|
Forecast
Period
|
2025-2029
|
|
Market
Size (2023)
|
USD39.05
million
|
|
CAGR
(2024-2029)
|
2.07%
|
|
Fastest
Growing Segment
|
Electronic
|
|
Largest
Market
|
West
India
|
|
Market
Size (2029)
|
USD43.64
million
|
Market Overview
India Oxygen Conservers Market was valued at USD 39.05 million in 2023 and is anticipated to reach USD 43.64 million by 2029, with a CAGR of 2.07% during 2024-2029. The India Oxygen Conservers Market is
currently experiencing a significant period of growth, largely driven by the
surge in demand for oxygen concentrators amid the ongoing COVID-19 pandemic.
The need for these devices has escalated as they play a crucial role in
providing life-saving oxygen therapy to patients.
One of the notable emerging trends in the market is
the increasing popularity of portable oxygen concentrators. These compact and
lightweight units have gained traction due to their convenience, affordability,
and the ability to ensure a continuous supply of oxygen to individuals in need.
With the flexibility to be used both indoors and outdoors, portable oxygen
concentrators have become a preferred choice for patients seeking mobility and
independence in their daily lives.
Amidst this promising growth, the market
also faces several challenges. One of the pressing issues is the emergence of a
thriving black market for oxygen concentrators. Shockingly, the prices of
medical-grade oxygen cylinders on the black market have soared to levels
exceeding the average monthly income of even the wealthiest individuals in
India. This has created difficulties in accessing these life-saving devices,
particularly for patients belonging to low-income groups, who often find
themselves unable to afford the exorbitant prices.
Key Market Drivers
Growing Prevalence of Respiratory Disorders
Respiratory disorders, such as asthma, Chronic
Obstructive Pulmonary Disease (COPD), rhinosinusitis, and others, impose a
significant health burden on India. According to a recent study, the point
prevalence of respiratory diseases in Indian Outpatient Department (OPD)
services is considerable, highlighting the need for effective management and
treatment strategies.
The global prevalence of chronic
respiratory diseases has been on the rise, leading to an increased demand for
efficient respiratory care devices. This trend is particularly pronounced in
India, given its large population and the escalating incidence of risk factors
such as pollution, smoking, and an aging population.
The surge in respiratory disorders has directly
impacted the growth of the Oxygen Conservers Market. Oxygen conservation
devices play a crucial role in enhancing the quality of life for patients with
severe respiratory conditions by maintaining optimal oxygen levels in their
blood. As research and development activities continue to evolve, we can expect
the emergence of improved oxygen conserving devices that offer enhanced
functionality and user experience.
The growing prevalence of respiratory diseases,
combined with advancements in oxygen conserving technology, is expected to drive
sustained market growth. Moreover, the increasing geriatric population, known
to be more susceptible to respiratory ailments, contributes to the expanding
demand for oxygen conserving devices. As the elderly population continues to
grow, the need for these devices is likely to rise further, underscoring the
importance of innovative solutions in respiratory care.
Rise in Healthcare Expenditure
Non-communicable diseases like diabetes are on the
rise in India, which has resulted in a significant increase in healthcare
spending. Recognizing the urgency of the situation, India has taken robust
steps to enhance its healthcare services. One noteworthy measure includes a
substantial boost in healthcare spending by 135%, demonstrating the
government's commitment to addressing the healthcare needs of its population.
Furthermore, India has also lifted caps on foreign investment in its vast
insurance market, opening doors for collaboration and innovation in the
healthcare sector.
With the increased healthcare spending, there comes
a greater demand for medical devices, particularly oxygen conservers. These
devices play a crucial role in supporting patients with severe respiratory
conditions by helping maintain adequate oxygen levels in their blood. As the
prevalence of such conditions rises, the need for reliable and efficient oxygen
conserving devices becomes more evident.
India boasts strong medical device
supply chains, which are driving the growth of the oxygen conserving devices
market. The combination of rising healthcare expenditure and well-established
procurement channels makes the accessibility and usage of these life-saving
devices more feasible. Consequently, this creates opportunities for market
expansion and the continuous improvement of healthcare services in India.
