Oxygen Conserving Devices Market to Reach Valuation of USD 3 Billion by 2030 – Increasing Prevalence of Chronic Obstructive Pulmonary Disease (COPD) and Favorable Healthcare Policies Drives the Market Growth

In terms of revenue, the Global Oxygen Conserving Devices Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 12.2% from 2023 to 2030.

The Oxygen Conserving Devices market is poised for significant growth due to multiple driving factors. One of the primary drivers is the increasing prevalence of chronic obstructive pulmonary disease (COPD) globally. According to the World Health Organization (WHO), around 235 million people have asthma; COPD is the third leading cause of death worldwide. This creates a considerable demand for oxygen therapy, which drives the utilization of oxygen-conserving devices. Another key driver is the technological advancements in the devices themselves, which have improved their efficiency and safety. Additionally, favorable healthcare policies, reimbursement scenarios, and the overall increase in healthcare spending have contributed to the market growth. Moreover, the rise in the geriatric population has created a significant demand for oxygen therapy, augmenting the development of the oxygen-conserving devices market. Lastly, the ongoing COVID-19 pandemic has resulted in a surge in demand for oxygen supply and oxygen-conserving devices, further driving the market growth.

Key Highlights from the Report

· Among the segment Products, the Reservoir Oxygen Delivery Devices market- segment is anticipated to dominate the Oxygen Conserving Devices market with the largest market share in the forecast period, considering that they are easier to use and require less maintenance than other devices.

· By End-Use, the Hospitals & Clinics segment accounted for the maximum CAGR during the forecast period because of the increasing prevalence of respiratory disorders and the need for oxygen therapy in hospitals and clinics.   

· In terms of Region, North America held the major market share in 2022 and is likely to be the most gainful market in the future. Elements including increasing adoption of technologically advanced oxygen-conserving devices, such as Electronic Oxygen Conserver (EOC) and home healthcare services, leading manufacturers, and advanced healthcare facilities in countries like the US and Canada are aiding this market expansion.

Market Dynamics

The demand for oxygen-conserving devices is rising due to the growing prevalence of COPD, affecting millions worldwide. These devices help patients suffering from COPD to reduce the frequency of refilling oxygen cylinders and improve the quality of their lives. The oxygen-conserving devices market is expected to expand rapidly in the coming years due to the increasing burden of COPD and other respiratory diseases, rising healthcare expenditure, and growing awareness about the benefits of these devices. The key drivers of the oxygen-conserving devices market are the increasing prevalence of COPD and other respiratory diseases, the growing geriatric population, and increasing healthcare expenditure. The rise in adopting home healthcare devices for managing respiratory diseases has also contributed to the market's growth.

The COVID-19 pandemic has drastically impacted the global healthcare industry, increasing the demand for oxygen therapy for patients suffering from respiratory complications. This has resulted in a rise in the usage of Oxygen Conserving Devices designed to reduce the amount of oxygen patients consume. These devices help conserve the oxygen supply and enable healthcare professionals to treat a more significant number of patients effectively. Additionally, with the surge in demand, manufacturers are increasing their production capacities to meet the growing requirement for oxygen-conserving devices worldwide.

The Oxygen Conserving Devices Market has been restrained by the high cost of the devices, reimbursement issues, and the need for more awareness about the benefits of these devices. However, the increasing prevalence of respiratory diseases, the rising geriatric population, and technological advancements offer opportunities for growth in the market. Additionally, the growing demand for portable oxygen-conserving devices and the increasing frequency of air travel are expected to boost market growth.

North America Oxygen Conserving Devices market is expected to witness a noteworthy development with a significant growth rate over the analysis period. This can be attributed to a high prevalence of chronic obstructive pulmonary disease (COPD) and increasing adoption of home healthcare services. The region has a well-established healthcare infrastructure, a high demand for advanced healthcare technology, and favorable reimbursement policies. The increasing aging population in North America has also increased the market for oxygen-conserving devices. Moreover, the region has witnessed a surge in patients with respiratory disorders, attributed to high pollution levels and a sedentary lifestyle. The United States is North America's largest market for oxygen-conserving devices, accounting for the largest market share. The presence of key market players such as Invacare Corporation, O2 Concepts, and Inogen, Inc. is expected to drive the growth of this market in the region. 

The Global Oxygen Conserving Devices Market is Segmented as follows

• Product
  • Reservoir Oxygen Delivery Devices
  • Electromechanical Pulsing Devices
  • Transtracheal Catheters
  • Others Products
• End User
  • Hospitals & Clinics
  • Long-term Care Units
  • Home Care
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Oxygen Conserving Devices Market is

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.)

The Global Oxygen Conserving Devices Market Scope can be Tabulated as below