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Medical Oxygen Systems Market

Medical Oxygen Systems Market

Global Outbreak of Covid-19 to Spur the Growth of Medical Oxygen Systems Market during 2021-2031

Medical Oxygen Systems Market
FACT6649MR
  • Jul-2021
  • List of Tables : 84
  • List of Figures : 112
  • 170 Pages
  • Healthcare

Market Snapshot

Fact.MR’s medical oxygen systems industry analysis reveals that the global market was valued at US$ 3 Bn in 2020, and is projected to top US$ 5 Bn by 2031, surging at a CAGR of 7%. Demand for compressed medical oxygen cylinders is projected to reach a valuation of US$ 2 Bn by 2031, increasing at a CAGR of 6% across the assessment period, with that for medical oxygen concentrators expanding at 7%.

Key Market Insights Covered in Medical Oxygen Systems Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • COVID-19 Impact on Demand for Medical Oxygen Systems and How to Leverage
  • Recommendation on Key Winning Strategies

Know More Details About the Report

Sales Analysis of Medical Oxygen Systems from 2016 to 2020 Vs Demand Outlook for 2021 to 2031

As per Fact.MR - a market research and competitive intelligence provider, the global market for medical oxygen systems was valued at US$ 1.4 Bn in 2018, and is anticipated to expand at a CAGR of 7% to top US$ 5 Bn by 2031.

Growing healthcare expenditure, better medical facilities, and rapid technological advancements have helped increase the demand for medical oxygen systems worldwide. Elderly people have a less pulmonary reserve and reduced cough strength due to anatomic changes and muscle loss. Hence, they are at a high risk of developing lung disorders and various breathing problems. This has further led to increased demand for medical oxygen systems over the last few years.

Demand for medical oxygen systems has been directly impacted by the COVID-19 outbreak, which is a resultant of a significant shortage of medical ventilators globally. To overcome this shortage, biomedical engineers and scientists have developed makeshift devices to mimic the basic functionality of ventilators using existing devices such as oxygen concentrators, anaesthesia machines, and manual resuscitators.

Furthermore, the U.S. FDA has allowed the usage of these oxygen concentrators under the Emergency Use Authorization scheme, which will significantly increase demand for medical oxygen systems over the coming quarters.

As most of the critical cases of Covid-19 require some form of artificial ventilation, demand for wall-mounted oxygen concentrators, and piped/canned oxygen is witnessing a significant rise. The same is evident in the recent movements undertaken by market participants.

For instance, Linde, one of the largest medical gas companies, is rapidly increasing its oxygen production. The company is also working closely with providers across the globe to anticipate rising demand and ramp up deliveries. 

On account of these factors, demand for medical oxygen systems is expected to surge further over the assessment period.

What are the Lucrative Opportunities on Offer for Medical Oxygen System Manufactures?

Medical oxygen systems such as oxygen concentrators and compressed oxygen cylinder are majorly used in homecare settings, and are mostly preferred by elderly patients who have difficulty in mobility, and depend on a reliable oxygen supply.

Some common chronic medical conditions such as chronic obstructive pulmonary disease (COPD), chronic bronchitis, emphysema, a common long-term effect of smoking requires oxygen therapy or supplemental oxygen in order to get the enough oxygen. Various types of oxygen systems are used to delivered the controlled amount of oxygen to the patients.

Also, due to the current pandemic, there has been a rapid surge in the requirement of medical oxygen systems worldwide. This escalation in demand is expected to continue over the coming years, as such creating revenue opportunities for manufacturers.

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What are the Restraints being Encountered by Medical Oxygen System Providers?

High cost of the medical oxygen systems and subsequent maintenance cost are acting as refraining factors for market growth. Also, these systems require constant professional assistance when used at home, making their usage less feasible.

Many of these oxygen systems are battery-operated and require constant battery changes, further rising the operational cost of these systems.

Due to these factors, there is still hesitance among consumers for using these medical oxygen systems.

