The global market is likely to attain a market value of USD 7.10 billion in 2027 from USD 4.8 billion in 2020. The CAGR for this market is likely to reach over 6.7% during the forecast period.
Growing share of expenditure towards healthcare, changing technological advancements and improved medical facilities have helped surge the life expectancy of publics, across the globe. Furthermore, geriatric population is highly prone to respiratory disorders and lung diseases which may develop into weakened immunity. Hence, they are always at a great risk of numerous breathing problems. With increasing support from the local government body, it has increased the awareness of the general public, bringing the medical oxygen under a positive limelight altogether. Various types of oxygen systems are used to cater the controlled amount of oxygen being made available to the patients. Credence Research is offering holistic information and absolute accuracy on the report titled “Global Medical Oxygen Market”.
Key Market Drivers and Restraints
Factors that have high impact on the market growth of industrial electric vehicles will be covered her. Also, covers factors that may challenge or act as opportunity for market will be discussed in order to identify the revenue generation.
Various Factors Driving the Market Growth
Some of the factors like rising prevalence of respiratory and chronic diseases, as a result of the high prevalence of tobacco use and rising pollution levels, rising geriatric population, increase in the cases of preterm births, prevalence of chronic bronchitis, emphysema, a long-term effect of smoking and growing demand for home healthcare systems due to the massive outbreak of the deadly virus are expected to drive market growth in the coming years.
With consideration to all the above-mentioned factors along with the surged demand for portable oxygen due to the high adoption at home healthcare is expected to drive the market to a favorable position in the anticipated time frame.
North America to led the global market in geographic regions
On geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research is providing in-depth insight on prominent regions of global market. North America topped the market by acquiring 31.9% share in 2020.
Global Market is led by the Portable Oxygen Systems in terms of Modality
While the market can be segmented in two ways on the basis of modality, portable systems hold the major revenue share due to the growing prevalence of respiratory disorders, like COPD, asthma, and pneumonia, which indirectly spiked the application of portable oxygen systems in the forthcoming years.
Hospitals dominate the global market in 2020 in terms of Application
Emergency Medical Centers, Ambulatory Surgical Centers, Home Care Settings, Hospitals and Others are the various Applications of this market. Homecare Settings dominated in 2020 and before that. The segment is being driven by an improving standard of living and an increase in the use of home-based therapy, especially in developed regions such as Europe and North America. Furthermore, countries with a significant geriatric population, such as Italy, Monaco, Germany, Austria, and Japan, are expected to drive segment growth during the forecast period.
Frequently asked questions about global industry
- Which are the different Applications of Medical Oxygen?
Ans: Oxygen Concentrators, Liquid Oxygen Systems and Compressed Oxygen Cylinders are the three Applications available in the market
- Name few prominent players in the global industry.
Ans: Philips Healthcare, Drive DeVilbiss Healthcare, Inc. ResMed, Nidek Medical, Invacare Corporation, Inogen, Inc. and AirSep Corporation are the key players leading this market
- Which is the fastest growing Application segment for global industry?
Ans: Homecare Settings has fastest growth at Application
- Which is the leading regional market for global industry?
Ans: North America has the largest share of the market
- What will be the CAGR (2021 - 2027) of in global industry?
Ans: The CAGR for this market is likely to reach over 6.7% during the forecast period
