Press release
Global Oxygen Market Projected to Surpass $79.44 Billion by 2029 with 12.1% Annual Growth
Oxygen Market Size
The global oxygen market is experiencing robust growth due to the increasing incidence of several respiratory diseases, which have amplified the medical use of oxygen. Conditions like Chronic obstructive pulmonary disease (COPD), commonly seen in the elderly population, are an integral part of this trend. COPD, an obstructive lung disease causing long-term breathing issues, necessitates the use of an oxygen concentrator. This device enhances the blood's oxygen levels, resolving the patient's respiration issues. The World Health Organization (WHO) anticipates that by 2050, the population aged 80 years and above will triple to reach 426 million compared to 2022. Consequently, the heightened demand for portable oxygen concentrators, fuelled by the increase in such cases, is propelling the growth of the oxygen market.
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What is the future CAGR of the oxygen market, and how will it impact industry expansion?
Rapid expansion has been witnessed in the oxygen market size in recent years. It is set to escalate from $44.45 billion in 2024 to $50.3 billion in 2025, indicating a compound annual growth rate (CAGR) of 13.2%. The surge during the historic period is associated with robust economic expansion in burgeoning markets, heightened industrialization, a spike in medical oxygen demand as a result of COVID-19, growing attention to home healthcare and an augmented demand emanating from the aerospace industry.
The size of the oxygen market is anticipated to undergo speedy expansion in the upcoming years, reaching a valuation of $79.44 billion in 2029 with a compound annual growth rate (CAGR) of 12.1%. The escalation projected during this frame can be ascribed to amplified government backing, a growing elderly demographic, escalating levels of air pollution and a boost in demand for oxygen from the healthcare sector. Key trends during this forecasting timeframe encompass the initiation of IoT (internet of things) endorsed medical oxygen facilities, escalating investments, technological advancements in oxygen generators, the advent of high-flow nasal therapy, the inauguration of air separation plants, and a strategic transition towards portable oxygen concentrators.
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What are the emerging trends shaping the future of the oxygen market?
Prominent corporations in the oxygen market are emphasizing on the creation of cutting-edge solutions such as cryogenic oxygen tanks to boost the performance and storage capability of oxygen. Cryogenic oxygen tanks are unique storage vessels engineered to contain oxygen in its liquid form at extremely low temperatures, usually below -183 degrees Celsius. For example, in June 2024, Hypro, a turnkey solution provider based in the U.S, introduced a unique array of cryogenic tanks for the global market, intended specifically for storing and transporting liquid oxygen(O2), carbon dioxide(CO2), and nitrogen(N2). Provided in varying capacities from 10 to 100 tons, these tanks are built using high-grade SS 304 stainless steel with vacuum insulation and comply with worldwide safety standards, including U, CE, and PESO certifications. Applicable for various uses, such as industrial production and breweries, this roll out highlights Hypro's devotion to enriching its product line in the gas storage industry to accommodate the increasing global need for effective cryogenic solutions.
Which key market segments comprise the oxygen market and drive its revenue growth?
The oxygen market covered in this report is segmented -
1) By Product: Medical Oxygen, Industrial Oxygen, Other Product Types
2) By Form: Companion Animals, Livestock
3) By Application: Cosmetics, Pharmaceutical, Automobiles, Mining And Mineral Processing, Healthcare, Other Applications
4) By End-User Industry: Metallurgical Industry, Chemical Industry, Health Care Industry, Other End-User Industries
Subsegments:
1) By Medical Oxygen: Compressed Medical Oxygen, Liquid Medical Oxygen, Portable Oxygen Concentrators
2) By Industrial Oxygen: Compressed Industrial Oxygen, Liquid Industrial Oxygen, High-Purity Oxygen For Specialty Applications
3) By Other Product Types: Aviator's Breathing Oxygen, Recreational Oxygen, Welding And Cutting Oxygen
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What regions are at the forefront of oxygen market expansion?
Asia-Pacific was the largest region in the oxygen market in 2024. North America was the second-largest region in the global oxygen market. The regions covered in the oxygen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the oxygen market?
Major companies operating in the oxygen market include Air Liquide, The Linde Group, Mitsubishi Chemical Holdings Corporation, Air Products and Chemicals Inc, Yingde Gases, The BOC Group plc, Air Water Inc., Messer Group GmbH, Iwatani International Corporation, Guangdong Huate Gas Co., Ltd, ResMed, Nidek Medical industries, Praxair Inc, Core Industrial Gases, Taiyo Nippon Sanso, AMCS Corporation, Flogas Britain Ltd, NGK Spark Plug Co, Ltd, WIKA Alexander Wiegand SE & Co. KG, SOL SpA, Supagas, GRASYS, Invacare corporation, Inogen Inc, Drive deviibiss industries, Oxair, SAID Group, Matheson Tri-Gas, Messer Gases del Peru S.A., BOC Healthcare, Gulf Cryo, Buzwair, Gas Africa, Afrox
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What Is Covered In The Oxygen Global Market Report?
• Market Size Forecast: Examine the oxygen market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the oxygen market for a structured understanding.
• Key Players Overview: Analyze major players in the oxygen market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the oxygen market.
• Segment Contributions: Evaluate how different segments drive overall growth in the oxygen market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the oxygen market.
• Industry Challenges: Identify potential risks and obstacles affecting the oxygen market.
• Competitive Landscape: Review strategic developments in the oxygen market, including expansions, agreements, and new product launches.
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