San Francisco, 25 September
2018: 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.
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.
Access
Research Report of Oxygen
Conserving Devices Market@ www.grandviewresearch.com/industry-analysis/oxygen-conservation-devices-systems-market
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.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/medical-devices
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.
Access
Press Release of Oxygen Conserving Devices Market@ www.grandviewresearch.com/press-release/global-oxygen-conservation-devices-systems-market
About
Grand View Research
Grand
View Research, Inc. is a 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. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
No comments:
Post a Comment