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Oxygen Market Key Trends And Forecast Report 2024-2033
Oxygen Market Key Trends
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According to The Business Research Company's, The oxygen market size has grown rapidly in recent years. It will grow from $39.28 billion in 2023 to $44.3 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, a rise in industrialization, an increased demand for medical oxygen due to covid-19, an increasing focus on home healthcare and an increasing demand from the aerospace industry.
The oxygen market size is expected to see rapid growth in the next few years. It will grow to $70.65 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to increasing government support, an increasing aging population, rising air pollution levels and an increasing demand for oxygen from the healthcare industry. Major trends in the forecast period include launch of iot (internet of things)-enabled medical oxygen plants, increasing investments, advancements in oxygen generators, the emergence of high-flow nasal therapy, launch of air separation plants and strategic shift to portable oxygen concentrators.
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Market Drivers and Trends:
The increasing prevalence of various diseases related to breathing problems has contributed to the global oxygen market's growth by increasing the use of oxygen for medical purposes. Diseases such as Chronic obstructive pulmonary disease (COPD) are more prevalent in the geriatric population. COPD is a type of obstructive lung disease that results in long-term breathing problems. COPD requires the use of an oxygen concentrator, which is a device that improves the level of oxygen in the blood of patients and addresses their breathing problems. According to the World Health Organization (WHO), in 2022, the number of persons aged 80 years or older is expected to triple by 2050 to reach 426 million. Thus, the increased number of such cases has spurred the demand for portable oxygen concentrators, which is therefore driving the oxygen market's growth.
Companies involved in the market are developing innovative ways to utilize oxygen in various industries such as medical, chemical, etc. The rising need among patients across healthcare services acts as a driving force for companies to find new innovative ways to improve oxygen delivery. In order to improve the oxygen delivery and to monitor the oxygen dosage of patients in respiratory care facilities, Camcon Medical introduced Binary Actuation Technology (BAT). BAT is an innovative solution that aids in providing accurate dosage and reduces wastage by providing cost-effective solutions to patients who require oxygen therapy. It is through such innovative methods that entities involved in the oxygen market are able to improve the economic benefit of the products.
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Major Key Players of the Market:
Honest Tea, Hain Celestial Group, Suja Life, Galvanina, Evolution Fresh, Bionade, Luscombe, ToroMatcha, Uncle Matt's Organic, Good & Gather, Parkers Organic Juices, Pepsi Lipton International, Sresta Natural Bioproducts Pvt. Ltd., 24 Mantra Organic, Dali Foods Group Co., Ltd., Danone Group, Hangzhou Wahaha Group Co., Ltd., Shenzhen Eastroc Beverage Industrial Co., Ltd., Nongfu Spring, China Haisheng Juice Holdings Co., Ltd., Beijing Huiyuan Food and Beverage Co., Ltd., Refresco Beverages UK Ltd, James White Drinks Ltd., Nutrition & Sante Iberia, S.L., Alnatura Produktions & Handels GmbH, Anheuser-Busch InBev, Red Devil NV, Chechenskiye Mineralniye Vody LLC, Barinoff drinks, Laurul SA, Coca Cola, Keurig Dr Pepper, Organic Soda Pops, GURU, Bec Soda Inc., AJE, Grupo Petrópolis, Monster Energy Co, Red Bull, Rockstar Inc., Arizona Beverages Company, Whole Earth Foods, GoOrganic ME, Organic Press Dubai, Juice Revolution, Wild Organics, Soga Organic, Green Line Juice
Oxygen Market 2024 Key Insights:
• The oxygen market size is expected to see rapid growth in the next few years. It will grow to $70.65 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%.
• Rising Prevalence Of Respiratory Diseases Drives Growth In The Oxygen Market
• Innovative Oxygen Delivery Solutions Propel Growth In The Market
• Asia-Pacific was the largest region in the oxygen market in 2023
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