According to a report published by Grand View Research, Inc.; the oxygen conservation devices (OCD)/ systems market is likely to reach a valuation of around USD 2.21 billion by 2025.
Growing rate of chronic respiratory diseases is expected to boost the demand for OCD during the forecast period (2014 to 2025). In addition, supportive regulatory framework and improvements in reimbursement policies are also expected to increase the product demand.
High prevalence of Chronic obstructive pulmonary disease (COPD) and other respiratory ailments is likely to increase the demand for oxygen therapy and these products, according to WHO. Additionally, factors such as changing lifestyle and rise in indoor and outdoor pollution are responsible for asthma. As per statistics provided by Global Asthma Network, approximately 334 million individual gets affected with asthma globally. This indicates the potential need for these devices. Increasing demand for technologically advanced products which may offer better portability, less oxygen wastage, and improved patient response are expected to create lucrative opportunities in the market.
Worldwide oxygen conservation devices/ systems market can be divided into product, end-use, and region. Based on product, the market can be bifurcated into reservoir oxygen delivery devices, electromechanical pulsing devices, transtracheal catheters, and others.
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Electromechanical pulsing devices segment is expected to grow at a lucrative rate of 12.5% due to their better oxygen conserving efficiency as compared to other products.
In 2016, reservoir oxygen delivery devices segment accounted for major market share due to its early introduction. These devices are also known as reservoir cannulas and recommended for patients requiring higher flow. The transtracheal catheters segment is expected to show moderate growth over the forecast period. These products are similarly efficient as that of reservoir oxygen delivery systems. These devices are recommended for patients suffering from obstructive and restrictive lung diseases.
As per end-use, the market can be classified into hospitals and clinics, long-term care units, and home care. In 2016, home care segment captured the largest share due to growing implementation of long- term oxygen therapy devices in home care settings. Long-term care units segment is likely to show profitable gains during the study period due to growing adoption of these unit in developed countries.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and The Middle East and Africa.
In 2016, North America accounted for the largest market share due to growing expenditure for R&D and trials related to O2 therapy, presence of major market players, established reimbursement framework, and growing occurrence of chronic respiratory diseases. Growing number of FDA approvals to implementation of oxygen therapy in applications including diabetes, cancer, and autism are likely to boost the market in the region. Besides, rising efforts to promote awareness regarding oxygen therapy by the organizations including Canadian Thoracic Society and Canadian Society of Respiratory Therapy is also supporting the market growth in the region.
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Asia Pacific is expected to grow with lucrative rate at 13.6% over the forecast period due to growing healthcare sector and rise in elderly population that will require home-based oxygen therapy. Factors such as existence of high untapped opportunities, increasing disposable income, rising government expenditure for healthcare, and continues R&D efforts to develop novel products can boost the market in the region. In addition, development of nongovernment organizations like Asthma and Clinical Immunology and the Asia Pacific Association of Allergy are likely to increase awareness regarding the treatment of respiratory disorders. This is anticipated to increase adoption of these devices in the region.
Prominent players operating in the market include Responsive Respiratory, Inc.; Medline Industries, Inc.; Precision Medical, Inc.; Essex Industries, Inc.; and Medical Depot, Inc.
Market participants are mainly focused on development of new product, collaborations, and mergers and acquisitions to improve their presence in the market. The competition among the players will be based on frequent product approvals, growing number of participants, efficient distribution agreement, and devolvement of better product that may reduce the wastage of gas.
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