The latest market report published by Credence Research, Inc. “Global Medical Oxygen Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has exhibited a market size of nearly USD 4.8 billion in 2020 and projected to cross a CAGR of over 6.7% during the forecast period from 2021 to 2027 to reach around USD 7.10 billion in 2027.
Browse the full report at https://www.credenceresearch.com/report/medical-oxygen-market
Medical oxygen is made by separating the oxygen from other gases and all other impurities found in air by calculative steps of purification, compression and filtration. It produces more than 99.5 percent purity and is meticulously tested. Additionally, no other gases are allowed in the system in order to prevent contamination of its purity. The medical oxygen market is moving by the rising incidence of respiratory diseases across the world. Additionally, increasing geriatric world population is expected to create an affirmative impact on the market over the forecast period. The growing demand for home healthcare facilities has further accelerated the growth prospects of the market for the future.
Key Trends in Global Market
COVID-19 Impact on the Market
With the outbreak of Covid-19, most critical COVID patients need artificial ventilation or they have high demand for wall-mounted oxygen concentrators and in some cases, they even require canned oxygen. There is a huge gap between supply and demand, and the inability to fulfill the demand for mechanical ventilators is compelling biomedical scientists to generate alternative ventilators with the help of respiratory devices like nebulizers, oxygen concentrators, manual resuscitators, PAP, and others. In current situation, this has become crucial factor for the market growth. With ever increasing COVID-19 cases across the globe, the demand for medical oxygen accelerates.
Global Market by Product Type Insights
On the basis of product type, the market is bifurcated into liquid oxygen systems, oxygen concentrators, and compressed oxygen cylinders. However, oxygen cylinders are predicted to seek substantial growth in the upcoming years. Citing reasons like high oxygen purity provided by these medical devices and they possess a simple structure which certainly propel the market growth.
Although oxygen cylinders have limited oxygen supply compared to concentrators. However, these medical devices can be operated without batteries. But, the pure gases in such high-pressure cylinders are seen to dominate the market due to the widespread use of these devices in home healthcare setups.
Global Market by Application Insights
Considering the end-use of the medical oxygen systems, the market can be segregated hospitals, emergency medical centers, ambulatory surgical centers, home care settings. Home care settings are proven to be the most beneficial segment due to the increasing demand for home healthcare oxygen therapy along with rising demand for pure oxygen and technological advancements.
Furthermore, due to the rapidly growing instance of COVID-19 around the globe, it has augmented the adoption of supplemental oxygen therapy products and has created greater awareness on the repurpose home oxygen equipment, to fight against this corona virus.
Global Market by Regional Insights
North America is anticipated to rule the market share by holding highest share in the forthcoming years, followed by the European region. Asia Pacific market is anticipated to surge given the prompt growth in the developing healthcare industry like India and China. It is also predicted to develop into a market hub for key players of this market in the forthcoming years.
Global Market Competitive Landscape
Some of the most prominent players leading the global market include Philips Healthcare, Inogen, Inc., Drive DeVilbiss Healthcare, Inc. ResMed, Nidek Medical, Invacare Corporation, AirSep Corporation and among others.
Global Medical Oxygen Market by Product Type, 2015 – 2027
· Compressed Oxygen Cylinders
· Oxygen Concentrators
· Liquid Oxygen Systems
Global Medical Oxygen Market by Application, 2015 – 2027
· Emergency Medical Centers
· Ambulatory Surgical Centers
· Home Care Settings
Global Medical Oxygen Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Medical Oxygen Market: Key Players
· Philips Healthcare
· Drive DeVilbiss Healthcare, Inc.
· Nidek Medical
· Invacare Corporation
· Inogen, Inc.
. AirSep Corporation