Medical Oxygen Market to Reach USD 13975 Million by 2028
Increased subjection to
environmental pollution and a leap in numbers of active smokers is likely to propel the medical oxygen market in the forecast
period, 2024-2028.
According to TechSci Research report, “Medical Oxygen Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The global medical
oxygen market was valued
USD8985 million in 2022 and is forecast to grow at CAGR of 7.48% through 2028. Medical oxygen is a life
support therapy to care for patients at all levels of healthcare system,
especially the aged ones who are physically challenged or are dependent on a
consistent oxygen supply. It may also be helpful for the patients under a
trauma or surgery or those who are a sufferer of a heart attack or asthma.
Medical oxygen can be employed for therapeutic as well as diagnostic purposes. Nevertheless,
the high cost associated with the generation and supply of medical oxygen can obstruct
the global medical oxygen market growth.
The upcoming
improvements in order to enhance the storage capacity of oxygen cylinders and
the introduction of new gaseous combinations, for example Entonox, will be
driving the medical oxygen gas market in future years. Entonox is a mixture of
50% oxygen with 50% nitrous oxide constituting the benefits oxygen along with
the painkilling effects of nitrous oxide. Moreover, the key players operating
in the medical oxygen market are working to make light-weight oxygen cylinders
which will make their handling quite convenient, increasing their usage in the
hospitals and medical care facilities. Besides, the growing demand for home
healthcare services is further expected to positively drive the medical oxygen.
Browse over 142 market
data Figures spread through 250 Pages and an in-depth TOC on "Medical Oxygen Market"
The global medical oxygen
market is segmented based on form, delivery mode, application, and end user.
Based on form, the market is categorized
into liquid oxygen, compressed oxygen, and oxygen gas mixture. The liquid
oxygen segment is projected to hold the largest market share in the forecast
period, 2024-2028. This can be ascribed to the 100% purity levels of liquid
oxygen and its lightweight. Furthermore, the cylinders of liquid oxygen are
self-pressurized and therefore do not require any external power source. Hence,
liquid oxygen will dominate its segment in the global medical oxygen market.
Based on application, the
market is split into therapeutic, and diagnostics. The therapeutic segment is
expected to hold the largest market share in the forecast period, 2024-2028. Oxygen
is an essential medicine used in the treatment of respiratory disorders like
chronic obstructive pulmonary disorder (COPD), COVID-19, bronchitis, and
pneumonia. It may be used in a hospital or a pre-hospital setting to overcome
any urgent situation or at home to manage long-term health conditions. As a
result of which, therapeutic will
lead the segment in global
medical oxygen market.
Based on end user, the market
is fragmented into hospitals & clinics, ambulatory care centers, homecare,
and others. The homecare segment governed the market in the historic years due
to a sudden outbreak of COVID-19 and increased adoption of at-home care
services, especially for elderly population. However, the hospitals &
clinics segment is expected to register the highest CAGR during the forecasted
years because hospitals widely utilize all the types of commercially available
medical gases (oxygen, carbon dioxide, nitrogen protoxide, etc.) in various
medical procedures like emergency response, intensive care, and surgeries.
Major companies operating
in global medical oxygen market
are:
- Linde PLC.
- Air Products and Chemicals Inc
- Air Liquide SA
- Taiyo Nippon Sanso Corp.
- Messer SE & Co KGaA
- Keen Compressed Gas Co
- Atlas Copco AB
- Gulf Cryo Saudi for Industrial & Medical
Gases
- Jubail Gas Plant Co. Ltd
- Jacko Gases Company
- Aldakheel Industrial Gases Plant (DIGAS)
- Barrak Industrial Gases Plant
- Acail Gas
- WestAir Gases & Equipment Inc
- Goyal MG Gases Pvt Ltd
- Haun Welding Supply, Inc
- AGL Welding Supply Co., Inc.
- THE SOUTHERN GAS LTD.
- Ellenbarrie Industrial Gases Ltd
- Inox Air Products Pvt Ltd
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"Owing to the latest developments
in the field of medical oxygen, such as the new innovative emergency solution
by UNICEF, known as “Oxygen Plant-in-a-Box package” along with heavy
investments taking place in the medical oxygen industry will strengthen the
medical oxygen market in the future. In addition, there are numerous players
penetrating the medical oxygen market after a setback from COVID-19 pandemic.
For example, AirGenics, a US based company worked endlessly in 2020 to
transform the inert gas cylinders into medical oxygen cylinders to meet the rising
demands for the medical oxygen needed to treat covid patients.
The Asia-Pacific region is expected to
dominate the global medical oxygen market in the upcoming years due to the
rising incidences of cardiovascular diseases, chronic diseases, and other
infectious diseases. In addition, there is an upsurge in the demand of oxygen
cylinders in the region which is probably because of a considerable increment
in the number of hospitals furnished with advanced medical amenities, expansion
of healthcare infrastructure and high population. These factors are creating
favorable conditions to boost the global medical oxygen market till 2028."
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Medical
Oxygen Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028 Segmented By Form (Liquid Oxygen, Compressed Oxygen,
Oxygen Gas Mixture), By Delivery Mode (Tanks/Pipeline, Cylinder, Others), By Application
(Therapeutic v/s Diagnostics), By End User (Hospitals & Clinics, Ambulatory
Care Centers, Homecare, Others), By Company and By Region, has evaluated the future growth potential of global medical
oxygen market and provides statistics & 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 global medical oxygen market.”
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