Oxygen Conservation Device Market Size Poised To Reach USD 3.95 Billion By 2030
San Francisco, 25 Sep 2024: The Report Oxygen Conservation Devices Market Size, Share & Trends Analysis Report By Product (Reservoir Oxygen Delivery Devices, Electromechanical Pulsing Devices), By End-use, By Region, And Segment Forecasts, 2024 - 2030
The global oxygen conservation devices market size is expected to reach USD 3.95 billion by 2030, registering a CAGR of 12.1% from 2024 to 2030, 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.
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.
Access Research Report of Oxygen Conservation Device Market @ https://www.grandviewresearch.com/industry-analysis/oxygen-conservation-devices-systems-market
Oxygen Conservation Devices Market Report Highlights
- Reservoir oxygen delivery devices accounted for a leading market share of 33.6% in 2023. The growth depends on their early introduction and high adoption rate among patients and hospitals.
- Electromechanical pulsing devices are expected to register the fastest CAGR of 12.2% over the forecast period. Due to their technological feasibility, these devices enhance patient mobility and preserve O2 flow.
- The home care segment dominated the market with a share of 41.7% in 2023. The increasing preference for home health care drives patient comfort, the need to reduce hospital-related costs, and the fear of infection accelerates the trend.
- The long-term care unit segment is projected to grow at the fastest CAGR of 12.2 % over the forecast period. The global demographic shift towards advanced life-saving devices drives the demand for long-term care facilities.
- North America dominated the global market and accounted for the largest revenue share, 34.5%, in 2023. The availability of well-developed primary, secondary, and tertiary hospitals supports market growth in the region.
- Asia Pacific oxygen conservation devices market is anticipated to witness significant growth due to the significantly increasing investments in healthcare expenditures.
- 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
Oxygen Conservation Devices Market Report Scope
Report Attribute | Details |
Market size value in 2024 | USD 1.99 billion |
Revenue forecast in 2030 | USD 3.95 billion |
Growth Rate | CAGR of 12.1% from 2024 to 2030 |
Base year for estimation | 2023 |
Historical data | 2018 - 2022 |
Forecast period | 2024- 2030 |
List of Key Players in the Oxygen Conservation Devices Market
- Invacare Corporation
- Philips Respironics
- Chart Industries
- GF Health Products, Inc.
- Drive DeVilbiss Healthcare
- Inogen, Inc.
- Precision Medical, Inc
- CAIRE Inc. (Chart Industries)
- Teleflex Incorporated
Access Press Release of Oxygen Conservation Device Market @ https://www.grandviewresearch.com/press-release/global-oxygen-conservation-devices-systems-market
About Grand View Research
Grand View Research is an India & 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.
For More Information: https://www.grandviewresearch.com/horizon
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