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Key Market Challenges
Disruptions in Supply Chain
The COVID-19 pandemic has caused an unprecedented
surge in demand for medical oxygen. Hospitals and healthcare facilities across
India have been grappling with the overwhelming need for oxygen as the number
of COVID-19 cases continues to rise. This sudden onslaught has put immense
pressure on India's oxygen supply chain, leading to numerous challenges.
The increased demand for medical oxygen has resulted
in a nationwide panic, as the disruption of supplies has left hospitals and
patients in dire situations. The shortage of oxygen cylinders and concentrators
has created a sense of urgency to address the supply chain issues promptly.
The recent spike in COVID-19 cases has
further exacerbated the challenges faced by the oxygen supply chain in India.
The sudden surge in demand has overwhelmed the logistics capabilities, leading
to delays in the transportation and distribution of oxygen. This disruption has
highlighted the vulnerabilities of the supply chain and the need for immediate
action.
The supply chain disruptions have also impacted the
delivery of oxygen conserving devices to the end-users, hindering the overall
market growth. The uncertainties and bottlenecks in the supply chain have not
only affected the availability of oxygen but have also resulted in increased
costs. This added financial burden has further strained the market and posed
challenges for healthcare providers and patients alike.
Addressing the challenges faced by India's oxygen
supply chain requires a comprehensive and coordinated approach. Efforts are
underway to ramp up production, streamline logistics, and ensure the timely
delivery of medical oxygen to those in need. It is crucial to learn from the
current crisis and strengthen the supply chain to be better prepared for future
emergencies.
Key Market Trends
Rise in Geriatric Population
India is experiencing a steady increase in its
elderly population. This demographic shift is largely attributed to improved
healthcare services, leading to increased life expectancy. As a result, the
geriatric population faces unique health challenges, including respiratory
illnesses, which require substantial medical attention and resources.
The rising geriatric population has created a surge
in demand for oxygen conservers, contributing to the growth of the market.
Elderly individuals are particularly vulnerable to respiratory ailments and
chronic diseases, necessitating the use of oxygen conserving devices to ensure
proper oxygen supply.
With the growing geriatric population and
their increasing healthcare needs, the Oxygen Conservers Market in India is
poised for robust expansion. The continuous supply of oxygen becomes a critical
factor in meeting the needs of the ageing population.
Not only does India witness this trend, but the
global electronic oxygen conservers market also showcases several emerging
trends. Technological advancements and product innovation are driving forces
that further boost the market. Additionally, the increasing prevalence of
respiratory diseases and the growing geriatric population contribute to the
sustained demand for oxygen therapy devices.
As the healthcare landscape evolves, the electronic
oxygen conservers market continues to adapt and meet the needs of a changing
demographic. With a focus on improving respiratory health and addressing the
unique challenges faced by the geriatric population, this market is poised for
significant growth and innovation.
Segmental Insights
Type Insights
Based on the category of type, the manual segment
emerged as the dominant player in the Indian market for oxygen conservers in
2023. One of the primary reasons for the dominance of manual oxygen conservers
in the Indian market is their accessibility and ease of use. These devices,
such as the Drive DeVilbiss Bonsai Velocity Pneumatic Oxygen Conserver and the
EasyPulse5 Oxygen Conserving Regulator, have gained popularity due to their
user-friendly design and intuitive features. With their single dial controls
and straightforward operation, they are particularly well-suited for the
elderly population, who commonly rely on these devices for their respiratory
needs.
In addition to their ease of use, manual oxygen
conservers also offer a cost-effective solution for patients in India. Compared
to their electronic counterparts, they are typically more affordable, which is
a significant factor in the healthcare decision-making process in the country.
This affordability factor allows more individuals to access and benefit from
these devices, ensuring that respiratory care remains accessible to a wider
population.
Despite their affordability, manual oxygen
conservers do not compromise on quality. They are designed with precision and
reliability, ensuring optimal oxygen delivery for patients. This combination of
accessibility, ease of use, and cost-effectiveness has contributed to the
widespread adoption of manual oxygen conservers in India's healthcare
landscape, making them a preferred choice for both patients and healthcare
providers alike.
