Medical Oxygen Systems Market

Market Outlook for Medical Oxygen Systems

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

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.

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.

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.

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