SEOUL-- April 15, 2022 -- As per a new report published by Fact.MR - Market research and competitive intelligence provider, the market for medical oxygen systems is anticipated to top US$ 5 Bn by 2031 and expand at a CAGR of 7%.
Widespread advancements occurring in the field of healthcare and medicine are primarily responsible for driving the demand for medical oxygen systems. These systems are used to treat patients who are no longer able to receive adequate volumes of oxygen through the breathing of natural air and who require higher concentrations of oxygen.
Due to the outbreak of the current COVID-19 pandemic, many people across the world are suffering from breathing difficulties on account of the severity of the infection. This has surged demand for medical oxygen systems on an emergency basis. In addition, many companies are pouring in humungous investments to improve the quality of oxygen supplying equipment, consequently spiking the supply of related devices.
Advancement In Product Launches for Medical Oxygen Systems for Homecare Settings and Hospitals Is Expected to Drive Growth
In order to provide a high volume of oxygen delivery to patients, most hospitals and healthcare organizations build centralized oxygen systems in hospitals. Because of the introduction of portable oxygen devices into the market, the home care setting sector is also contributing significantly to market development. GCE Healthcare, for example, released the Zen-O portable oxygen concentrator in January 2016. (POC). It is portable oxygen therapy equipment that weighs only 4.66kg (10lbs) and is easy to transport. Invacare Corporation also released the Invacare Platinum Mobile Oxygen Concentrator with improved connections in October 2017.
“Attributable to the current pandemic and rising cases of pulmonary ailments worldwide, demand for medical oxygen systems is set to surge over the coming years,” says a Fact.MR analyst.
Key Takeaways from Market Study
· Valuation of medical oxygen systems reached US$ 3 Bn in 2020 and is expected to top US$ 5 Bn by 2031.
· Key factors driving demand for medical oxygen systems include product innovations for homecare use and rise in occurrences of respiratory disorders worldwide.
· North America accounts for one-third of the market share for medical oxygen systems.
· Demand for medical oxygen systems in the U.S. topped US$ 711 Mn in 2020.
· Rising number of COVID-19 cases with breathing disorders is the main factor for the sudden upsurge in demand for medical oxygen systems in India.
· Compressed medical oxygen cylinders account for 40% revenue share in the market.
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 a lightweight oxygen therapy device that weighs 4.66kg (10lbs) and is easy to carry around.
· In October 2017, Invacare Corporation launched the Invacare Platinum Mobile Oxygen Concentrator with the 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 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.
Several players are expected to improve their product quality, increase product differentiation, and enhance their hold on the marketplace. With an increasing number of players expected to enter this space in the near future, competition is likely to further intensify in the medical oxygen systems industry.
Report Benefits & Key Questions Answered
· Medical Oxygen Systems Company & brand share analysis: The report offers in-depth Medical Oxygen Systems brand share analysis to estimate the percentage of the market covered by Tier 1, Tier 2, and Tier 3 companies
· Medical Oxygen Systems Historical volume analysis: The report offers a comparative analysis between historic sales of Medical Oxygen Systems and projected sales performance for 2021-2031
· Medical Oxygen Systems Category & segment level analysis: Fact MR presents a comprehensive analysis of factors enabling sales growth across key segments. It underscores chief growth drivers and offers valuable information to identify sales prospects a local and regional levels
· Medical Oxygen Systems Consumption by demographics: To offer informed recommendations, the report studies behavior and consumption pattern of consumers. The demographics analysis is intended at helping businesses better understand consumer preference and design their product and market strategies around it
· Post COVID consumer spending on Medical Oxygen Systems: The Fact MR market survey carefully studies consumer spending behavior post COVID-19. It gauges how prevailing trends have influenced their behavior, subsequently impacting their spending power
Key Questions Answered in Report
· Which are the most lucrative markets for medical oxygen systems?
· Which factors will impact the growth of the medical liquid 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 Portable medical oxygen systems industry?
· What are the winning strategies of stakeholders in the market?
