries, Inc.” and global healthcare leader “Sharp HealthCare” have signed an agreement for medical-surgical distribution to enhance its product excellence, effective of product, timely solutions, and increase the product portfolio. This strategic partnership was aimed at delivering advanced technology and effective supply chain network of medical products.
Moreover, similar strategies have been adopted by various key players in the market. Air Liquide has acquired Sogo Sangyo Kabushiki Kaisha, in September 2017, to increase their business in Japan and providing more advanced treatment.
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