Sales Channel Insights
The online segment is projected to experience rapid
growth during the forecast period. There is a growing consumer awareness about
the availability and benefits of oxygen conservers in India. This awareness is
largely driven by online platforms, which provide vast amounts of information
on these devices, their uses, and benefits. Consumers are becoming more
educated about their health and are actively seeking out solutions online.
With the rise of online healthcare resources and
the increasing accessibility of information, consumers now have the opportunity
to delve deeper into the world of oxygen conservers. They can explore the
intricacies of these devices, understand their functionality, and learn about
the best practices for incorporating them into their daily lives. This newfound
knowledge empowers consumers to make more informed decisions about their health
and well-being.
Technological advancements in electronic oxygen
conservers are opening up new possibilities and driving market growth. These
advancements are often first introduced online, allowing consumers to stay
updated with the latest developments in the market. Moreover, online platforms
enable consumers to compare different products, read reviews, and make informed
purchasing decisions.
The world of electronic oxygen conservers is
constantly evolving, driven by cutting-edge technological breakthroughs. From
innovative features that enhance convenience and portability to advanced
algorithms that optimize oxygen delivery, these advancements are
revolutionizing the industry. The online landscape serves as a hub of
information, where consumers can explore the latest models, compare the
features of different devices, and read firsthand experiences shared by others.
This wealth of information empowers consumers to make well-informed purchasing
decisions and choose the oxygen conservers that best suit their needs and
preferences.
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Regional Insights
West India emerged as the dominant player in the India
Oxygen Conservers Market in 2023, holding the largest market share in terms of both
value and volume. West India, with its robust industrial growth and thriving
healthcare sector, plays a pivotal role in the Oxygen Conservers Market. States
like Maharashtra and Gujarat are not only home to numerous manufacturing units
of medical devices, including oxygen conservers, but also boast a highly
skilled workforce and cutting-edge technology infrastructure. This combination
of factors contributes to the region's dominance in the market, as it ensures
high-quality production and efficient distribution of oxygen conservers.
In addition to its industrial significance, West
India is one of the most densely populated regions in the country, with a
diverse and vibrant population. The high population density translates to a
higher demand for medical devices, including oxygen conservers, as the region
caters to the healthcare needs of millions of residents. Moreover, the presence
of well-established urban areas in West India, such as Mumbai and Pune, further
drives the demand for oxygen conservers. These cities are home to a significant
elderly population who may require oxygen therapy, making the need for reliable
and efficient oxygen conservers even more crucial.
The government initiatives to promote manufacturing
in West India have also played a significant role in the region's prominence in
the Oxygen Conservers Market. These initiatives aim to foster innovation,
attract investments, and create a favorable business environment for medical
device manufacturers. As a result, West India has witnessed a surge in the
establishment of state-of-the-art manufacturing facilities, further bolstering
its position as a leader in the market.
Recent Development
- On
July 21st, 2023, the Horiba Group, originating from Kyoto, Japan, marked its
significant 75th anniversary milestone. As part of commemorating this
achievement, the company acknowledged its essential suppliers across different
sectors, acknowledging their pivotal contributions to its growth. Notably,
among these distinguished suppliers, GCE India emerged as the inaugural
recipient of the esteemed "Reliable Business Partner" accolade,
showcasing its outstanding performance in the realm of oxygen conservers within
the Indian market.
Key Market Players
- GCE India
Private Limited
- Drive
DeVilbiss Healthcare
- Precision
Medical
- Al-Can
Exports Private Limited
- CR EXIM
- Chad
Therapeutics
|
By Type
|
By Sales Channel
|
By Source
|
By Region
|
|
|
- Wholesalers/Distributors/Suppliers
- Online
- Direct Sales
|
|
- North India
- East India
- West India
- South India
|
Report Scope:
In this report, the India Oxygen Conservers Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- India Oxygen Conservers Market, By Type:
o Manual
o Electronic
- India Oxygen Conservers Market, By Sales Channel:
o Wholesalers/Distributors/Suppliers
o Online
o Direct Sales
- India Oxygen Conservers Market, By Source:
o Import
o Domestic
- India Oxygen Conservers Market, By Region:
o North India
o East India
o West India
o South India
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the India
Oxygen Conservers Market.
Available Customizations:
India Oxygen Conservers Market report with the
given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
India Oxygen Conservers Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]