The market for medical oxygen systems is anticipated to surpass US$ 5 Bn by 2031 and increase at a CAGR of 7%, according to a recent analysis by Fact.MR is a provider of market research and competitive intelligence.
The vast advancements in the healthcare and medical fields are what are essentially driving the need for medical oxygen systems. People who need higher oxygen concentrations but are no longer able to breathe in adequate oxygen from natural air are treated with these devices.
Growth Is Anticipated to Be Driven by Innovation in Product Launches for Medical Oxygen Systems for Homecare Settings and Hospitals
The majority of hospitals and healthcare organizations install centralized oxygen systems in hospitals to give a lot of oxygen to patients. The homecare setting sector is considerably influencing market growth as a result of the entry of portable oxygen devices onto the market. For instance, in January 2016, GCE Healthcare unveiled the Zen-O portable oxygen concentrator (POC). It is a lightweight, portable oxygen therapy device that is simple to move around at 4.66kg (10lbs). In October 2017, Invacare Corporation additionally unveiled the Invacare Platinum Mobile Oxygen Concentrator with enhanced connections.
Key Market Study Conclusions
• The market value of medical oxygen systems topped US$ 5 billion by 2031, having reached US$ 3 billion in 2020.
• The rise in respiratory illnesses around the world and product improvements for homecare use are two major factors influencing demand for medical oxygen systems.
• One-third of the market for medical oxygen systems is in North America.
• In 2020, the U.S. demand for medical oxygen systems will reach US$ 711 million.
The significant increase in demand for medical oxygen systems in India is mostly due to the rising number of COVID-19 cases with breathing issues.
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