SEATTLE, July 10, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global Medical Oxygen Systems market is estimated to be US$ 2,459.8 million in 2018, and is projected to exhibit a CAGR of 7.4% during the forecast period (2018 – 2026).
Key Trends and Analysis of the Global Medical Oxygen Systems Market:
Key players such as GCE Healthcare and Inova Labs Inc. are focusing on developing medical oxygen systems such as oxygen concentrators, compressed oxygen cylinders, and liquid oxygen systems, which can be digitally connected to monitor and ensure efficient functioning of the system
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USB connection and cloud-based network connection are a few technological advancements in medical oxygen systems. Such product developments and innovations would be favorable for consistent growth of the global medical oxygen systems market. For instance, in February 2019, OxyGo LLC, a provider of portable oxygen concentrator, launched new Bluetooth-enabled portable oxygen concentrator (POC), OxyGo FIT Connect. The new platform will allow healthcare providers to improve patient outcomes through a new wireless connectivity platform using Bluetooth technology.
Furthermore, increasing approvals from the regulatory authorities for oxygen therapies is expected to increase the demand for medical oxygen systems which may provide major opportunity for market growth. For instance, in April 2019, TherOx received the U.S. 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.
Among regions, Europe is expected to witness lucrative growth in global medical oxygen systems market, owing to increasing government investment in healthcare. For instance, according to the U.K. health statistics 2018 (Finder UK), in 2016, healthcare investment by the U.K. Government was accounted for US$ 283.756 billion. Moreover, Major players such as Air Liquide have presence in Germany that offer a wide range of medical oxygen systems for hospitals and homecare settings
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Key Market Takeaways:
- The global medical oxygen systems market is projected to witness CAGR of 7.4% during the forecast period (2018 – 2026), owing to increasing product launches. For instance, in August 2018, Caire Inc. launched its new portable oxygen concentrator, the FreeStyle Comfort.
- North America is expected to hold dominant position in the global medical oxygen systems market and is also expected to exhibit a significant growth rate, owing to increasing launch of novel products in the U.S. market. For instance, in April 2019, Inogen, Inc., a U.S.-based company, launched its innovative Inogen One G5 portable oxygen concentrator in the homecare market in the U.S.
- Major players operating in the global medical oxygen systems market include Koninklijke Philips N.V, Inogen, Inc., BOC Healthcare, Precision Medical, Inc., Luxfer Group, Cryofab, Inc., Responsive Respiratory, Inc., Atlas Copco, GCE group, and High Vacuum Maintenance (HVM) S.R.L.
Global Medical Oxygen Systems Market, By Product Type:
- Compressed Oxygen Cylinder
- Oxygen Concentrator
- Liquid Oxygen System
Global Medical Oxygen Systems Market, By Modality:
- Portable Oxygen System
- Stationary/Standalone Oxygen System
Global Medical Oxygen Systems Market, By End User:
- Emergency Medical Centers
- Ambulatory Surgical Center
- Home Care Settings
Global Medical Oxygen Systems Market, By Region:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
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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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SOURCE Coherent Market Insights