Medical professionals usually use medical oxygen gas cylinders for therapeutic and diagnostic purposes. Medical oxygen gas systems, such as compressed oxygen gas cylinders and oxygen concentrators are broadly used in homecare situations, and are regularly preferred by elderly patients who have movement issues and need a constant oxygen supply.

Patients suffering from chronic respiratory diseases (CRDs) such as COPD need oxygen supplementation to comfort breathing that can significantly improve life quality. As per the WHO, 235 million people worldwide suffer from asthma, a general chronic respiratory disease. The dependency on medical oxygen supplementation has grown over the last several years, which has been a key boosting the growth of the global market. The rising elderly population with chronic diseases requiring constant respiratory support has increased in last years that has been a considerable factor in the market growth. According to the WHO, for the population more than 60 years, non-communicable diseases now account for 87% of the disease burden, which interprets to more hospitalizations and more dependence on life-support systems.

At-home care for elderly patients requiring constant respiratory support has fuelled the market players to develop new technologies and strategies for better management of these disorders, which has also added to the growth of the market for medical oxygen. As per the WHO, chronic obstructive pulmonary disease (COPD) resulted in 3.23 million deaths in 2019, of which around 80% were in emerging nations. The fast rate of urbanization, growing pollution, and contact to harmful industrial gases and particles were the prominent causes recognized for this disease. COPD patients often need hospitalizations and additional oxygen for easing symptoms, which has led to an upsurge in the uptake of medical oxygen in emerging countries.

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The global demand for Medical oxygen market was predicted to be about USD 892 million in 2022, and by the end of 2031, existing and expected developments would hit valuations of around USD 5,500 million. The industry players and analysts predict the global medical oxygen market growth of around 7.5% in terms of CAGR. During the forthcoming years, growing number of active smokers and a substantial increase in vulnerability to indoor pollutants. Similarly, an increase in daily exposure to environmental pollution as well as rising geriatric population and associated issues is further driving the medical oxygen market. However, increasing demand and organizations unable to fulfil the need and demand of medical oxygen is the challenge presented to medical oxygen market development and growth.

Some of the leading and top medical oxygen companies in the global medical oxygen market include Linde PLC, Air Products and Chemicals Inc., Air Liquide SA, Taiyo Nippon Sanso Corp., Messer SE & Co KGaA, Keen Compressed Gas Co., Acail Gas, Atlas Copco AB, Gulf Cryo Saudi for Industrial & Medical Gases, Jacko Gases Company, Jubail Gas Plant Co. Ltd., Barrak Industrial Gases Plant, Aldakheel Industrial Gases Plant (DIGAS), WestAir Gases & Equipment Inc. among others. The leading five players such as Air Liquide, Atlas Copco, Amico Group of Companies, The Linde Group, Messer SE & Co KGaA hold around 45% market share of the global medical oxygen market.

On the basis of form, the global medical oxygen market can be segmented into liquid oxygen, compressed oxygen, and oxygen gas mixture, with the 'liquid oxygen’ category having the leading market share of about 40 percent, closely followed by the “compressed oxygen” category at about 25 percent of the global medical oxygen market share. On the basis of delivery mode, the market can be bifurcated into tanks/pipeline, cylinder, and others.

On the basis of application, the market can be bifurcated into therapeutic and diagnostics. On the basis of end user, the market can be bifurcated into hospitals & clinics, ambulatory care centers, homecare, and others. In terms of geography, North America region held the leading market share of around 45% among other regions such as Asia Pacific, Europe, Latin America, and Middle East & Africa in the global medical oxygen market.

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