The global market will likely attain a 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 expenditure on healthcare, changing technological advancements, and improved medical facilities have helped surge the life expectancy of the global public. Furthermore, the geriatric population is highly prone to respiratory disorders and lung diseases which may develop into weakened immunity. Hence, they are always at great risk of numerous breathing problems. With increasing support from the local government body, it has increased the general public's awareness, bringing medical oxygen into the positive limelight altogether. Various types of oxygen systems cater to the patients' controlled amount of oxygen being made available. Credence Research offers holistic information and absolute accuracy in the "Global Medical Oxygen Market report."
Key Market Drivers and Restraints
Factors that greatly impact the market growth of industrial electric vehicles will be covered here. Also, covers factors that may challenge or act as an opportunity for the market will be discussed to identify revenue generation.
Various Factors Driving the Market Growth
Some of the factors like the 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, the prevalence of chronic bronchitis, emphysema, the long-term effect of smoking and growing demand for home healthcare systems due to the massive outbreak of the deadly virus is expected to drive market growth in the coming years.
Considering all the factors as mentioned above, 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 lead the global market in geographic regions
On the geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the global market. North America topped the market by acquiring a 31.9% share in 2020.
The Portable Oxygen Systems lead Global Market 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 will dominate the global market in 2020 in terms of Applications.
Emergency Medical Centers, Ambulatory Surgical Centers, Home Care Settings, Hospitals, and Others are the various market applications. 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 senior population, such as Italy, Monaco, Germany, Austria, and Japan, are expected to drive segment growth during the forecast period.