Which Region Offers the Largest Opportunity for Medical Oxygen System Providers?

North America accounted for the largest revenue share of 33%. Growing geriatric population in the region is one of the significant factors contributing to market growth.

This demographic is prone to various respiratory disorders due to weaker immune system and low oxygen intake capacity. Furthermore, government initiatives such as the authorized use of portable oxygen concentrators during air travel by the Federal Aviation Administration (FAA) and increasing prevalence of severe chronic obstructive pulmonary disorder due to unhealthy lifestyles are contributing to the regional market growth.

Asia Pacific is anticipated to be the most lucrative market during the forecast period. Key factors fuelling regional market growth include rapidly increasing geriatric population and prevalence of lung disorders. Living and health standards have increased significantly in the more developed economies of the region.

Increase in life expectancy, healthcare expenditure, and awareness regarding available technologies are some of the factors expected to contribute to regional market growth over the assessment period.

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Country-wise Analysis

What is the Demand Outlook for Medical Oxygen Systems in the U.S.?

Demand value for medical oxygen systems in the U.S was estimated at US$ 711 Mn in 2020.

Increasing number of initiatives to promote awareness of lung diseases as well as the importance of oxygen generators are contributing to the growth of the market. For instance, the American Lung Association works to create awareness of COPD and increase federal funding for research & development.

The National Institute of Health sponsors a nationwide awareness campaign "Learn More, Breathe Better", which encourages the population over the age of 45 years who are at risk of experiencing symptoms of COPD to have a diagnostic breathing test, and consult medical professionals for treatment options.

Also, the sudden outbreak of COVID-19 has increased the demand for respiratory care products. Low blood oxygen level is one of the effects of COVID-19, and patients require oxygen support for recovery.

Additionally, the U.S. Food and Drug Administration has allowed the usage of oxygen generators under the Emergency Use Authorization scheme. This, in turn, is estimated to drive the market for medical oxygen systems in the country.

What are the Market Insights for Medical Oxygen Systems in India?

The market is witnessing robust growth due to sudden surge in COVID-19 cases in the country. Increase in demand for medical oxygen and different oxygen therapy equipment for the treatment of COVID-19 patients is expected to further upsurge demand for medical oxygen systems.

Additionally, growing prevalence of various respiratory disorders such as COPD, asthma, and lung cancer, among others, is further expected to surge growth of the market over the coming years.

Additionally, advancements in these systems such as long battery life, miniaturization, and integration of membrane technology is further expected to drive the growth of market in the country.

Category-wise Analysis

Why Has Demand for Compressed Oxygen Cylinders Surged Over the Past Years?

Compressed oxygen cylinders account for 40% value share in the market for medical oxygen systems. Usage feasibility and portability of compressed oxygen cylinders are major factors for their upsurged demand in the market.

Also, on account of the ongoing COVID-19 pandemic, rising number of cases worldwide has essentially accelerated demand for compressed oxygen cylinders for intensive care as well as home care, thus, causing a sudden upsurge in the demand for the same.

What Has Caused a Sudden Upsurge in Demand for Oxygen Concentrators?

An oxygen concentrator is a medical device used to supply oxygen to patients suffering from respiratory problems. They are capable of suppling around 95% pure oxygen to patients through oxygen masks. These devices are easy to carry and lightweight during travelling. Patients can easily do their regular activities, which makes them lead a free lifestyle.

User-friendly properties of oxygen concentrators have made them highly preferred by patients across the world.

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Competitive Landscape

The medical oxygen systems market is highly fragmented due to the presence of a number of large, small, and local players. Companies are significantly increasing their manufacturing capacities and training efforts to meet the rising demand for these concentrators and cylinders.

ResMed, Invacare Corporation and CAIRE, Inc. are some of the leading companies in the market that are poised to witness significant growth in the next quarters owing to their large portfolio of respiratory devices.

