24-Mar-2021

North America to Dominate Medical Oxygen Market During Forecast Period with CAGR of 7.02% | TechSci Research

Increasing prevalence of chronic diseases is expected to drive the growth of the global medical oxygen market.

According to TechSci Research report, “Global Medical Oxygen Market By Form (Liquid Oxygen, Compressed, Oxygen Concentrators), By Purity (96% to 99.5%, 93% to 96%), By Delivery Mode (Aerial Diffusion, Direct Inhalation, Others), By Modality (Portable Medical Oxygen Systems v/s Standalone Medical Oxygen Systems), By Technology (Continuous Flow v/s Pulse Dose), By Application (COPD, Bronchopulmonary, Lung Disorder, Heart Failure, Asthma, Cystic Fibrosis, Others), By End User (Hospitals, Emergency Medical Centres, Ambulatory Centres, Homecare), By Region, Forecast & Opportunities, 2026”, the global medical oxygen market was valued USD4572.39 million in 2020 and is forecast to grow at CAGR of over 7% during the forecast period. The need for better medical facilities is one of the major factors accounting for the growth of the global medical oxygen market. Moreover, technological advancements in the healthcare sector are expected to bode well for the growth of the global medical oxygen market through the forecast period. In addition to this, the growing incidences of chronic obstructive pulmonary diseases (COPDs) are expected to positively influence the growth of the global medical oxygen market in the years to come. Also, the government and non-government organizations worldwide are launching several campaigns and programs for educating citizens about COPD and ways to manage it, which is further making headway for the growth of the global medical oxygen market over the coming years.

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Global medical oxygen market can be segmented based on form, purity, delivery mode, modality, technology, application, end user, company, and region. Considering the end user, the market is fragmented into hospitals, ambulatory centers, emergency medical centers, homecare. Among these, the hospital segment is forecast to register high growth during the forecast period which can be attributed to the increasing demand for home healthcare oxygen therapies. In terms of application, the market can be categorized into (COPD, Bronchopulmonary, Lung Disorder, Heart Failure, Asthma, Cystic Fibrosis, and Others). Here, the COPD application segment dominated the market until 2020 and is projected to maintain its dominance during the next five years as well, which is attributable to the high prevalence of tobacco use and rising pollution levels. Based on modality, the market is bifurcated into portable medical oxygen systems and standalone medical oxygen systems. Out of these, portable medical oxygen systems are estimated to register the highest growth in the years to come on account of the rise in the number of air travelers coupled with increasing approvals for portable concentrators from the Federal Aviation Administration (FAA).

Linde Plc, Air Liquide, Air Products and Chemicals, Inc., Taiyo Nippon Sanso Corporation, Messer Group, Cryofab Inc, Terumo Medical Corporation, Keen Compressed Gas Co, GF Health Products Inc., Koninklijke Philips N.V., Invacare Corporation, Goyal MG Gases Private Limited, Ellenbarrie Industrial Gases Limited, Devilbiss Healthcare LLC, Inogen Inc., O2 Concepts, Teijin Limited, GCE Healthcare, Inova Labs Inc., Novair Medical are the leading players operating in the global medical oxygen market. The leading players are adopting several growth strategies to enhance the market scenario of medical oxygen.

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“North America is forecast to dominate the global medical oxygen market until 2026 on account of the growing prevalence of lung disorders in the region. Furthermore, increasing cases of severe chronic obstructive pulmonary disorder among the population owing to unhealthy lifestyles, is further anticipated to boost the market growth for medical oxygen over the coming years. Asia-Pacific region is estimated to register high growth in the years to come which can be attributed to awareness regarding available technologies.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Medical Oxygen Market By Form (Liquid Oxygen, Compressed, Oxygen Concentrators), By Purity (96% to 99.5%, 93% to 96%), By Delivery Mode (Aerial Diffusion, Direct Inhalation, Others), By Modality (Portable Medical Oxygen Systems v/s Standalone Medical Oxygen Systems), By Technology (Continuous Flow v/s Pulse Dose), By Application (COPD, Bronchopulmonary, Lung Disorder, Heart Failure, Asthma, Cystic Fibrosis, Others), By End User (Hospitals, Emergency Medical Centres, Ambulatory Centres, Homecare), By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global medical oxygen market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global medical oxygen market.

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