Medical Oxygen Market to Reach US$ 16.9 Billion by 2032 at 8.4% CAGR; North America Leads with 37% Share | Key Players Philips, ResMed, Invacare

The Medical Oxygen Market reached US$ 8.7 billion in 2024 and is expected to reach US$ 16.9 billion by 2032, growing at a CAGR of 8.4% during the forecast period 2025-2032. The market is expanding steadily as medical oxygen remains a critical therapy for respiratory care, emergency medicine, anesthesia, and intensive care across hospitals and home healthcare settings.

Growth is driven by the rising prevalence of chronic respiratory diseases, increasing surgical procedures, and expanding geriatric populations worldwide. Greater adoption of home oxygen therapy, improvements in oxygen delivery systems, and investments in healthcare infrastructure are further supporting market expansion. While challenges related to supply chain logistics and storage remain, continued focus on critical care preparedness and respiratory health is strengthening sustained market growth.

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Medical Oxygen Market is the global market for oxygen products and delivery systems used to support respiratory care and life-saving treatments in hospitals, clinics, and home healthcare settings.

Key Developments
✅ January 2026: In the United States, healthcare providers expanded investments in bulk medical oxygen supply systems, on-site oxygen generation, and portable oxygen solutions to support critical care, emergency medicine, and home healthcare demand.

✅ January 2026: In Japan, hospitals and homecare providers increased adoption of high-purity medical oxygen and compact oxygen concentrators to address respiratory care needs in aging populations.

✅ January 2026: In Europe, healthcare systems strengthened medical oxygen infrastructure and storage capacity to enhance preparedness for respiratory disease management and emergency response.

✅ December 2025: In the United States, integration of smart monitoring and remote telemetry in medical oxygen systems improved supply management, safety compliance, and operational efficiency.

✅ December 2025: In Japan, collaborations between gas suppliers and medical device manufacturers supported development of energy-efficient and low-noise oxygen concentrators for homecare use.

✅ December 2025: In Asia-Pacific, expanding hospital capacity, rising prevalence of respiratory disorders, and growth in home healthcare drove sustained demand for medical oxygen.

Mergers & Acquisitions
✅ January 2026: In the United States, a medical gases company acquired a regional oxygen supplier to expand distribution capacity and strengthen healthcare customer coverage.

✅ December 2025: In the United States, a healthcare services group completed the acquisition of a medical oxygen equipment provider to integrate supply, delivery, and homecare services.

✅ December 2025: In Japan, an industrial gas company increased its investment in a medical oxygen solutions firm focused on hospital and homecare supply systems.

✅ August 2025: In Europe, a medical gases provider acquired a regional oxygen distribution company to enhance supply reliability and healthcare infrastructure reach.

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

Key Highlights
Koninklijke Philips N.V. holds 23.9% share, driven by its comprehensive respiratory care portfolio, strong oxygen therapy solutions, and global healthcare distribution network.

ResMed Inc. holds 20.4% share, supported by advanced sleep and respiratory devices, strong homecare adoption, and integrated digital health platforms.

Invacare Corporation holds 14.8% share, leveraging its wide range of home oxygen therapy products and strong presence in long-term and home healthcare markets.

Precision Medical, Inc. holds 11.6% share, driven by its specialization in oxygen delivery devices, flow meters, and hospital respiratory equipment.

Luxfer Group holds 9.2% share, supported by its leadership in lightweight medical gas cylinders and strong demand from portable oxygen therapy providers.

O2 Concepts LLC. holds 7.5% share, focused on portable oxygen concentrators and growing adoption in ambulatory and homecare settings.

GCE Group holds 5.4% share, leveraging medical gas control equipment expertise and strong European market presence.

Besco Medical Co. Ltd. holds 3.9% share, driven by cost-effective respiratory devices and expanding presence in emerging markets.

Responsive Respiratory holds 2.6% share, focused on specialty oxygen delivery and respiratory accessories.

Others account for 0.7% share, comprising regional and niche respiratory care equipment manufacturers.

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Market Drivers
- Rising prevalence of respiratory diseases, cardiovascular conditions, and critical care cases increasing demand for medical oxygen.

- Growing geriatric population requiring supplemental oxygen therapy for chronic conditions such as COPD and sleep apnea.

- Expansion of hospital, emergency care, and home healthcare services driving continuous oxygen supply needs.

- Increased focus on pandemic preparedness and critical care infrastructure following global health emergencies.

- Advancements in oxygen delivery technologies, concentrators, and portable oxygen systems boosting adoption.

Industry Developments
- Expansion of oxygen generation capacity, including PSA (pressure swing adsorption) plants and cryogenic storage facilities.

- Launch of high-efficiency oxygen concentrators and portable oxygen devices for home and ambulatory care.

- Strategic collaborations between healthcare providers, equipment manufacturers, and logistics partners to ensure consistent supply.

- Implementation of digital monitoring and telehealth integration for remote oxygen therapy management.

- Development of oxygen delivery accessories and advanced therapeutic interfaces to enhance patient comfort and compliance.

Regional Insights
North America - 37% share: "Driven by robust healthcare infrastructure, high chronic respiratory disease prevalence, and strong adoption of home oxygen therapy."

Europe - 28% share: "Supported by well-established clinical care systems, increasing geriatric population, and regulatory focus on respiratory care."

Asia Pacific - 26% share: "Fueled by large patient base, rising healthcare access, expanding hospital networks, and increasing awareness of oxygen therapy."

Latin America - 6% share: "Driven by improving healthcare services, rising demand for respiratory care, and growing investments in medical infrastructure."

Middle East & Africa - 3% share: "Supported by healthcare modernization initiatives, emergency care enhancements, and expanding oxygen supply networks."

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Key Segments

By Product Type
Compressed oxygen cylinders hold a significant share due to their widespread availability and critical use in emergency and transport settings. Oxygen concentrators are witnessing strong growth, driven by rising demand for long-term oxygen therapy, especially in home care environments. Liquid oxygen systems account for a smaller but important segment, supported by their suitability for high-flow oxygen requirements in hospitals and specialty care facilities.

By Modality Type
Portable oxygen systems are experiencing rapid adoption, driven by increasing preference for mobility, home healthcare, and ambulatory patients. Stationary or standalone oxygen systems continue to dominate in hospitals and clinical settings due to their reliability and ability to deliver continuous oxygen supply.

By End-User
Hospitals represent the largest end-user segment, supported by high patient inflow and critical care needs. Emergency medical centers account for a substantial share due to their reliance on oxygen delivery systems for trauma and acute care. Ambulatory surgical centers are growing steadily, driven by the expansion of outpatient procedures. Home care settings are witnessing the fastest growth, fueled by aging populations, chronic respiratory diseases, and the shift toward home-based care.

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