It has been estimated that the consumption of medical oxygen systems will magnify significantly in home care sector. Healthcare sector will continue adopting a lot of medical oxygen systems and product. Other consumers such as emergency medical centers and ambulatory surgical centers will grow at the lucrative pace in the coming times. According to the forecasts, home care segment is likely to cross US$ 1 billion with the robust CAGR of 9.5% and acquiring nearly 30% of the worldwide market value over the forecast period.
Liquid oxygen systems to grow at the profitable pace
Compressed oxygen cylinders are leading the global medical oxygen systems by product type. It is likely to cross more than US$ 1,500 million or 36.9% share by 2024. The segment is expanding at the robust CAGR of 7% over the forecast period. On the other hand, liquid oxygen systems are also witnessing productive growth presently. This owes to its prime use as a disinfectant and key use in enrichment of the fuel. Liquid oxygen is also used in engines of rockets and aircrafts owing to is cost-effectiveness and ability to offer maximum thrust. According to Kiran Kumar, the chairman at ISRO, the novel launch by ISRO that is Geosynchronous Satellite Launch Vehicle has a cryogenic developed engine with liquid oxygen and hydrogen in it. Liquid nitrogen systems are emerging rapidly in the global market with a CAGR of 9% during the assessment period of (2016-2024). The industry is likely to surpass US$1300 by the end of the year 2024.
A recent report by World Health Organization (WHO) stated that nearly half of the hospitals in Africa witness critically short supply in the medical oxygen systems. Therefore, health providers in the region face critical issues in treating patients with severe respiratory disorders. The biggest challenge mainly in rural areas is that medical oxygen there is often unavailable and is relatively expensive. Also, medical oxygen system can be highly destructive sometimes, commonly, when the levels of oxygen amount are tremendously high nearby them. Recently, Haverhill experienced an enormous fatal fire and the reason was smoking near the medical oxygen system. The victim fell asleep smoking in his apartment and the oxygen cylinder in his house augmented the fire.
North America is lead the market further
The US market is expected to witness highest demand for medical oxygen systems in the near future. Intensifying home healthcare implementation coupled with the rising dominance of respiratory diseases in the region will stimulate the market growth for medical oxygen systems over the forecast period. Top most market players in the US region are Keen Compressed Gas Co., GF Health Products, Inc., Invacare Corporation, and Cryofab Inc., Inogen, Inc.
Medical oxygen systems market in Europe will display the fastest growth owing to the rising mergers and acquisitions activities along with increasing awareness regarding oxygen concentrators in the area. The government initiatives to implement the regulation regarding the use of oxygen concentrators will attribute to the regional growth.
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The massive expansion in elderly populace in India has significantly contributed to rising demand for medical oxygen systems in the region. The figure is likely to exceed in the coming times also, where the escalating aged populace will drive the product demand lucratively.