Medical Oxygen System Market size was estimated at $2,053.1 Million in 2019 and is expected to reach $3,557.5 Million by 2027, growing at a CAGR of 8.17% during the forecast period of 2020 to 2027.
A medical oxygen system is a type of device that is used to help patients breathe when they are on a form of anesthesia as well as provide oxygen to patients when in need or in respiratory distress. These devices are mainly used by surgeons and anesthesiologists in many hospitals but are also used by doctors and nurses as well as some clinics.
There has been an increase in medical oxygen systems due to the fact that there has been an increase in coronavirus patients as patients suffering from coronavirus experience shortness of breath as one of the symptoms. It is also due to the fact that there is an increase in surgeries being performed due to the increasing amount of accidents that happen as well as illnesses that need operations to fix.
The problem with this increase in demand is that it increases the prices of these devices making them harder to get for public hospitals. Also, the fact that the demand is so high means that suppliers may not be able to keep up with this increasing demand causing a shortage of these devices in hospitals. This could become a problem as without these devices many operations cannot be performed and will, therefore, cause a delay in surgeries as well as patient care.
Medical Oxygen Systems Market Growth and Trends
Medical oxygen systems, such as compressed oxygen cylinders and oxygen concentrators majorly used in homecare settings, mostly preferred by the geriatric population who face difficulty in mobility and depend on a reliable oxygen supply, is likely to keep fostering demand for the product and lead to high market growth. Some chronic medical conditions such as chronic obstructive pulmonary disease, chronic bronchitis, emphysema, a common long-term effect of smoking requires oxygen therapy or supplemental oxygen to receive adequate oxygen, which are driving demand factors. Various types of oxygen systems are used to deliver controlled amounts of oxygen to patients. The homecare settings segment in the global medical oxygen system market is anticipated to experience significant market value owing to a rising prevalence of especially chronic obstructive pulmonary diseases among the elderly population. Besides, the homecare setting segment is also impacting market growth majorly, owing to the launch of portable oxygen systems which are lightweight oxygen therapy devices easy to carry around. Increasing approvals from regulatory authorities for oxygen therapy-based treatment is definite to increase the demand for medical oxygen systems, which may provide major opportunity for the market growth. Extensive advancements taking place in the field of healthcare and medicine are mainly responsible for driving the global medical oxygen systems market. Such advancements are occurring primarily in terms of testing and development of novel medical experiments, procedures, and drugs. This is mainly because quality management is necessary especially in terms of supplying apparatus and other equipment needed for performing medical activities. In addition, industries are making huge investments to improve the quality of oxygen supplying equipment, consequently increasing supply of the devices, thus bolstering market growth.
Lack of expertise to increase medical activities in underdeveloped regions where dire medical necessity acts as a deterrent to the medical oxygen systems market’s expansion.
Medical Oxygen Systems Market Competition
Key companies operating in this industry are Chart Industries, Oxyplus Technologies (NOVAIR), OGSI, Oxymat A/S, On Site Gas Systems, Oxair, PCI Gases, Zhuhai Hokai Medical Instruments Co., Ltd and Yantai Beacon Medical Technology Co., Ltd.
• Medical Oxygen Systems Market Revenue Estimation and Forecast (2020 – 2027)
• Production Estimation and Forecast (2020 – 2027)
• Sales/Consumption Volume Estimation and Forecast (2020 – 2027)
• Breakdown of Revenue by Segments (2020 – 2027)
• Breakdown of Production by Segments (2020 – 2027)
• Breakdown of Sales Volume by Segments (2020 – 2027)
• Gross Margin and Profitability Analysis of Companies
• Business Trend and Expansion Analysis
• Import and Export Analysis
Medical Oxygen Systems Market Segmentation
Product Outlook (Revenue, USD Million, 2020 - 2027)
• On-site Medical Oxygen Systems
• Remote Medical Oxygen Systems
• Other (combination of both solutions)
Application Outlook (Revenue, USD Million, 2020 - 2027)
• Small/Rural Hospitals
• Community Hospitals
• Large Hospitals
Country (Revenue, USD Million, 2020 - 2027)
• United States
• South Korea
• Rest of Asia Pacific
• Rest of Europe
• Rest of South America
The Middle East and Africa
• Saudi Arabia
Medical Oxygen Systems Market Companies
• Chart Industries
• Oxyplus Technologies (NOVAIR)
• Oxymat A/S
• On Site Gas Systems
• PCI Gases
• Zhuhai Hokai Medical Instruments Co., Ltd
• Yantai Beacon Medical Technology Co., Ltd
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