North America Medical Oxygen Market to Grow with a CAGR of 7.68% through 2029F
Increasing
Prevalence of Respiratory Conditions and increase in the home healthcare trends
is expected to drive the North America Medical Oxygen Market growth in the
forecast period, 2025-2029.
According to TechSci Research report, “North America Medical Oxygen Market –
By Country, Competition, Forecast & Opportunities,
2029F”, the North America Medical Oxygen Market stood at USD 3.66 billion
in 2023 and is anticipated to grow with a CAGR of 7.68% in the forecast period through 2029.
The increasing awareness about medical oxygen among individuals has created
favorable market conditions for the North America Medical Oxygen market.
Several factors are driving the growth of various medical oxygen products. The
rising prevalence of respiratory conditions such as chronic obstructive
pulmonary disease (COPD), asthma, and sleep apnea, combined with an aging
population, is elevating the need for medical oxygen therapy. Advancements in oxygen delivery systems, including portable oxygen
concentrators and sophisticated delivery methods, have expanded the
applications for medical oxygen therapy. These innovations effectively address
patient needs, thereby broadening the patient demographic. In countries like
Canada, universal healthcare systems ensure that all citizens have access to
essential medical services, including oxygen therapy, thus establishing a
stable demand base.
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The North America Medical Oxygen Market is segmented into form, delivery mode,
application, end-user, country distribution, and company.
Based on application, In
2023, the therapeutics segment emerged as the dominant player in the North
American market for medical oxygen, driven by several critical factors. The
primary driver is the increasing prevalence of chronic respiratory diseases
such as chronic obstructive pulmonary disease (COPD), asthma, and interstitial
lung diseases. These conditions necessitate long-term oxygen therapy (LTOT) to
manage symptoms and improve patients' quality of life. As the incidence of
these diseases rises, the demand for medical oxygen in therapeutic applications
has surged. Advancements in medical technology have enhanced the
delivery systems for oxygen therapy. Innovations in portable oxygen
concentrators (POCs) and home oxygen systems have made oxygen therapy more
accessible and convenient for patients. These devices offer better oxygen
delivery, are more user-friendly, and have extended battery lives, enabling
patients to maintain an active lifestyle while receiving therapy. The
aging population in North America also contributes significantly to the
dominance of the therapeutics segment. Older adults are more prone to
respiratory diseases and other chronic conditions that require oxygen therapy.
As the demographic shift towards an older population continues, the demand for
therapeutic oxygen is expected to grow correspondingly. The impact of the
COVID-19 pandemic cannot be overlooked. The pandemic underscored the critical
importance of medical oxygen in managing respiratory complications associated
with severe COVID-19 cases. This increased awareness has led to greater
investments in oxygen infrastructure and supply, further boosting the
therapeutics segment.
Based on end user, In
the North American market for medical oxygen, the homecare segment poised
for rapid growth during the forecast period, driven by several key factors. There
is a growing trend towards home-based healthcare, especially in light of the
COVID-19 pandemic. Patients are increasingly seeking alternatives to
hospital-based care to reduce the risk of exposure to infectious diseases. Home
oxygen therapy allows patients with chronic respiratory conditions to receive
treatment in the comfort and safety of their own homes, promoting better
adherence to therapy and improving overall patient outcomes. Advancements
in portable oxygen concentrator (POC) technology have made it easier for
patients to manage their oxygen therapy outside of traditional healthcare
settings. These devices are lightweight, portable, and offer long battery life,
enabling patients to maintain an active lifestyle while receiving oxygen
therapy. The convenience and flexibility provided by POCs have fueled the
demand for home oxygen therapy among patients and healthcare providers alike. The
aging population in North America is contributing to the growth of the homecare
segment. Older adults are more likely to suffer from chronic respiratory
conditions that require long-term oxygen therapy. As the baby boomer generation
continues to age, the demand for home oxygen therapy is expected to increase
significantly.
Healthcare
policies and reimbursement schemes that promote home-based care are further
driving the expansion of the homecare segment. Insurers and healthcare
providers recognize the cost-effectiveness of home oxygen therapy compared to
hospital-based care, leading to greater adoption and utilization of home oxygen
services.
Based
on country, Canada market is poised to be the fastest-growing market, offering lucrative growth opportunities for Medical Oxygen players during the forecast period. Factors such as Canada's universal healthcare system ensures that all citizens have access to medical services, including oxygen therapy. This stable demand provides a reliable market base. Similar to the United States, Canada is witnessing an aging population, leading to an increased prevalence of respiratory conditions. This demographic trend sustains the demand for medical oxygen. The Canadian government actively supports healthcare initiatives, including subsidies for medical oxygen equipment, ensuring accessibility for patients.
Major companies operating in North America Medical Oxygen Market are:
- Linde PLC
- Air Products and Chemicals Inc
- Air Liquide SA
- Messer SE & Co KGaA
- Keen Compressed Gas Co
- Atlas Copco AB
- AGL Welding Supply Co., Inc.
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“Countries like Canada have universal healthcare systems that ensure access to
essential medical services, including oxygen therapy, for all citizens. This
stable demand is supported by government funding. In the United States, the
presence of private healthcare providers and insurance companies has led to
comprehensive coverage for medical oxygen therapy, reducing financial barriers
for patients. Investment in Healthcare Infrastructure: Both public and private
sectors continue to invest in healthcare infrastructure, expanding the reach of
medical services and increasing the accessibility of medical oxygen therapy”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based
management consulting firm.
“North America Medical Oxygen Market, By Form (Liquid Oxygen, Compressed Oxygen, Oxygen Gas Mixture), By Delivery Mode (Tanks/Pipeline, Cylinder, Others), By Application (Therapeutic, Diagnostic), By End-User (Hospitals & Clinics, Ambulatory Care Centers, Homecare, Others), By Country, Competition, Forecast and Opportunities, 2019-209F”, has evaluated the future growth potential of North
America Medical Oxygen Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
North America Medical Oxygen Market.
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