DUBLIN, Feb. 27, 2023 /PRNewswire/ -- The "Medical Oxygen Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Form (Liquid Oxygen, Compressed Oxygen, Oxygen Gas Mixture), By Delivery Mode (Tanks/Pipeline, Cylinder, Others), By Application, By End User, By Region" report has been added to ResearchAndMarkets.com's offering.
Global Medical Oxygen Market was valued at USD8985.56 million in 2022 and is forecast to grow at CAGR of 7.48% through 2028, owing to the introduction of new and better gaseous mixtures, for example Entonox along with few novel innovative emergency solutions such as "Oxygen Plant-in-a-Box package."
In addition, the heavy investments happening in the medical oxygen industry both by public as well as private sector is likely to propel the market in the upcoming years.
Rise in Cases of Respiratory Disorders
The prevalence of chronic obstructive pulmonary disease (COPD), along with respiratory issues like asthma, emphysema, bronchiolitis, and other lower respiratory tract infections, is high. Increased urbanization, contact with hazardous industrial gases and particles, and rising pollution are the primary reasons.
Patients with COPD frequently require hospital stays and extra oxygen to relieve their symptoms, which boosts the market's expansion. The World Health Organization (WHO) estimates that 3.23 million people died from chronic obstructive pulmonary disease (COPD) in 2019, with 90% of those fatalities occurring in developing nations. Additionally, it ranks as the third biggest cause of death, globally.
Reconditioning of Healthcare System
A rise in new hospitals, the establishment of healthcare clusters, ambulatory care clinics, and other developments are all results of the healthcare system's ongoing improvement in both developed and developing nations. The demand for medical oxygen is also anticipated to rise as a result of the improvement and upgrade of current healthcare facilities, which will support the market's expansion.
Additionally, governments all over the world have been taking steps to enhance the general healthcare systems in their nations, which is a factor driving the medical oxygen market's expansion. For instance, the Saudi Arabia's Vision 2030 places a strong emphasis on enhancing the overall condition of the Saudi healthcare system. The program's goal is to reformat the Saudi healthcare industry, enhancing its standing and potential as a strong, unified ecosystem with a focus on patient health under vision 2030.
Adoption of At-Home-Care Services and Point-of-Care Diagnostics
The need for medical oxygen from point-of-care (POC) diagnostics is predicted to expand, which will support the market's expansion globally. Similar to this, it is expected that rising demand for medical oxygen from the home healthcare sector will drive the market's expansion internationally.
Due to the fact that older people require ongoing respiratory support, there is an increasing demand for home healthcare services for senior patients. According to the World Health Organization (WHO), non-communicable illnesses account for 87% of the disease burden in individuals over 60 years old, which translates into more hospitalizations and a greater need for life-supporting technologies. As a result, various technologies and devices are developed to lower the number of hospitalizations for patients receiving medical oxygen at home or point-of-care testing diagnostics.
- AMLEX, the first-of-its-kind Oxygen Rationing Device was developed by the Indian Institute of Technology, Ropar to increase the life span of medical oxygen cylinders up to three folds. This device delivers only the required amount of oxygen to the patient during inhalation and trips when carbon dioxide is exhaled, hence, saving the oxygen gas from wastage.
- Linde PLC, in 2021 collaborated with its operations in Asia-Pacific such as Thailand, China, Singapore and several Indian partners to deliver ISO cryogenic tankers, (capacity of about 20 tons of liquid oxygen) from across the regions, to India.
Medical Oxygen Market, By Form:
- Liquid Oxygen
- Compressed Oxygen
- Oxygen Gas Mixture
Medical Oxygen Market, By Delivery Mode:
Medical Oxygen Market, By Application:
Medical Oxygen Market, By End User:
- Hospitals & Clinics
- Ambulatory Care Centers
Medical Oxygen Market, By Region:
- North America
- United States
- United Kingdom
- South Korea
- South America
- Middle East & Africa
- Saudi Arabia
- South Africa
A selection of companies mentioned in this report includes
- Linde PLC
- Air Products and Chemicals Inc.
- Air Liquide SA
- Taiyo Nippon Sanso Corp.
- Messer SE & Co KGaA.
- Keen Compressed Gas Co.
- Atlas Copco AB
- Gulf Cryo Saudi for Industrial & Medical Gases
- Jubail Gas Plant Co. Ltd.
- Jacko Gases Company
- Aldakheel Industrial Gases Plant (DIGAS)
- Barrak Industrial Gases Plant
- Acail Gas
- WestAir Gases & Equipment Inc.
- Goyal MG Gases Pvt Ltd.
- Haun Welding Supply, Inc.
- AGL Welding Supply Co., Inc.
- THE SOUTHERN GAS LTD.
- Ellenbarrie Industrial Gases Ltd.
- Inox Air Products Pvt Ltd.
For more information about this report visit www.researchandmarkets.com/r/54mu6f-oxygen?w=5
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