As per a new report published by Fact.MR – a 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 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.
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Due to the outbreak of the current COVID-19 pandemic, many people across the world are suffering with breathing difficulties on account of the severity of 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.
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.
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Key Segments Covered in Medical Oxygen Systems Industry Research
- Compressed Medical Oxygen Cylinders
- Medical Oxygen Concentrators
- Medical Liquid Oxygen Systems
- Portable Medical Oxygen Systems
- Stationary Medical Oxygen Systems
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This market depicts the presence of a substantially competitive vendor landscape, with the presence of a handful of players exerting dominance. Regulation of trial costs, achieving geographical expansion, and bringing forth efficiency of activities undertaken are key strategies being implemented by most manufacturers of medical oxygen systems.
Several players are expected to improve their product quality, increase product differentiation, and enhance their hold on the marketplace. With 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.
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