  • In January 2016, GCE Healthcare launched Zen-O portable oxygen concentrator (POC). It is lightweight oxygen therapy device that weighs 4.66kg (10lbs) and easy to carry around.
  • In October 2017, Invacare Corporation launched the Invacare Platinum Mobile Oxygen Concentrator with new connectivity. The Platinum Mobile Oxygen Concentrator was combined with the Piccolo O App to improve convenience during routine use.
  • In April 2019, TherOx received the U.S. FDA approval for its supersaturated oxygen therapy. The new approach is intended for the treatment of damaged heart tissue with hyperbaric levels of oxygen during a single catheter-delivered infusion, consistently and safely reducing infarct size.

Medical Oxygen Systems Market Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

Key Countries Covered

  • USA
  • Canada
  • Germany
  • France
  • the UK
  • Russia
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Australia
  •  Middle East
  • Latin America

Key Market Segments Covered

  • Product
  • Modality
  • End User 
  • Region

Key Companies Profiled

  • Koninklijke Philips N.V
  • Inogen
  • BOC Healthcare
  • Precision Medical
  • Luxfer Group
  • Cryofab
  • Responsive Respiratory
  • Atlas Copco
  • GCE group
  • High Vacuum Maintenance (HVM) S.R.L.
Pricing

Available upon Request

Key Segments Covered in Medical Oxygen Systems Industry Research

  • By Product

    • Compressed Medical Oxygen Cylinders
    • Medical Oxygen Concentrators
    • Medical Liquid Oxygen Systems
  • By Modality

    • Portable Medical Oxygen Systems
    • Stationary Medical Oxygen Systems
  • By End User

    • Medical Oxygen Systems for Hospitals
    • Medical Oxygen Systems for Emergency Medical Centres
    • Medical Oxygen Systems for Ambulatory Surgical Centres
    • Medical Oxygen Systems for Home Care Centres

Medical Oxygen Systems Market- Scope of Report

A recent study by Fact.MR on the medical oxygen systems market offers a 10-year forecast for 2021 to 2031. The study analyses crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering medical oxygen systems.

The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, cost structure analysis, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies manufacturing medical oxygen systems, along with their product portfolios, key strategies, and SWOT Analysis, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including revenue growth, and revenue generation across the globe.

A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the revenue of medical oxygen systems market during the forecast period.

Key Questions Answered in Report

  • Which are the most lucrative markets for medical oxygen systems?
  • Which factors will impact the growth of medical oxygen systems market?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the medical oxygen systems industry?
  • What are the winning strategies of stakeholders in the market?

Market Size Evaluation

The market has been analysed for each market segment in terms of volume (`000units), and value (US$ Mn).

Market estimates at global and regional levels for medical oxygen systems are available in terms of “US$ Mn” for value and in ‘’’000 units for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the revenue perspective in the global medical oxygen systems market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.

Country-specific valuation on revenue for medical oxygen systems have been offered for each regional market, along with market scope estimates and forecasts, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value for key countries has also been included in the report.

Competition Analysis

The report sheds light on leading manufacturers of medical oxygen systems, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering medical oxygen systems have been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the medical oxygen systems market.

- FAQs -

The global medical oxygen systems market topped US$ 3 Bn in 2020 and is expected to reach a valuation of over US$ 5 Bn by 2031.

Key factors driving demand for medical oxygen systems include increasing product launches for homecare settings and hospitals along with the ongoing COVID-19 pandemic.

Major players operating in the global market include Koninklijke Philips N.V, Inogen, BOC Healthcare, Precision Medical, Luxfer Group, Cryofab, Responsive Respiratory, Atlas Copco, and GCE Group.

North America is one of the lucrative markets for medical oxygen systems, holding approximately 33% global market share.

Demand for medical oxygen systems in the U.S was estimated at US$ 711 Mn in 2020, and is expected to surge over the coming years.

Rise in number of COVID-19 patients requiring oxygen support is a major factor driving demand for medical oxygen systems in India.

Compressed oxygen cylinders account for 40% share in the medical oxygen systems market.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

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