Medical Oxygen Market 2023 Industry Growth Estimate, Strategy & Application

The market for medical oxygen was estimated at USD 890.0 million in 2021, and it is anticipated to reach around USD 5,000.0 million in 2030 row at a CAGR of 7.5% over the following years. The growing number of active smokers and a substantial increase in vulnerability to indoor pollutants. Similarly, an increase in daily exposure to environmental pollution as well as rising geriatric population and associated issues is further accountable for driving the medical oxygen market.

The prevalence of chronic obstructive pulmonary disease (COPD), along with other respiratory problems like asthma, bronchiolitis, emphysema, and other lower respiratory tract infections, is more. The grown urbanization, contact with dangerous industrial gases and particles, and increasing pollution are the primary factors. The elderly population require ongoing respiratory support, there is a rising demand for home healthcare services for senior patients. As per the World Health Organization (WHO), non-communicable illnesses account for approximately 87% of the disease burden in individuals aged 60 years old, which results into more hospitalizations and a greater need for life-supporting technologies. Hence, several technologies and devices are established to decrease the number of hospitalizations for patients getting medical oxygen at home or point-of-care testing diagnostics.

Patients with COPD generally need hospital stays and extra oxygen to dismiss their symptoms, which fuels the market's growth. The World Health Organization (WHO) anticipates that 3.23 million people died from chronic obstructive pulmonary disease (COPD) in 2019, with around 90% of those mortalities happening in emerging countries. Furthermore, it ranks as the third major reason of death, globally.
The rising number of COVID-19 cases is anticipated to drive the demand for medical oxygen globally. The high requirement for medical oxygen has directed for high demand for medical oxygen. As medical oxygen is employed in the home settings or hospitals to make oxygen for the patients, they have an important application in the treatment of COVID-19. A robust industrial base and a large number of established manufacturers of medical oxygen in the U.S. are anticipated to give to the growth of medical oxygen market.

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The business for medical devices is commanded by imports as most locally manufactured devices are exported to other regions. With an amplified demand for imported devices, the governing system along with the healthcare business is more open to advanced and novel technologies that have risen imports of medical equipment in emerging countries such as India. However, imports and exports have been completely affected due to the closed boundary of major economies in order to avert the spread of coronavirus.

Form Insights
The liquid oxygen segment is anticipated to lead during the forecast period. This domination can be accredited to the increasing prevalence of chronic obstructive pulmonary disease (COPD) globally. Moreover, it is highly effective in increasing the amount of oxygen in the body to healthy, normal levels, which is further anticipated to create more opportunities for segmental growth over the coming years.

End User Insights
The hospitals & clinics segment is expected to hold the largest revenue share of the market during the forecast period owing to the increasing number of patients suffering from various respiratory diseases, and rising awareness about these diseases.

Region Insights
The medical oxygen market is dominated by North America due to existence of skilled researchers and high prevalence of chronic respiratory ailments. This region is prone to numerous respiratory disorders due to weaker immune system and low oxygen intake capacity. Moreover, government initiatives such as the accredited use of portable oxygen concentrators during air travel by the Federal Aviation Administration (FAA) and growing prevalence of severe chronic obstructive pulmonary disorder due to unhealthy lifestyles are contributing to the regional market growth.

Europe accounted for the second largest share majorly due to boosting reimbursement scenario and high geriatric population. However, Asia-Pacific is anticipated to witness the fast growth rate, on account of growing investment by major manufacturers, high tobacco usage for smoking, and growing per-capita healthcare expenditure. Living and health standards have grown significantly in the more developed nations of the region. The growth in life expectancy and awareness about available technologies are some of the factors expected to contribute to regional market growth over the valuation period.

Key Companies Insights
Key players are focusing on their technological partnerships, collaborations, and merger & acquisitions strategies to gain a competitive edge and expand their product portfolio & business footmark. The Covid-19 pandemic hindered the healthcare infrastructure across the world and driven the market players to enhance their products for unexploited opportunities.

Some of the key players operating in the global medical oxygen market include:
• 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.
• Other players

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Some of the Recent Developments:
• In 2021, the Indian Institute of Technology launched AMLEX, the first-of-its-kind Oxygen Rationing Device, to improve the life span of medical oxygen cylinders up to three times. This device delivers only the required amount of oxygen to the patient during inhalation and trips when carbon dioxide is exhaled, hence, saving the oxygen gas from wastage.
• In 2021, Linde PLC collaborated with its operations in Asia-Pacific such as China, Thailand, Singapore and several Indian associates to deliver ISO cryogenic tankers from across the regions, to India.

Segments
By Form
• Liquid Oxygen
• Compressed Oxygen
• Oxygen Gas Mixture

By Delivery Mode
• Tanks/Pipeline
• Cylinder
• Others

By Application
• Therapeutic
• Diagnostics

By End User
• Hospitals & Clinics
• Ambulatory Care Centers
• Homecare
• Others

By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt

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