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Liquid Oxygen Devices Market Rising Demand, Evolving Trends, Future Perspectives, Size, Share And Forecast To 2033
Liquid Oxygen Devices Market
As per the report, the liquid oxygen devices market size has grown strongly in recent years. It will grow from $5.65 billion in 2023 to $6.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The liquid oxygen devices market size is expected to see strong growth in the next few years. It will grow to $8.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
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Driving Factors Behind The Growth Of The Liquid Oxygen Device Market Amidst Rising Respiratory Disorders
The increasing incidence of respiratory disorders is expected to propel the growth of the liquid oxygen device market going forward. Respiratory disorders refer to a range of medical conditions affecting the respiratory system, which includes the lungs, airways, and other structures involved in breathing. The increasing number of respiratory disorders are caused by air pollution, tobacco smoke exposure, occupational hazards, genetic predisposition, and lifestyle choices. Liquid oxygen devices provide crucial respiratory support for individuals with respiratory disorders, facilitating easier breathing and improving quality of life, while also offering healthcare providers a reliable means to administer oxygen therapy and monitor patients' respiratory health. For instance, in 2021, according to the National Centre for Environmental Health, a US-based health agency, overall, about 25 million (7.7% of the U.S. population) had asthma in 2021, an increase from 20.3 million, or 7.4% compared to the previous decade. Additionally, in June 2023, according to the American Lungs Association, a US-based health agency, about 15.6 million adults (6.4 percent) reported ever being diagnosed with COPD in 2021. Therefore, an increasing incidence of respiratory disorders is driving the liquid oxygen device market.
Government-Led Healthcare Research and Development Initiatives A Boost for Liquid Oxygen Devices
Government initiatives for research and development in healthcare are expected to propel the growth of the growth of the liquid oxygen devices market going forward. Government initiatives refer to specific actions, programs, policies, or projects undertaken by government authorities at various levels (local, regional, national, or international) to address specific issues, achieve certain goals, or create positive changes in society. Several government authorities are initiating various healthcare initiatives to support various aspects including liquid oxygen devices. For instance, in 2022, according to the Department of Health and Social Care, a UK-based government authority, the UK government announced £260 million (US $270.65) million in funding to boost healthcare research and manufacturing. This was committed by BEIS and DHSC to support NHS-led health research into diagnostics and treatment through new privacy-preserving platforms and clinical research services, and £60 million (US $63.60 million) to help expand life sciences manufacturing in the UK. Therefore, Government initiatives for research and development in healthcare drive the liquid oxygen devices market.
Innovative Cooling Solutions Drive Advancements In Liquid Oxygen Devices
Major companies operating in the liquid oxygen devices market are focusing on developing advanced solutions, such as incorporating innovative cooling designs to keep the device cool during operation, ensuring optimal performance and reliability over time. The twin-blower cooling design for liquid oxygen devices involves a system where air is compressed, cooled, and separated into oxygen and nitrogen. For instance, in April 2023, OxyGo HQ Florida LLC, a US-based manufacturer of portable oxygen concentrators, launched the OxyHome 5L Stationary Concentrator. This new device is designed to provide a continuous flow of oxygen up to 5 liters per minute for home use. It has a modern design and a small footprint to fit comfortably in any home environment. The key feature highlighted is its twin-blower cooling design, ensuring optimal and reliable performance over time.
The liquid oxygen devices market covered in this report is segmented -
1) By Tank Type: Vertical Storage Tanks, Horizontal Storage Tanks
2) By Distribution Channel: Direct Sales, Indirect Sales
3) By End-User: Hospitals, Outpatient Facilities, Home Care, Other End-Users
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Major companies operating in the liquid oxygen devices market are Air Liquide S.A., Linde plc, Teijin Limited, NTK Oxygen Electronics Co. Ltd., Chart Industries Inc., Invacare Corporation, Cryoquip LLC, ErgoMed Inc., CAIRE Inc., Taylor-Wharton International LLC, DeVilbiss Healthcare, VRV S.p.A., Eleet Cryogenics Inc., FIBA Technologies Inc., Inova Labs, OxyGo LLC, Cryofab Inc., O2 CONCEPTS LLC, PCI Gases, HVM Medical Inc., Oxygen Plus Inc., Oxygen Solutions Inc., Besco Medical Co. Ltd., Nidek Medical, INOXCVA
Contents of the report:
1. Executive Summary
2. Liquid Oxygen Devices Market Report Structure
3. Liquid Oxygen Devices Market Trends And Strategies
4. Liquid Oxygen Devices Market - Macro Economic Scenario
5. Liquid Oxygen Devices Market Size And Growth
…..
27. Liquid Oxygen Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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