United States Medical Oxygen Market to Grow at 7.47% CAGR During 2024-2031 | North America Leads with 40% Share | Key Players: Inogen, Precision Medical, Philips, Luxfer Group, Invacare, O2 Concepts, Responsive Respiratory, GCE Group

Medical Oxygen Market Overview

The Medical Oxygen Market is projected to grow at a CAGR of 7.47% during the forecast period 2024-2031. Medical oxygen is a life-saving gas that plays a critical role in patient care, particularly during surgeries, trauma management, and treatment of heart failure or other respiratory disorders. It is produced by purifying and compressing oxygen extracted from atmospheric air in industrial plants. The growing prevalence of respiratory diseases, increased surgical procedures, and rising demand for emergency and home-based healthcare solutions are key factors driving the market. Additionally, advancements in oxygen delivery systems and supportive government healthcare initiatives are further boosting the adoption of medical oxygen across hospitals, clinics, and homecare settings.

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Recent Developments:

✅ June 2025: Inogen, Inc. launched the Voxi 5 stationary oxygen concentrator, featuring a compact design, advanced filtration, quiet operation, and a 3‐year sieve bed warranty, strengthening the home care segment and expanding access to high-quality oxygen therapy.

✅ June 2025: GCE Medical (part of ESAB Corporation) completed the acquisition of Aktiv Technologies, an Indian medical gas equipment manufacturer, enhancing its capabilities in medical gas solutions and supply chain reach.

✅ May 2025: AirSep introduced the Centrox‐CR oxygen cylinder refilling station, featuring PSA technology and 93% oxygen purity, supporting both medical and industrial applications with efficient onsite refilling options.

✅ Ongoing 2025: The medical oxygen ecosystem is advancing with broader adoption of portable and smart delivery systems, including devices with longer battery life, lightweight designs, and Bluetooth or IoT connectivity to enable remote monitoring and patient management.

✅ 2024-2025: Rising innovation in high‐flow oxygen therapy devices is fueling demand in hospitals, clinics, and homecare settings, including systems that offer heated and humidified oxygen at high flow rates to improve patient outcomes and reduce invasive ventilation.

Mergers & Acquisitions:

✅ December 2025: A leading global medical gas supplier acquired a regional oxygen concentrator manufacturer to expand its product portfolio and strengthen distribution in emerging markets.

✅ September 2025: A major healthcare equipment conglomerate completed the acquisition of a smart oxygen delivery systems company to enhance its digital health and connected respiratory care offerings.

✅ June 2025: A U.S.‐based oxygen therapy device maker acquired a European portable oxygen technology firm to broaden its footprint in the homecare segment.

✅ March 2025: A multinational medical technology group acquired a high‐flow oxygen therapy devices specialist, integrating advanced respiratory support products into its acute care portfolio.

✅ February 2025: A global industrial gas company partnered with a medical gases producer, forming a strategic joint venture to scale up medical oxygen supply and distribution networks in Asia‐Pacific and Africa.

Key Players:
Inogen Incorporation | Precision Medical, Inc. | ResMed Inc. | Besco Medical Co. Ltd. | Koninklijke Philips N.V | Luxfer Group | Invacare Corporation | O2 Concepts LLC | Responsive Respiratory | GCE Group

Key Highlights:

• Inogen Incorporation - Specializes in portable and stationary oxygen concentrators, with innovative designs targeting homecare and outpatient settings.

• Precision Medical, Inc. - Offers a wide range of oxygen therapy products, including cylinders, concentrators, and regulators for hospitals and homecare.

• ResMed Inc. - A global leader in respiratory devices, providing advanced oxygen therapy solutions integrated with digital health platforms for patient monitoring.

• Besco Medical Co. Ltd. - Focuses on oxygen delivery systems and concentrators, with a strong presence in Asian and emerging markets.

• Koninklijke Philips N.V. - Offers comprehensive respiratory care solutions, including medical oxygen devices, homecare systems, and connected therapy platforms.

• Luxfer Group - Manufactures high-pressure oxygen cylinders and medical gas containment systems for hospitals and transport applications.

• Invacare Corporation - Provides oxygen concentrators, portable systems, and accessories for chronic respiratory disease management.

• O2 Concepts LLC - Develops advanced oxygen delivery and monitoring systems, emphasizing high-flow therapy and sleep apnea solutions.

• Responsive Respiratory - Specializes in oxygen therapy devices and integrated homecare respiratory solutions.

• GCE Group - Offers medical gas equipment and solutions, including oxygen cylinders, delivery systems, and hospital infrastructure support.

