The Global Medical Oxygen System Market, by Product Type (Compressed Oxygen Cylinder, Oxygen Concentrator, and Liquid Oxygen System), by Modality (Portable Oxygen System and Stationary/Standalone Oxygen System), by End User (Hospitals, Emergency Medical Centers, Ambulatory Surgical Center, Homecare Settings, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 2,459.8 million in 2018, and is projected to exhibit a CAGR of 7.4%, during the forecast period (2018-2026), as highlighted in a new report published by Coherent Market Insights.
Increasing acquisitions activities by major players is contributing to the of global medical oxygen system market growth. For instance, in January 2016, ResMed Inc. acquired the U.S.-based Inova Labs Inc., a privately-held medical device company specializing in the development and commercialization of innovative oxygen therapy products. In February 2017, Heyer Medical AG entered into strategic collaboration with a China-based company Shanghai Tian Ying Medical Instrument Co., Ltd. According to the agreement, Shanghai Tian Ying Medical Instrument Co., Ltd. will be the exclusive distributor of Heyer Medical’s products in China.
Moreover, launch of innovative technologies is supporting the global medical oxygen systems market growth. For instance, in February 2019, OxyGo LLC, a provider of portable oxygen concentrator, launched new Bluetooth-enabled portable oxygen concentrator (POC), OxyGo FIT Connect. The new platform will allow healthcare providers to improve patient outcomes through a wireless connectivity platform using Bluetooth technology.
Browse 35 Market Data Tables and 29 Figures spread through 186 Pages and in-depth TOC on "Global Medical Oxygen System Market, by Product Types (Compressed Oxygen Cylinder, Oxygen Concentrator, and Liquid Oxygen System), by Modality (Portable Oxygen System and Stationary/Standalone Oxygen System), by End User (Hospitals, Emergency Medical Centers, Ambulatory Surgical Center, Homecare Settings, and Others), and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Global Forecast to 2026"
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Manufacturers such as BOC healthcare, Invacare Corporation, and Luxfer Group are focused on offering high-quality medical oxygen for medical purposes and oxygen systems are to be installed in the hospital setting. Thus, presence of such manufacturers is expected to boost global medical oxygen system market value. For instance, BOC Healthcare, a manufacturer and provider of medical oxygen, provides medical care in a wide range of clinical settings, from anesthesia and intensive care to obstetrics and emergency medicine. BOC healthcare offers compressed medical oxygen cylinders. Specification of cylinder complies with the current European Pharmacopoeia monograph.
However, product recalls from regulatory authorities is expected to hamper growth of the market. For instance, in October 2017, the U.S. Food and Drug Administration (FDA) issued a class II product recall notice for Pure Oxygen Concentrator, CHAD Drive, Models CH5000, and CH5000S, manufactured by Inovo, Inc., as an aggregate complaint/service rate was found to be greater than 35% for low oxygen purity (output oxygen below the published specification), during post-market surveillance for the product.
Key Takeaways of the Global Medical Oxygen System Market:
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