Global Medical Oxygen Market - 2022-2029

Market Overview

Medical Oxygen Market size was valued US$ 2,893.53 million in 2021 and is estimated to reach US$ 5,516.82 million by 2029, growing at a CAGR of 7.47% during the forecast period (2022-2029).

Oxygen is used as a life-saving gas that plays crucial role in treatment of patients during surgery, heart failure or trauma. It is a very complex compound and its production takes place in industrial plants. Medical oxygen is the use of oxygen for medical treatment. Oxygen is taken from the air that is purified and compressed to treat patients with respiratory disorders.

Market Dynamics

The global medical oxygen market growth is driven by various factors such as rising incidences of respiratory disorders like asthma, COPD, lung cancer that may lead to severe health issues or can even result in death.

Increasing incidence of respiratory disorders and surge in technological advances are expected to drive the growth of market.

The major drivers helping in the growth of the market are the rise in the scientific and technological advances, increasing incidence of respiratory disease and increasing the novel product launch.

According to World Health Organisation report 2022, chronic obstructive pulmonary disease (COPD) in 2019 caused around 3.23 million deaths and became third main cause for global deaths. Approximately 90% of COPD deaths under 70 years of age takes place in countries with low or middle income. The medical oxygen market is being driven by the increasing prevalence of respiratory disorders and various novel technological improvements across the globe. Different types of respiratory disorders such as asthma, lung cancer, pneumonia, COPD and others have different risk factors where some can be controlled or prevented through drug therapies and others may lead to death. The prevalence of chronic lung disorders such as COPD and pneumonia is high among the older population as respiratory muscle strength decreases as age progresses.

The rising prevalence of chronic obstructive pulmonary disease (COPD) and Asthma owing to the changing lifestyle, including smoking, tobacco consumption, and others. Chronic obstructive pulmonary disease (COPD) is a progressive, chronic life-threatening lung disease that causes breathlessness and predisposes to exacerbations and serious illness. According to the World Health Organization (WHO) in 2020, around 251 million people suffer from Chronic obstructive pulmonary disease (COPD) worldwide. Obesity and increased tobacco consumption are mainly contributing to the rise in the prevalence of asthma, COPD, and OSA globally, which will fuel the global medical oxygen market. The rising environmental pollution has caused a spike in the incidence of COPD, asthma, and other respiratory diseases, leading to an increased demand for oxygen therapy.

Various novel advancements are being done by key players such collaborations, mergers or releasing new products in market. For instance, in 2021 Medical Oxygen known as Acuvue Oasys developed by Johnson and Johnson Vision Care got approved by FDA that provides comfort, have high moisture content, clear vision and maintains good health of eye.

High cost associated with these medical oxygen systems is expected to hamper the market growth.

The high cost of these medical oxygen systems and their maintenance also makes it quite expensive. In 2019 an article titled "Oxygen devices and delivery systems" stated that "There is a high service cost associated with refilling the liquid oxygen stationary systems at a set frequency, contingent on the oxygen flow setting and the unit's size".

COVID-19 Impact Analysis

COVID-19 affected all the fields but it's the main factor for growth in the market of medical oxygen

as majority of COVID-19 cases were severe and needed medical oxygen for treatment. Due to this artificial ventilation, oxygen cylinders, wall-mounted oxygen concentrators and canned oxygen demand increased suddenly in hospitals as well in home care globally. Demand of the medical oxygen systems has been impacted by COVID-19 pandemic, as demand increased and this led to the scarcity of medical ventilators worldwide. To control this, scientists and biomedical engineers have developed substitute devices that will mimic the general functions of ventilators using devices that are already available such as oxygen concentrators and manual resuscitators. In U.S., the FDA permitted using the oxygen concentrators under a program Emergency Use Authorization hence enhancing the demand of the medical oxygen devices in forecast period.

Segment Analysis

Oxygen concentrator segment is expected to hold the largest market share in global medical oxygen market

Oxygen Concentrators segment is expected to hold the largest market share in global medical oxygen market as it's the most used product worldwide. It is efficient to use hence people tend to use it and hence rise in demand. Oxygen concentrators provides oxygen-enriched air that is safe. Oxygen concentrators are devices that takes up the room air that passes through a series of filters which remove dust, bacteria and other particulates. It is a two steps concentration process where in the first step the machine forces air in one cylinder that contains semi-permeable membranes, nitrogen gets absorbed here, that leaves concentrated oxygen (90% or higher) and small amounts of other gases. At the exact time, in the second cylinder, nitrogen gets desorbed and drawn out. In second step, the task of cylinders is reversed in a timed cycle, that provides a continuous flow of oxygen to patient. General oxygen concentrator delivers the oxygen flows of around 0.5-5 L*min-1 (low-flow oxygen concentrators), but some other models can achieve up to 10 L*min-1 (high-flow oxygen concentrators). Such kind of devices are easy to carry and use.

