MEDICAL OXYGEN SYSTEMS MARKET REPORT OVERVIEW
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The global medical oxygen systems market size was USD 471.4 million in 2021 and is expected to reach USD 830.2 million in 2028, exhibiting a CAGR of 8.4% during the forecast period.
The sudden rise in CAGR is attributable to the medical oxygen systems market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with medical oxygen systems experiencing lower-than anticipated/higher-than-anticipated demand across all regions compared to pre-pandemic levels. Medical oxygen systems, such as oxygen concentrators and compressed oxygen cylinders, are commonly used in homecare settings and are favored by older patients with limited mobility who rely on a consistent oxygen supply. Some chronic medical disorders, such as chronic bronchitis, chronic obstructive pulmonary disease (COPD), and emphysema, which is a typical long-term impact of smoking, necessitate oxygen treatment or supplemental oxygen. A variety of oxygen delivery systems are used to supply a controlled amount of oxygen to patients.
Growing healthcare spending, improved medical facilities, and rapid technical improvements all contributed to market expansion. The widespread advancements in the field of healthcare and medicine are major factors driving demand for the product.
COVID-19 Impact: Surge in Covid Cases Boosted Demand for Product
Because artificial ventilation is required in the majority of Covid-19 severe cases, demand for wall-mounted oxygen concentrators and piped/canned oxygen is increasing. The significant increase in demand in India is due to an increase in the number of COVID-19 cases with breathing issues. The same can be seen in the most recent activities of market participants. The COVID-19 pandemic has impacted demand, resulting in a global shortage of medical ventilators. Artificial ventilation was required in critical cases of Covid-19, and demand for wall-mounted oxygen concentrators and piped/canned oxygen is skyrocketing.
LATEST TRENDS
"Robust Demand from Healthcare Sector to Boost Market Growth"
To provide a high volume of oxygen supply to patients, most hospitals and healthcare organisations build centralised oxygen systems in hospitals. Because of the introduction of portable oxygen devices into the market, the homecare setting sector is also contributing significantly to market growth. Furthermore, rising regulatory approvals for oxygen therapies are likely to boost demand for medical oxygen systems, thus opening up significant market development opportunities. Additionally, due to the current epidemic, there has been a tremendous increase in the demand all over the world. This increase in demand is projected to continue in the future years, providing revenue potential for businesses.
MEDICAL OXYGEN SYSTEMS MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into On-site, Remote, and Others.
On-site is the leading segment in the market share medical oxygen systems on-site have a high initial purchase price but low operating expenses and a long useful life, making them very cost-effective for large facilities that can take advantage of economies of scale. To fulfil unique customer needs, the majority of on-site industrial gas suppliers offer several grades or purities.
These factors are likely to foster market growth during the upcoming years.
- By Application Analysis
Based on application, the market is divided into rural hospitals, community hospitals, large hospitals, and Others.
The large hospitals segment is expected to lead the market share. Medical oxygen systems are employed in large hospitals where smaller, highly mobile medical units are required. The gadgets will be tiny enough to fit on carts and will be powered by rechargeable batteries, allowing them to run for long periods of time without needing to be linked to the main power source.
Therefore, these factors can propel market growth.
DRIVING FACTORS
"Government Initiatives and Technological Advancements to Boost Industry Progress"
Government measures to regulate and manage respiratory illnesses are on the rise, which will help the industry grow. In addition, favourable reimbursement scenarios for medical oxygen concentrators in a number of developing countries will boost market value. Increased prevalence of respiratory diseases, rising geriatric population globally that requires advanced care & better treatment facilities; development in healthcare infrastructure coupled with rising demand for homecare equipment among patients; increasing need for portability & mobility devices due to technological advancements; decreasing prices of medical gas cylinders; rising demand for automation are the major factors driving growth in this market.
"Advanced Technologies Adopted by Manufacturers to Foster Progress of the Market"
The product demand will benefit as the incidence rate of chronic respiratory disorders rises in tandem with rising tobacco and smoking usage in numerous countries. The segment's expansion will be aided by the growing acceptance of continuous flow concentrators for critical care in healthcare facilities. Many manufacturers are incorporating innovative technology into new product development, which will help the market grow. The market is being driven by an increase in daily exposure to pollutants. Furthermore, the market's growth is fuelled by an increase in the number of people exposed to indoor air pollution, and an increase in the number of active smokers. The market's expansion is hampered by the high cost of oxygen concentrators and onerous regulatory procedures.
