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Medical Oxygen Systems Market 2022: Covering Historic Growth of Market and Forecasting the Future 2026
Medical Oxygen Systems Market 2022
The global Medical Oxygen Systems Market is expected to reach US$ 4,000 by the year 2026 at a CAGR of 8.0%. Healthcare systems have been basically emphasizing on affordability as well as quality of the medical services. However, now, digitization has come through, which would drive revolution in the same healthcare vertical. The life sciences would go digitally innovative. This would be the way healthcare vertical would go in the next 10 years.
Demand for medical oxygen systems is expected to witness continued consolidation across global healthcare industry. The pronounced need for providing oxygen to patients undergoing medical operations compels healthcare device manufacturers from around the world towards delivering faultless medical oxygen systems.
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An analytical study of global medical oxygen system market, published by Persistence Market Research, estimates that global revenues secured from sales of medical oxygen systems reached an estimated US$ 2 billion by the end of 2016. Apropos this study, the global medical oxygen system revenues will soar at 8% CAGR to reach US$ 3.89 billion by the end of 2024.
In the report, titled "Medical Oxygen Systems Market: Global Industry Analysis and Forecast, 2016-2024," Persistence Market Research projects that North America will exhibit its dominance in the global medical oxygen system market by accounting for more than 35% revenue share by end of assessment period.
Company Profiles:
Cryofab Inc
Respironics, Inc. (Koninklijke Philips N.V.)
MEDTRONIC
Atlas Copco
Terumo Medical Corporation
Keen Compressed Gas Co
Inogen Inc
GF Health Products, Inc.
Invacare Corporation
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US-based companies such as GF Health Products, Inc., Keen Compressed Gas Co., Cryofab Inc., Inogen, Inc. and Invacare Corporation are recognized as leading players in the global medical oxygen system market. Meanwhile, Terumo Corporation is a Japanese medical device manufacturer that is known for engineering products with higher practicability and better safety.
Subsequent to North America, Europe's medical oxygen system market is anticipated to showcase fastest growth by registering a 7.8% CAGR through 2024. Atlas Copco, Koninklijke Philips N.V., and Medtronic plc, are leading manufacturers of medical oxygen systems profiled in the report.
Soaring Demand for Liquid Oxygen Systems
In 2016, compressed oxygen cylinders worth over US$ 800 million were sold globally, while oxygen concentrators accounted for 30% of global medical oxygen system revenues. Over the forecast period, liquid oxygen systems will emerge to be fastest-growing product in global medical oxygen system market, registering a stellar 9.4% CAGR. By the end of 2024, global medical oxygen system revenues will be split with almost equal revenue share accounted by compressed oxygen cylinders, oxygen concentrators as well as liquid oxygen systems.
Method of medically-delivering oxygen also plays an instrumental role in determining the projections for global medical oxygen systems market. Fortunately, manufacturers of medical oxygen systems can continue extending their product portfolio uniformly for both, standalone and portable medical oxygen systems. While the demand for portable medical oxygen systems is projected to incur a slight dip, both modalities will be splitting the global market revenues equally through 2024.
Home Care Settings - Largest End-user of Medical Oxygen Systems
This report predicts that consumption of medical oxygen systems will remain marginally high in home care settings. Hospitals will unarguably continue using a lot of medical oxygen systems and products, but their stake in global medical oxygen systems revenues by 2024 will experience a downtrend. Emergency medical centers and ambulatory surgical centers (ASCs) will also be key end-users of medical oxygen systems.
In 2016, more than US$ 1 billion worth of medical oxygen systems were used by ASCs and emergency medical centers from around the world. Nevertheless, home care settings are projected to be largest end-user of medical oxygen systems in the world. By the end of 2024, revenues amassed from home care settings will reach US$ 1 billion - soaring at the highest CAGR of 9.5% and procuring nearly 30% of the global market value.
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Key Questions Answered in the Medical Oxygen Systems Market Report
How is the Medical Oxygen Systems Market expected to grow over the projected period?
What direction is the Medical Oxygen Systems Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Medical Oxygen Systems Market in future?
What are the key market drivers in the Medical Oxygen Systems Market?
What are significant opportunities and improvement areas for Medical Oxygen Systems Market manufacturers?
What are the key developments and trends taking over the Medical Oxygen Systems Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Medical Oxygen Systems Market?
If you have any special requirements, please let us know and we will offer you the report as you want and also We Provide you Table of Content.
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PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against rep/uted organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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