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Market Segmentation:

➥ By Product Type, Oxygen Concentrators dominate with a 45% share, driven by rising demand for homecare solutions, portability, and cost-effective oxygen delivery. Compressed Oxygen Cylinders hold 35%, widely used in hospitals, emergency settings, and transport applications due to reliability and easy availability. Liquid Oxygen Systems account for 20%, preferred in large hospitals and intensive care units requiring high-flow oxygen supply.

➥ By Modality Type, Stationary/Standalone Oxygen Systems lead with a 55% share, primarily deployed in hospitals, clinics, and long-term care facilities for continuous oxygen therapy. Portable Oxygen Systems hold 45%, driven by growing homecare adoption, mobility needs, and patient preference for lightweight, compact delivery devices.

➥ By End-User, Hospitals dominate with a 50% share, fueled by high demand for surgical, emergency, and intensive care oxygen therapy. Home Care Settings account for 25%, supported by the rise in chronic respiratory disease management and aging populations. Emergency Medical Centers hold 15%, requiring reliable and rapid oxygen delivery for trauma and critical care. Ambulatory Surgical Centers (ASCs) represent 10%, leveraging oxygen therapy during outpatient surgical procedures and post-operative recovery.

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Market Dynamics:

Drivers:
The global medical oxygen market is primarily driven by the rising prevalence of respiratory disorders, such as asthma, chronic obstructive pulmonary disease (COPD), lung cancer, and pneumonia, which can lead to severe health complications or even death. According to the World Health Organization (WHO) 2022 report, COPD caused approximately 3.23 million deaths in 2019, making it the third leading cause of global mortality. Around 90% of COPD deaths under 70 years of age occur in low- and middle-income countries. Additionally, in 2020, it was estimated that around 251 million people worldwide suffer from COPD.

The increasing incidence of respiratory diseases is fueled by factors such as smoking, tobacco consumption, environmental pollution, obesity, and sedentary lifestyles. Aging populations are particularly vulnerable, as respiratory muscle strength declines with age, increasing the prevalence of chronic lung disorders. These trends are driving higher demand for medical oxygen therapy across hospitals, homecare, and emergency care settings.

Technological advancements and novel product launches are also key growth drivers. Leading market players are introducing innovations such as portable oxygen concentrators, high-flow oxygen delivery systems, and connected smart devices. For example, in 2021, Acuvue Oasys by Johnson & Johnson Vision Care was approved by the FDA, offering enhanced comfort, high moisture retention, and improved patient experience in oxygen therapy applications. Collaborations, mergers, and strategic partnerships among industry players are further accelerating product development and market expansion.

Restraints:
The high cost of medical oxygen systems and their maintenance is a significant factor restraining market growth. Devices such as liquid oxygen systems, stationary concentrators, and high-flow therapy equipment involve substantial upfront costs, while periodic refilling, servicing, and calibration add to the total expense. For instance, liquid oxygen stationary systems require frequent refills, with costs dependent on oxygen flow rates and unit size, making long-term usage expensive for hospitals and homecare providers.

Opportunities:
Rising environmental pollution and the growing burden of chronic respiratory diseases globally present opportunities for market expansion. Increasing adoption of portable oxygen systems, homecare delivery models, and advanced smart monitoring technologies is expected to further fuel demand. Additionally, governments' focus on improving healthcare infrastructure in low- and middle-income countries creates significant growth potential for medical oxygen suppliers.

Regional Insights:

North America dominates the medical oxygen market with a 40% share, driven by advanced healthcare infrastructure, high adoption of homecare oxygen systems, and strong reimbursement policies for respiratory therapies. The U.S. is the largest contributor in the region, supported by the rising prevalence of COPD, asthma, and other chronic respiratory disorders.

Europe accounts for approximately 25% of the market, fueled by well-established hospital networks, increasing geriatric population, and growing awareness of homecare oxygen therapy. Countries like Germany, France, and the U.K. are investing in portable and high-flow oxygen systems for both hospital and home settings.

Asia-Pacific holds around 20% of the global market, with growth driven by increasing respiratory disease prevalence, urbanization, rising pollution levels, and expanding healthcare infrastructure. Countries such as India, China, and Japan are witnessing higher demand for both hospital-based and homecare oxygen delivery systems.

Latin America contributes approximately 10%, supported by improving healthcare facilities, increasing awareness of chronic respiratory disorders, and government initiatives to expand oxygen therapy access in hospitals and clinics.

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