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5 February, New York, USA, 2021 - The global oxygen conserving devices market is likely to reach $2.56 billion in valuation, due to rising demand to treat large population covid-19 patients. According to Centre for Disease Control and Prevention or CDC, the US today is home to over 27 million coronavirus cases, and over 450,00 deaths.
According to a 2020 study published in the New England Journal of Medicine, there is a chronic shortage of mechanical ventilators in the North America region. The study estimates that the US may require another million ventilators to meet worst case scenarios. Moreover, there were over 24 million Asthma patients in the US in 2020. These patients will require intubation services during initial stages of testing, making the task of providing oxygen almost unmanageable. Hence, it is the need of the hour in cities like Los Angeles to purchase portable, individually-owned, and operated devices. This will likely remain the key driver of growth for players in the global oxygen conserving devices market.
Growing Oxygen Supply Challenges to Drive Tremendous Growth in Short Term
According to scientific data predicting models, cities like Los Angeles likely inhibit one-third population, or over 3 million coronavirus patients. Additionally, the pandemic supply chain for oxygen support remains weak, as massive volumes of cold liquid oxygen has frozen equipment in some areas, making it difficult to deliver it to the needy. Furthermore, as coronavirus damages the lungs, inhabitants living in hot weather places like Los Angeles require high doses of oxygen, a specialty application of oxygen conserving devices. The increasing shortage of oxygen supply, the effective, and portable application of oxygen conserving devices will drive major growth in the global oxygen conserving devices market.
According to large studies conducted in China, nearly 3.2% of all covid-19 patients require ventilation. Furthermore, among patients admitted to intensive care, over 50% of patients require mechanical ventilation. Additionally, low levels of national stockpiles also remain a major concern. For example, the Administrator for the Centres for Medicare and Medicaid, Seema Verma reported on March, 13, 2020 that the federal stockpile had 12,000 to 13,000 additional mechanical ventilators. These ventilators will also be difficult to access, as once approved through a procedure, these can take somewhere between 24 to 36 hours to deploy. Moreover, the spread of Covid-19, and rising cases has put people with diseases Asthma, and COPD at increased risks. The chronic shortage of mechanical ventilation, and growing drive to avert the tragedy of high-mortality rates during Covid-19 will promise major growth for players in the global oxygen conserving devices market.
Reservoir Oxygen Delivery Devices Likely to Occupy Largest Market Share
The early introduction of reservoir oxygen delivery devices, and their high adoption led them to hold the largest market share in 2016. The devices are known to improve the efficacy of oxygen, and are recommended for patients with higher flow requirements. These remain an inexpensive, reliable, and easy-to-use offering. This is expected to drive tremendous growth to meet short-term intubation needs for covid-19 patients. Furthermore, the electromechanical pulsing devices will also witness a robust growth with CAGR upwards of 10% during the forecast period. These devices are ideal for catering to demands for patient mobility, extending tank life, and help breathe easy during initial stages. Their advantage of providing high-burst in a rapid manner can be ideal in cities like Los Angeles, and their high-efficiency will keep help them get noticed easily in hospitals. The trans tracheal catheters segment is expected to register a steady growth, due to their highly-efficient operation. These machines can be used for a wide range of diseases with operational abilities to control oxygen flows depending on the needs. However, these remain susceptible to thick secretions, and mucus, and require regular cleaning. Their ability to provide intubation for a wide range of diseases will lead to a steady growth, as covid-19 remains the most pressing need in the healthcare sector.
Rising Demand to Treat Asthma and COPD Patients to Drive Growth
According to CDC, there are over 24.8 million Asthma patients in the US. Moreover, the World Health Organization estimates that there were over 339 million Asthma patients worldwide in 2016. Asthma also affects children in similar proportion to adults, with prevalence among children, and adults remains 7.5%, and 7.7% respectively. Furthermore, nearly 16 million Americans suffer from Chronic Obstructive Pulmonary Disorder (COPD). The CDC also estimates that people with low pulmonary functions, over 50%, were not aware that they were suffering from COPD. This can be a major challenge during the coronavirus pandemic, as these people with lack of knowledge can face disproportionate risks to severe respiratory challenges.
Furthermore, due to social and economic aspects, women with COPD conditions are at severe risks from coronavirus-induced respiratory challenges. The COPD is a third leading cause of death for women in the United States. Despite major improvements in death rates among men in United States, death rates for women still hover around the same numbers. CDC also estimates that women are more adversely affected by indoor air pollution, tobacco consumption, and environmental impacts. Furthermore, women are often diagnosed later, and miss out on the benefits of early treatment.
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