Furthermore, the oxygen concentrators market would benefit from strong development potential in emerging markets and an increase in the geriatric population during the forecast period.
RESTRAINING FACTORS
"High Pricing to Impede Market Growth"
The high cost of medical oxygen equipment, and the consequent maintenance costs, are limiting market expansion. Furthermore, when utilised at home, these systems necessitate continual expert help, making their use less viable. Many of these oxygen devices are battery-operated, which necessitates frequent battery changes, significantly increasing the system's operational costs.
MEDICAL OXYGEN SYSTEMS MARKET REGIONAL INSIGHTS
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"Developed Healthcare Infrastructure to Facilitate Market Growth in the North America"
North America is expected to dominate the medical oxygen systems market share due to the major revenue-generating segment of the global market. This can be ascribed to the region's well-developed healthcare infrastructure and the rising prevalence of chronic diseases. Due to the existence of top medical oxygen system manufacturers and rising product launches, these players in this region that offer new oxygen concentrators have a strong position in the U.S. market. Furthermore, in the coming years, the increased demand for portable medical devices such as CPAP machines and pulse oximeters will fuel growth potential.
Due to increased endeavours by key players in the development of medical oxygen systems for various reasons, Europe is likely to have a large market share. The expansion of the European medical oxygen system market is projected to be aided by increased initiatives by regional key players and emergency medical care providers.
During the projection period, Asia Pacific is expected to be the most profitable market. The rapidly growing geriatric population and the frequency of lung illnesses are two key factors driving regional medical oxygen systems market growth. In the region's most developed countries, living and health standards have dramatically improved.
KEY INDUSTRY PLAYERS
"Companies Invest Heavily in Research and Development Activities to Improve Brand Position"
Medical oxygen systems are a fragmented market with a large number of players competing. Leading companies are now focusing on providing clients with technologically improved products. Due to the presence of a number of major, small, and local companies, the medical oxygen systems market is extremely fragmented. To satisfy the expanding demand for these concentrators and cylinders, companies are dramatically increasing their manufacturing facilities and training activities.
INDUSTRY DEVELOPMENT
- April 2019: TherOx's supersaturated oxygen therapy has been approved by the US Food and Drug Administration. The new method is designed to treat injured cardiac tissue with hyperbaric oxygen during a single catheter-delivered infusion, lowering infarct size reliably and safely.
List of Market Players Profiled
- Chart Industries (U.S.)
- Oxyplus Technologies (NOVAIR) (France)
- OGSI (India)
- Oxymat A/S (Denmark)
- On Site Gas Systems (U.S.)
- Oxair (Australia)
- PCI Gases (U.S.)
- Zhuhai Hokai Medical Instruments Co., Ltd (China)
- Yantai Beacon Medical Technology Co., Ltd (China)
REPORT COVERAGE
The study report examines a number of factors that contribute to the growth of the medical oxygen systems sector. It is made up of market trends, restraints, and drivers that influence the market positively or negatively. This section also goes over the many industries and applications that could have an impact on the market in the future. The information is based on current trends and historical benchmarks. A study of the global market's production volume is also included in this part.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In | US$ 471.4 Million in 2021 |
Market Size Value By | US$ 830.2 Million by 2028 |
Growth Rate | CAGR of 8.4% from 2021 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2021 |
Historical Data Available | Yes |
Segments Covered | Type & Application |
Regional Scope | Global |
Frequently Asked Questions
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What value is the medical oxygen systems market expected to touch by 2028?
Based on our research, the medical oxygen systems market is expected to reach USD 830.2 million in 2028.
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What CAGR is the medical oxygen systems market expected to exhibit by 2028?
The medical oxygen systems market is expected to exhibit a CAGR of 8.4% by 2028.
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Which are the driving factors of the medical oxygen systems market?
Government initiatives and advanced technologies adopted by manufacturers to drive the medical oxygen systems market growth.
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Which are the top companies operating in the medical oxygen systems market?
Chart Industries, Oxyplus Technologies (NOVAIR), OGSI, Oxymat A/S, On Site Gas Systems, Oxair, PCI Gases, Zhuhai Hokai Medical Instruments Co., Ltd, Yantai Beacon Medical Technology Co., Ltd are the top companies operating in the medical oxygen systems market.