Medical oxygen systems are prescribed to the patients as a part of oxygen therapy to the patient population suffering from chronic or acute respiratory malfunctions and disorders. Oxygen therapy is also given to children to curb the diseases including cystic fibrosis, congenital heart diseases and severe asthma. The medical oxygen systems provides life support especially to the aging population suffering from respiratory disorders. The other benefits provided by the medical oxygen systems include reduction in fatigue, improving sleeping patterns in sleep apnea cases and easing tightness of breathe. The emergency supply system, redundant tank system and portable systems are the commonly used systems in the healthcare facilities to ensure continuous oxygen supply.
The global medical oxygen systems market was valued at US$ 2,300.5 million in 2017 and is expected to witness a CAGR of 6.3% during the forecast period (2017 – 2025).
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The increasing prevalence of chronic obstructive pulmonary diseases is the major factor driving the global medical oxygen systems market. According to the Department of Economic and Social Affairs Population Division 2013, the global geriatric population is set to reach over 2 billion by 2050 from 800 million in 2012. The geriatric population is at a higher risk of acquiring respiratory diseases like fibrosis, pulmonary hypertension and asthma. Additionally, the rising preference of interventional cardiologists for nonsurgical procedures, technological innovations and significant growth of the portable oxygen concentrators is expected to drive the growth of the medical oxygen systems market in North America and Western Europe over the forecast period. However, expensive product costs and stringent FDA regulations for the approval of new systems are the restraining factors for the global medical oxygen systems market.
Rising surgical procedures is expected to drive the global medical oxygen systems market
The growing consumer awareness for oxygen therapy devices, investments by manufacturers for the production of homecare products and adoption of innovative technologies is expected to rise the global medical oxygen systems market. According to the Centers of Disease Control and Prevention statistics in 2017, around 1.9 million physician office and outpatient visits are recorded with the people suffering from heart disease in the U.S. North America is expected to dominate the global medical oxygen systems market owing to increasing prevalence of COPD, changing consumer lifestyles, increased government expenditures for research and development on cost-effective oxygen devices. The innovative portable and ultra-light oxygen concentrator separates nitrogen and oxygen from the environmental air providing 95% pure oxygen to patients. Portable oxygen concentrators are largely used by travelers and mountaineers in regions of inadequate oxygen supply, thereby fueling growth of the medical oxygen systems market.
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Increasing demand for medical oxygen systems in accidental cases is a prominent factor to fuel the medical oxygen systems market
The rising number of patients requiring ambulatory services, increasing prevalence of untreated obstructive sleep apnea, rising per capita healthcare spending and ease in access to healthcare services boost the medical oxygen devices market in Asia Pacific. According to the annual global road crash statistics, 20-50 million people are injured or disabled, with 1.3 million deaths recorded each year. Also, the road fatalities account for a total US$ 65 billion, exceeding the amount of developmental assistance. The key players operating the medical oxygen systems market are focusing on designing clinically efficient products to improve the quality of life of the patients and favorable reimbursement policies. Manufacturers are working hard to build compact, lighter cost effective devices that provide greater patient mobility like rolling two wheel oxygen tank cylinder. For instance, Inogen offers oxygen concentrator designed for the use of patients at home which provides ideal flow settings and energy efficient systems providing less energy than the standard market stationary concentrators. Also, Ceodeux Meditec innovation focuses on improving patient outcomes by collaborating with university partners, thereby providing custom medical gas solutions, and revolutionary cartridge technology offering low-level maintenance. For instance, the launch of compact and ultra-precise medical gas regulator MINIOX in 2017, ideal for hospital and homecare respiratory therapy.
Key companies covered as a part of this study include Cryofab Inc, Respironics, Inc., Medtronic, Atlas Copco, Terumo Medical Corporation, Keen Compressed Gas Co, Inogen Inc, GF Health Products, Inc. and Invacare Corporation.
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