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Oxygen Conservation Devices Market : Expert Forecasts and Analysis
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Oxygen conserving device (OCD) is a pressure reducing device designed to control the flow of oxygen from the oxygen source to the patient. Oxygen conservation devices are used for the patients with severe lung diseases such as chronic obstructive pulmonary disease, diffuse interstitial lung disease, cystic fibrosis or hypoxia related symptoms, which requires long-term oxygen therapy to maintain a normal lifestyle. According to the global asthma report by Global Asthma Network, 2014, asthma has affected around 334 million people so far and prevalence is rising continuously. This suggests the occurrence of severe asthma cases in low and middle-income economies such as India and China. This device offers comfort and increased mobility to the patients. The main aim of manufacturers is to develop efficient, portable, and less intrusive oxygen conservation devices.
Oxygen conservation devices are mainly of two types – pneumatic oxygen conservation devices and electronic oxygen conservation devices. Pneumatic oxygen conservation devices use high pressure of oxygen gas and do not require any external power source such as battery, whereas electronic oxygen conservation devices are battery supported. For instance, Invacare’s Invacare Pneumatic Oxygen Conserver is a pneumatic oxygen conservation device, which has an on and off selector knob coupled with liter flow and continuous flow mode. CHAD therapeutics’ Evolution Electronic Oxygen Conserver requires two AA batteries for its functioning. The Invacare has consistent volume delivery whereas Evolution is featured with pulse ranging from 14 to 40 breathes per minute. The key driver propelling the oxygen conservation devices market is increasing population of patients with chronic lung disorder. Moreover, favorable rental policies and reimbursement policies are driving the present oxygen conservation devices market. However, as a medical device, oxygen conservation device market is expected to be restrained by the stringent regulatory policies employed by the regulatory bodies to monitor the efficacy to the device.
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Oxygen Conservation Devices Market Drivers
Large pool of chronic obstructive pulmonary diseases (COPD) and other lung diseases are expected to fuel growth of oxygen conservation devices market. For instance, in 2014, Centers for Disease Control and Prevention (CDC) reported around 1,417,101 deaths globally due to chronic respiratory diseases. Moreover, high prevalence of smoking tobacco is expected to add to the pool of lung diseases. According to Inogen Inc., there were 2.5 to 3 million patients in the U.S. and more than 4.5 million patients worldwide who used oxygen therapy in 2015. Furthermore, the number of oxygen therapy patients in the U.S. increased from around 7% to 10% between 2015 and 2021.
Moreover, as these devices are life supporting devices, oxygen conservation devices are supported by the regulatory policies for oxygen therapy by providing the facility at minimal cost. These oxygen conservation devices are covered under the Medicare Program, according to which around 20% of the cost is only paid by the patient. Moreover, awareness about COPD is spread through various governmental and non-governmental initiatives. For instance, Global Initiative for Chronic Obstructive Lung Disease (GOLD) in collaboration with health care professionals and COPD patients initiated World COPD Day, which began from 2002. For instance, in 2014, American Lung Association launched a campaign called as LUNG FORCE, which focused on research and better treatment option for lung diseases.
Oxygen Conservation Devices Market - Regional Analysis
On the basis of region, the global oxygen conservation devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds dominant position in the oxygen conservation devices market, owing to highly supportive reimbursement policies and high patient population. For instance, Medicare and Medicaid policies of the U.S. offers reimbursement on the prescribed oxygen therapy. However, Asia Pacific is expected to witness significant growth, owing to increasing incidence of asthma and increasing government initiatives to create awareness about the presence of devices such as oxygen conservation device. According to the article in journal Asia Pacific Allergy, 2014, asthma is a major chronic disease in Asia and prevalence of childhood asthma is observed to be continuously increasing over the last decade (2003-2013)
Oxygen Conservation Devices Market – Competitive Landscape
Some of the key players operating in the global oxygen conservation devices market include Medline Industries, Inc., Invacare Corporation, Responsive Respiratory Inc., Drive Medical, DeVilbiss Healthcare Ltd., Precision Medical, Inc., Hersill, S.L., Inogen, Inc., and Essex Industries, Inc.
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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