May 14,2021 | Healthcare Services
The global medical oxygen market is driven by the growing prevalence of respiratory diseases among the population. In addition to this, high growth in the geriatric population is anticipated to positively impact the growth of the market during the forecast period. Moreover, the increasing requirement for home healthcare facilities is further expected to bolster the growth of the market over the next few years. Global medical oxygen market was valued at US$4.57 billion in value terms in 2020 and is forecast to grow at a CAGR of 7.02% in value terms to reach US$6.71 billion by 2026. Currently, the high demand for mechanical ventilators is resulting in a significant shortage of these devices in key countries affected by the COVID-19 outbreak. The unmet demand for mechanical ventilators is forcing biomedical engineers and scientists to create makeshift ventilators using respiratory devices such as PAP, manual resuscitators, nebulizers, oxygen concentrators, and others. This is acting as a pivotal factor for the growth of the medical oxygen market in recent times.The global medical oxygen market is segmented based on form, purity, delivery mode, modality, technology, application, end user, company, and region. Based on form, the market can be categorized into compressed, liquid oxygen, oxygen concentrators, others. This dominance can be attributed to the rising prevalence of chronic obstructive pulmonary disease (COPD) across the world. In addition to this, it is highly effective in increasing the amount of oxygen in the body to healthy, normal levels, which is further expected to create more opportunities for segmental growth over the coming years.
Major players operating in the global medical oxygen market include Linde Plc, Air Liquide, Air Products and Chemicals, Inc., Taiyo Nippon Sanso Corporation, Messer Group, Cryofab Inc, Terumo Medical Corporation, Keen Compressed Gas Co, GF Health Products Inc., Koninklijke Philips N.V., Invacare Corporation, Goyal MG Gases Private Limited, Ellenbarrie Industrial Gases Limited, Devilbiss Healthcare LLC, Inogen Inc., O2 Concepts,LLC, Teijin Limited, GCE Healthcare, Inova Labs Inc., and Novair Medical. These companies are significantly increasing their training efforts to meet the rising demand for oxygen concentrators in order to expand their market share.
The latest study offered by Bharatbook is useful in providing answers to several critical questions that are important for the industry stakeholders such as hospitals/medical centres, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities. The report also helps to identify and analyse the profile of leading players operating in the global medical oxygen market, as well as examine competitive developments such as expansions, new product launches, mergers and acquisitions, etc., in the global medical oxygen market.
For latest insight on the market, please visit The Global Medical Oxygen Market.