Market Overview:
The Medical Grade Oxygen Market size was valued at $ 9.65 billion in 2023, and is projected to reach $ 18.5 billion by 2032, registering a CAGR of 7.5% from 2024 to 2032.
High-purity oxygen that has been created for use in the human body and is employed in medical procedures is known as medical oxygen. Medical oxygen cylinders are only permitted to contain pure oxygen gas in order to prevent contamination. The method of air-liquefaction is used to create medicinal oxygen, and the International Pharmacopoeia outlines its specifications. Currently, oxygen must have 99.5% volume-to-volume oxygen (O2). There are three different low-flow oxygen delivery methods to consider: liquid oxygen, oxygen concentrators, and compressed oxygen cylinders. Oxygen supplementation is necessary for patients with CRDs like COPD in order to facilitate breathing, which can significantly enhance the quality of life.
Top Key Players for Medical Grade Oxygen Market:
Medtronic (Ireland), DeVilbiss Healthcare LLC (U.S.), Messer Group GmbH (Germany), Philips Healthcare (Netherlands), Invacare Corporation (U.S.), Air Products (U.S.), Linde PLC (Ireland), Gulf Cryo Saudi for Industrial & Medical Gases (U.A.E.), Nidek Medical (India), Terumo Medical Corporation (Japan), OrientMEd International (U.A.E.), Jacko Gases Company (Saudi Arabia) and Other Major Players.
Market Dynamics and Factors for Medical Grade Oxygen Market:
Drivers:
Increasing Prevalence of Respiratory Diseases
The increasing prevalence of respiratory diseases, such as COPD, asthma, and respiratory infections, is a significant driver for the demand for medical-grade oxygen. Oxygen therapy is crucial for patients with severe respiratory issues, ensuring an adequate supply of oxygen to the body. As the number of individuals affected by these conditions rises, the need for medical-grade oxygen in healthcare settings also grows, making it an essential intervention to support patients' respiratory health.
Opportunities:
Advancements in Oxygen Delivery Systems
Advancements in oxygen delivery systems through ongoing research and technology developments are paving the way for more efficient and patient-friendly solutions. Innovative products like lightweight portable oxygen concentrators and smart oxygen delivery devices are emerging, enhancing patient comfort and compliance. These advancements create a promising market for more advanced and convenient oxygen therapy solutions. As medical technology continues to evolve, patients can benefit from improved access to oxygen therapy both in traditional healthcare settings and at home, while healthcare providers can explore new opportunities to meet the growing demand for these innovative products.
Segmentation Analysis of the Medical Grade Oxygen Market:
By Product Type, Compressed Gas Systems dominate the medical-grade oxygen market due to their versatility, cost-effectiveness, and existing distribution networks, making them the preferred choice for oxygen supply in healthcare facilities. Portable Oxygen Concentrator Systems and Liquid Oxygen Systems also hold significance, but compressed gas systems have a larger market share.
By Delivery Type, Continuous Flow Dose Delivery dominates the medical-grade oxygen market due to its consistent and continuous supply of oxygen, making it suitable for patients with more severe respiratory conditions requiring stable oxygen levels. Pulse Mode Delivery is also prevalent, offering a more efficient and economical option for patients with less critical respiratory needs, delivering oxygen in short bursts during inhalation.
Regional Analysis of the Medical Grade Oxygen Market:
The Asia Pacific region emerged as the dominant market for medical-grade oxygen, driven by several factors. These include a fast-growing population, increasing disease burden, and rapid urbanization, all contributing to rising demand for medical oxygen cylinders in the APAC area. The market's main driver was the substantial surge in COVID-19 patients, particularly in China, India, and Australia. The pandemic created a shortage of medical oxygen due to insufficient healthcare facilities and infrastructure, prompting governments to take measures to enhance oxygen supply and address the growing demand.
Key Industry Development:
In February 2020, Air Products Qudra, in collaboration with the Royal Commission for Jubail and Yanbu, held a ceremonial groundbreaking to mark the start of work in building a world-class, fully-integrated industrial gases hub in the Jubail Industrial City.
In September 2020, Drive DeVilbiss Healthcare announced a collaboration with Amazon Business to market the INTELLIPAP® Bilevel ST. The BiLevel S/T device is intended to provide non-invasive ventilatory support to patients with respiratory disorders such as chronic obstructive pulmonary disease (COPD), respiratory insufficiency, and obstructive sleep apnea (OSA). These devices are used in the hospital or at home.