According to an article titled "Oxygen devices and delivery systems" the portable oxygen concentrators are the latest technology for long term oxygen therapy users who desire a small, lightweight and portable oxygen solution in a compact and mobile unit. These concentrators use electrical power hence supply oxygen in unlimited amount and are more cost effective as only need charging.

There is an increase in the number of companies developing the medical oxygen systems such as Inogen Inc., Medtronic, Airgas Inc., Koninklijke Philips, Linde group, Sol groups etc are the major players that are manufacturing novel Medical Oxygen. For instance, in Apr 2020, Linde announced its novel contract with the Indian Oil Corporation Limited, India's biggest refiner that has strengthened its portfolio of extensive technology.

Geographical Analysis

North America region holds the largest market share in the global medical oxygen market

The North America region is expected to lead the market in the upcoming future. Factors such as pervasiveness of respiratory disorders such as asthma, pneumonia, lung cancer, COPD and novel developments in technology are likely to increase the market growth. Currently almost 25 million people have asthma in the United States. COPD have been diagnosed in around 14.8 million adults. Annual expenditures on health care for asthma are estimated around $20.7 billion. In U.S., the FDA permitted using the oxygen concentrators under a program Emergency Use Authorization hence enhancing the demand of the medical oxygen devices.

Major key players are developing novel scientific and advanced technologies to meet the needs of users and provide them with efficient products. For instance, in April 2019, FDA approved Supersaturated oxygen therapy introduced by TherOx that is used to treat the damaged heart tissue safely. Some of the key players are developing mobile apps for convenience of users. due to which this region holds the largest market share in global medical oxygen market.

In Feb 2021, SOL Group, manufacturer of pure medical and technical gases announced that it has acquired Air Liquide Hellas, medical gases and technical gases company operative in Greek market.

Competitive Landscape

The global orthokeratology market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Some of the major key players in the global medical oxygen market are Inogen Incorporation, Precision Medical, Inc., ResMed Inc., Besco Medical Co. Ltd., Koninklijke Philips N.V, Luxfer Group, Invacare Corporation, O2 Concepts LLC., Responsive Respiratory, GCE Group. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market globally. For instance, in 2021, UNICEF collaborated with The Oxygen CoLab and NEST360 to drive the production of flexible oxygen concentrator for less resource surroundings.

The key companies are focusing on key strategies such as collaboration, acquisitions, and product launches which are boosting the growth of the market globally. For instance,

• In Sep 2022, Responsive Respiratory, a manufacturer of high-pressure oxygen products announced its partnership agreement with Boost Oxygen, provider of products related to respiratory support. With this agreement RRI will distribute Boost Oxygen products.
• In Apr 2021, ResMed, company that develops medical devices related to cloud connect and digital health announced its AirView expansion for the ventilation. It is a cloud-based management platform for patients of respiratory care.
• In Jan 2021, SOL Groups increased its stake in SICGILSOL its Indian joint venture for expanding its availability in Indian market of medical and technical gases.
• In Jun 2020, GCE Healthcare launched Clarity connect care, an online platform for monitoring on its portable oxygen concentrator Zen-O life. Zen-O-life is used for improved management of oxygen therapy of patients with chronic respiratory disease such as COPD in homecare setting.
• In Jun 2020, Medtronic announced its partnership with Foxconn Industrial for production of ventilators. All the regulatory and quality requirements were completed by Foxconn and started Medtronic's ventilator Puritan Bennett 560 manufacturing in United States.

Key Companies to Watch

Inogen Inc.:

Overview: Inogen is a company that deals with medical technologies and manufactures various respiratory products that are generally used in homecare. Their primary products are portable oxygen concentrators that are being used for chronic respiratory conditions suffering patients as it provides long term oxygen therapy. These concentrators are being manufactured and marketed with new advancements in around 57 countries. It was founded in 2001, and is headquartered in California, U.S.

Product Portfolio:

Inogen One G5: It is a portable oxygen concentrator that provides extreme oxygen per pound. It's dense, small and lightly weighted with varying settings of flow for 1-6 that can be used 24 hours.This modal is so efficient and contains easy control functions with LCD displays that is convenient to read. For instance, in 2020 a report tiltled "Oxygen monitoring and control system" stated that "The Inogen One G5 provides 1 LPM continuous at a setting of 6 with 17 breaths minute that is very efficient as compared to others."

Key Developments: In Sep 2021, Inogen, company of medical technology with innovative respiratory products announced its agreement with Ashfield Healthcare to expand its market capabilities.

The global medical oxygen market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.