The revenue of oxygen conserving devices market is estimated to reach a valuation of US$ 261 Mn by 2027, states a study by Transparency Market Research (TMR). Furthermore, the TMR report highlights that the market is prognosticated to expand at a CAGR of 5% during the forecast period of 2019 – 2027.
The global oxygen conserving devices market outlook provides in-depth analysis of major factors impacting the market growth. Hence, this study covers thorough assessment of the growth drivers, growth restraints, R&Ds, regional analysis, competition landscape, and emerging trends of the oxygen conserving devices market. This aside, it sheds light on the recent developments in the oxygen conserving devices market.
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Key market segments in oxygen conserving devices market include product type, indication, region, and end-user. Some of the key products available in the oxygen conserving devices market include electronic OCD, oxygen conserver, disposable OCD, pneumatic OCD, and oxygen conserver parts & accessories.
At present, there are different types of oxygen conservers including electronic, pneumatic, liquid oxygen conservers, and disposable. With rising focus of players on the technological advancements, they are developing lightweight and portable conservers intended for the use of adult as well as pediatric patients, notes a TMR study on the oxygen conserving devices market.
Oxygen conserving devices are being utilized in a wide range of health indications including emphysema, chronic bronchitis, and sleep apnea. The use of oxygen conserving devices is being increasing among patients with chronic respiratory disorders. Hence, rise in the number of respiratory health issues is working as a largest opportunity for oxygen conserving devices market.
Oxygen conserving devices are being adopted by patients who need oxygen therapy, when they are away from homecare settings. In the recent years, the portable oxygen conserving devices are gaining immense popularity among patients who are suffering from advanced lung disease with need of oxygen support for a longer time. The global oxygen conserving devices market is estimated to gain profitable prospects in the forthcoming years. This growth is ascribed to growing popularity of market devices owing to their ability to prevent the wastage of oxygen and advance the durability of oxygen cylinders.
Some of the leading players in the oxygen conserving devices market include GCE Group, Inogen Inc., Drive DeVilbiss International, Precision Medical, Inc, Graham-Field Health Products, Medline Industries, Inc., Essex Industries, Krober Medizintechnik, and Inovo, Inc.
The presence of many players makes the competition landscape of the oxygen conserving devices market highly intense. Hence, players are using different strategies such as mergers, acquisitions, partnerships, joint ventures, and collaborations in order to sustain in the competition.
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Companies in the oxygen conserving devices market are investing heavily in R&Ds in order to develop technologically advanced devices. Moreover, they are increasing focus on new product launches in order to expand their product portfolios. Such factors are helping in the oxygen conserving devices market expansion.
North America: Leading Region for Oxygen Conserving Devices Market
Europe, North America, Latin America, Asia Pacific, and Middle East & Africa are some of the key regions for players in the oxygen conserving devices market. In the forthcoming years, the market is likely to observe the dominance of the North America region owing to a rise in cases of chronic obstructive pulmonary disease, which include emphysema and chronic bronchitis. Moreover, the North America oxygen conserving devices market is being driven by many factors including rise in the older population the region, rise in the use of technological advancements for the development of oxygen conserver that can be used in supplemental therapy, and aging baby boomers in the region.