Medical oxygen system market to score US$ 4341.3M by 2028

Medical oxygen systems including compressed oxygen cylinder and oxygen concentrators are typically used in homecare facilities and are mainly preferred by geriatric patients who find it challenging to move and depend on oxygen supply. Various chronic diseases such as chronic bronchitis, chronic obstructive pulmonary disease (COPD), emphysema, and a long-term effect of smoking require oxygen therapy so as to get ample oxygen.

On the basis of end user, the homecare settings segment is expected to witness significant growth in the global medical oxygen systems market during the forecast period. This is owing to growing prevalence of COPD cases among geriatric population. According to the 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).

Market Drivers
Rising product launches for homecare settings and hospitals is expected to drive growth of the global medical oxygen systems market during the forecast period.

Key companies are focused on launching novel products, in order to cater growing demand for medical oxygen settings. 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.

Furthermore, growing product approvals by regulatory authorities is expected to propel the global medical oxygen systems market growth over the forecast period. For instance, in April 2019, TherOx received the U.S. Food and Drug Administration (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.