Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Medical Oxygen System Market Insights
Medical oxygen systems such as oxygen concentrators and compressed oxygen cylinder are majorly used in homecare settings, and are mostly preferred by elderly patients who have difficulty in mobility, and depend on a reliable oxygen supply. Some common chronic medical conditions such as chronic obstructive pulmonary disease (COPD), chronic bronchitis, emphysema, a common long-term effect of smoking requires oxygen therapy or supplemental oxygen in order to get the enough oxygen. Various type of oxygen systems are used to delivered the controlled amount of oxygen to the patients.
The homecare settings segment in the global medical oxygen system market is expected to witness significant market value, owing to rising prevalence of chronic obstructive pulmonary diseases (COPD) among the geriatric population. For instance, according to World Health Organization (WHO), in 2016, 251 million people around the world developed COPD.
The global medical oxygen system market is estimated to be at US$ 2,459.8 million in 2018, and is expected to witness a CAGR of 7.4% during the forecast period (2018–2026).
Figure 1. Global Medical Oxygen System Market value Analysis (US$ Mn), By Product Type
Source: Coherent Market Insights Analysis (2019)
Increasing product launches for medical oxygen system for homecare settings and hospitals is expected to drive growth of the global medical oxygen system market
Most of the hospitals and healthcare organizations install centralized oxygen systems in hospitals, in order to ensure the large amount of supply to the patients. Homecare setting segment is also contributing majorly to growth of the market, owing to launch of portable oxygen systems in the market. For instance, in January 2016, GCE Healthcare launched Zen-O portable oxygen concentrator (POC). It is lightweight oxygen therapy device that weighs 4.66kg (10lbs) and easy to carry around. Moreover, in October 2017, Invacare Corporation launched the Invacare Platinum Mobile Oxygen Concentrator with new connectivity. The Platinum Mobile Oxygen Concentrator was combined with the Piccolo O? App to improve convenience during routine use.
Moreover, increasing approvals from the regulatory authorities for oxygen therapies is expected to increase the demand for medical oxygen systems, which may provide major opportunity for the market growth. For instance, in April 2019, TherOx received the 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.
Global Medical Oxygen System Market- Regional Analysis
Regional segmentation of the global medical oxygen systems market comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to witness lucrative growth in the global medical oxygen system market, owing to presence of leading manufactures for medical oxygen systems and increasing product launches these players in this region. Leading manufacturers such as Imogen, Invacare Corporation, CAIRE, Inc., and O2 Concepts, LLC, that offer innovative oxygen concentrators, have high presence in the U.S. market. Furthermore, key players in the market are focusing on launching new products. For instance, in April 2019, Imogen, Inc. INGN launched its Imogen One G5 in the U.S. market
Moreover, oxygen system providers are engaged in expansion of their oxygen filling plants in Asia Pacific region, which is contributing to Asia Pacific medical oxygen system market growth. For instance, in February 2019, Kitajima Sanso, a distributor of medical gas, built medical oxygen filling plant in Myanmar. The new plant is equipped with two cryogenic gas storage tanks of 20 and 10 tons.
Europe is expected to show significant market share, owing to rising initiatives by key players in development of medical oxygen systems for various purposes. Increasing initiatives by regional key players and emergency medical service providers is expected to aid in growth of Europe medical oxygen system market. For instance, in June 2017, Medical Gas Solutions (MGS) was awarded with a contract to supply vital medical gases, including oxygen (O2) and analgesic gases to over one thousand emergency vehicles included in the North West Ambulance Service (NWAS) NHS Trust, across the North West of the U.K.
Figure 2: Global Medical Oxygen System Market Value (US$ Mn), By Region
Source: Coherent Market Insights Analysis (2019)
Global Medical Oxygen System Market - Competitive Landscape
Key players operating in the global medical oxygen system market include Koninklijke Philips N.V, Inogen, Inc., BOC Healthcare, Precision Medical, Inc., Luxfer Group, Cryofab, Inc., Responsive Respiratory, Inc., Atlas Copco, GCE group, and High Vacuum Maintenance (HVM) S.R.L.