Medical Oxygen Market 2018-2028: Trends, Opportunities, and Forecasts | Techsci Research

Posted by Kumar on April 24th, 2023

TechSci Research has reported in their “Medical Oxygen Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028” that the global medical oxygen market is predicted to experience an impressive Compound Annual Growth Rate (CAGR) of 7.48% from 2022 to 2028. In 2022, the market was valued at USD 8985 million. Medical oxygen is used to support life and care for patients at all levels of healthcare, particularly the elderly, physically challenged, and those dependent on consistent oxygen supply. It is also helpful for patients undergoing trauma, surgery, or suffering from heart attacks or asthma. Medical oxygen has both therapeutic and diagnostic applications. However, the high cost of generating and supplying medical oxygen may impede the growth of the global medical oxygen market. The medical oxygen gas market is expected to grow in the future due to upcoming improvements aimed at enhancing the storage capacity of oxygen cylinders, as well as the introduction of new gaseous combinations like Entonox, a mixture of 50% oxygen and 50% nitrous oxide. This combination provides the benefits of oxygen along with the painkilling effects of nitrous oxide. Furthermore, key players in the medical oxygen market are working on developing light-weight oxygen cylinders to increase their usage in hospitals and medical care facilities. Additionally, the growing demand for home healthcare services is anticipated to drive the medical oxygen market positively.

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The global medical oxygen market is segmented based on form, delivery mode, application, and end user.

The global medical oxygen market can be categorized based on form, application, and end user. In terms of form, it is classified into liquid oxygen, compressed oxygen, and oxygen gas mixture. The liquid oxygen segment is expected to dominate the market in the forecast period, 2024-2028, owing to its 100% purity levels and lightweight. Additionally, self-pressurized cylinders of liquid oxygen do not require any external power source.

In terms of application, the market is divided into therapeutic and diagnostics. The therapeutic segment is projected to hold the largest market share in the forecast period, 2024-2028. Oxygen is a critical medicine used for the treatment of respiratory disorders like COPD, COVID-19, bronchitis, and pneumonia. It can be used in a hospital or pre-hospital setting to overcome any urgent situation or at home to manage long-term health conditions.

Based on end user, the market is fragmented into hospitals & clinics, ambulatory care centers, homecare, and others. The homecare segment held the largest market share in the historic years due to the sudden outbreak of COVID-19 and increased adoption of at-home care services, particularly for the elderly population. However, the hospitals & clinics segment is expected to register the highest CAGR during the forecasted years due to the wide utilization of all types of commercially available medical gases in various medical procedures such as 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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About TechSci Research:

TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

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