Medical Oxygen Market: Future Growth and Opportunities Revealed by Techsci Research

According to TechSci Research report, “Medical Oxygen Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The global medical oxygen market was valued USD8985 million in 2022 and is forecast to grow at CAGR of 7.48% through 2028. Medical oxygen is a life support therapy to care for patients at all levels of healthcare system, especially the aged ones who are physically challenged or are dependent on a consistent oxygen supply. It may also be helpful for the patients under a trauma or surgery or those who are a sufferer of a heart attack or asthma. Medical oxygen can be employed for therapeutic as well as diagnostic purposes. Nevertheless, the high cost associated with the generation and supply of medical oxygen can obstruct the global medical oxygen market growth.

The upcoming improvements in order to enhance the storage capacity of oxygen cylinders and the introduction of new gaseous combinations, for example Entonox, will be driving the medical oxygen gas market in future years. Entonox is a mixture of 50% oxygen with 50% nitrous oxide constituting the benefits oxygen along with the painkilling effects of nitrous oxide. Moreover, the key players operating in the medical oxygen market are working to make light-weight oxygen cylinders which will make their handling quite convenient, increasing their usage in the hospitals and medical care facilities. Besides, the growing demand for home healthcare services is further expected to positively drive the medical oxygen.

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The global medical oxygen market is segmented based on form, delivery mode, application, and end user.

Based on form, the market is categorized into liquid oxygen, compressed oxygen, and oxygen gas mixture. The liquid oxygen segment is projected to hold the largest market share in the forecast period, 2024-2028. This can be ascribed to the 100% purity levels of liquid oxygen and its lightweight. Furthermore, the cylinders of liquid oxygen are self-pressurized and therefore do not require any external power source. Hence, liquid oxygen will dominate its segment in the global medical oxygen market.

Based on application, the market is split into therapeutic, and diagnostics. The therapeutic segment is expected to hold the largest market share in the forecast period, 2024-2028. Oxygen is an essential medicine used in the treatment of respiratory disorders like chronic obstructive pulmonary disorder (COPD), COVID-19, bronchitis, and pneumonia. It may be used in a hospital or a pre-hospital setting to overcome any urgent situation or at home to manage long-term health conditions. As a result of which, therapeutic will lead the segment in global medical oxygen market.

Based on end user, the market is fragmented into hospitals & clinics, ambulatory care centers, homecare, and others. The homecare segment governed the market in the historic years due to a sudden outbreak of COVID-19 and increased adoption of at-home care services, especially for elderly population. However, the hospitals & clinics segment is expected to register the highest CAGR during the forecasted years because hospitals widely utilize all the types of commercially available medical gases (oxygen, carbon dioxide, nitrogen protoxide, etc.) in various medical procedures like emergency response, intensive care, and surgeries.

Major companies operating in global medical oxygen market are:

• 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

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"Owing to the latest developments in the field of medical oxygen, such as the new innovative emergency solution by UNICEF, known as “Oxygen Plant-in-a-Box package” along with heavy investments taking place in the medical oxygen industry will strengthen the medical oxygen market in the future. In addition, there are numerous players penetrating the medical oxygen market after a setback from COVID-19 pandemic. For example, AirGenics, a US based company worked endlessly in 2020 to transform the inert gas cylinders into medical oxygen cylinders to meet the rising demands for the medical oxygen needed to treat covid patients.

The Asia-Pacific region is expected to dominate the global medical oxygen market in the upcoming years due to the rising incidences of cardiovascular diseases, chronic diseases, and other infectious diseases. In addition, there is an upsurge in the demand of oxygen cylinders in the region which is probably because of a considerable increment in the number of hospitals furnished with advanced medical amenities, expansion of healthcare infrastructure and high population. These factors are creating favorable conditions to boost the global medical oxygen market till 2028." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“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 (Therapeutic v/s Diagnostics), By End User (Hospitals & Clinics, Ambulatory Care Centers, Homecare, Others), By Company and By Region, has evaluated the future growth potential of global medical oxygen market and provides statistics & information on market size, structure, and future market growth. the report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global medical oxygen market.”

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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

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