The Global Medical Oxygen Systems Market was valued at US$ 2,018.6 million in 2015 and is projected to expand at a CAGR of 7.4% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Growing incidence of respiratory disorders and pronounced need to provide oxygen supply to patients after surgeries, which is expected to be the major factor driving growth of the global medical oxygen systems market over the foreseeable future.
According to the National Center for Health Statistics, an estimated 232 million surgical procedures were performed globally in 2013. The surgical procedures compels the global healthcare device manufacturers to provide oxygen to patients undergoing medical operations. Cardiovascular and respiratory system surgeries accounts for the highest number of diagnostic and hospitalization cases, thereby increasing demand for medical oxygen devices. The medical oxygen systems provide continuous oxygen supply to the body post surgeries to maintain an equilibrium in heart rates.
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According to the World Health Organization estimates in 2016, an expected 3 million deaths were caused by chronic obstructive pulmonary disease in 2015 contributing a total 5% of all deaths globally in the given year. The study by WHO also states that around 65 million people have moderate to severe chronic obstructive pulmonary disease (COPD) characterized by persistent reduction of air flow leading to breathlessness, mainly caused due to frequent respiratory infections from childhood, outdoor air pollution and presence of occupational chemicals like irritants, fumes and vapors.
The rising birth defects results in abnormal development of fetus, growth retardation and functional disorders. According to the Centers of Disease Control and Prevention statistics, approximately 1.5 million babies were born with birth defects, with about one quarter primary consultations related to respiratory complaints. Artificial ventilation or breathing strategy through medical oxygen systems increases the chances of survival for the babies suffering from newborn respiratory distress syndrome, cyanosis and broncho-pulmonary dysplasia.
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Chronic obstructive pulmonary disease (COPD) describes progressive forms of diseases including refractory (non-reversible) asthma, chronic bronchitis and emphysema. The spirometry tests are suggested by the doctor if the symptoms like increased mucous formation, tightness in chest and increased breathlessness are observed. Almost 90% of the COPD often occurs to the smoking and elderly population. According to the World Health Organization in 2017, an approximate 235 million suffer from refractory asthma and lung related disorders, driving the need for hospitalizations. Thus, the medical oxygen systems market helps in aiding the treatment to decrease disability, reduce the morbidity toll and reduction in premature morality. According to the Centers of Disease Control and Prevention estimates in 2017, a minimum 1.7 million emergency department visits with chronic and unspecified bronchitis were made requiring the pronounced need of oxygen systems in the hospital facilities.
Key takeaways of the medical oxygen systems market:
- The global medical oxygen systems market is expected to expand at a CAGR of 7.4% during the forecast period (2017–2025) as there exists a huge demanding market especially in Asia Pacific, Latin America, Middle East and Africa.
- The compressed oxygen cylinder and liquid oxygen system dominates the market in the product segment, as it is the largely affordable system in medical healthcare facilities.
- Stationary/standalone oxygen systems are the major modalities of medical oxygen systems market, as these modalities offer greater convenience to the patients owing to the long-term oxygen therapy.
- Some of the major players involved in global medical oxygen systems market are Cryofab Inc, Respironics, Inc., Medtronic, Atlas Copco, Terumo Medical Corporation, Keen Compressed Gas Co, Inogen Inc, GF Health Products, Inc. and Invacare Corporation.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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