Liquid Oxygen Devices Market to Grow with a CAGR of 3.70% through 2028

A growing focus on home healthcare and the demand for these devices is expected to drive the Global Liquid Oxygen Devices Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Liquid Oxygen Devices Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Liquid Oxygen Devices Market stood at USD 5.23 billion in 2022 and is anticipated to grow with a CAGR of 3.70% in the forecast period, 2024-2028. This can be attributed to technological advancements. Advancements in medical technology have played a pivotal role in the growth of the liquid oxygen devices market. Manufacturers have developed more efficient, portable, and user-friendly devices that offer increased mobility and comfort to patients. These technological improvements are driving the adoption of liquid oxygen systems in both clinical and home healthcare settings.

Furthermore, competition in the market is fierce, driving innovation. Manufacturers are continually developing new features and designs to gain a competitive edge and better serve the diverse needs of patients. Also, the demand for liquid oxygen devices is expected to grow in emerging markets as healthcare infrastructure develops. Companies are expanding their global presence to tap into these regions and offer essential medical equipment.

Liquid oxygen serves as a vital medical resource with extensive applications, particularly in respiratory care and critical care environments. The increasing incidence of respiratory conditions, including chronic obstructive pulmonary disease (COPD), pneumonia, asthma, and acute respiratory distress syndrome (ARDS), generates a consistent demand for oxygen therapy, propelling market growth. Technological advancements have driven the creation of more efficient and user-friendly oxygen concentrators, with a primary focus on enhancing portability and reducing weight. Modern models are designed for easy patient mobility, allowing for an active lifestyle while receiving oxygen therapy. Furthermore, developments in molecular sieve technology, used for oxygen extraction from the air, have improved oxygen concentration efficiency, enabling patients to receive higher oxygen levels from compact devices. The compact and lightweight design of these liquid oxygen concentrators allows patients to maintain their independence and mobility, factors expected to drive the market in the forecast period.

The COVID-19 pandemic outbreak significantly boosted the demand for liquid oxygen, spurring market growth. Hospitals facing capacity constraints turned to home-based care for less severe cases to minimize the risk of exposure. This surge in demand for liquid oxygen therapy devices suitable for use outside healthcare facilities was evident. Additionally, various initiatives aimed at increasing liquid oxygen production had a positive impact on the market. For instance, in August 2021, the Delhi Government approved the Medical Oxygen Production Promotion Policy of Delhi, 2021, to ensure an ample supply of medical oxygen in response to the COVID-19 crisis. This policy focused on meeting specific targets such as establishing liquid oxygen (LOX) manufacturing facilities and non-captive & captive oxygen generation plants, contributing to market growth.

The Global Liquid Oxygen Devices Market is segmented into distribution channel, end use, regional distribution, and company.

Based on its distribution channel, Direct sales are poised to dominate the Global Liquid Oxygen Devices Market for several compelling reasons. First and foremost, the ability to establish direct connections with end-users and healthcare facilities empowers manufacturers to better understand their customers' unique needs and preferences. This insight enables the development of tailored solutions that can meet specific demands, thus enhancing customer satisfaction. Furthermore, the elimination of intermediaries in the sales channel can result in cost efficiencies, allowing for competitive pricing and increased profit margins. Additionally, direct sales facilitate faster response times, efficient after-sales support, and seamless communication, which are critical factors in the healthcare industry. As the global demand for liquid oxygen devices continues to grow, the direct sales model offers a strategic advantage for businesses looking to capture a larger share of the market and deliver superior service to healthcare providers and patients.

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Based on end use, the homecare segment emerged as the dominant revenue contributor. This can be attributed to the growing inclination towards healthcare services provided in the comfort of one's residence, driven by patient preferences, cost efficiencies, and advancements in medical technology. Liquid oxygen devices have played a pivotal role in facilitating home-based oxygen therapy, reducing the necessity for frequent hospital visits. Notably, portable liquid oxygen devices offer patients greater mobility, enabling them to engage in their daily routines while receiving prescribed oxygen therapy. The significance of home-based care was underscored during the pandemic, as it minimizes the risk of exposure in healthcare settings, expediting the adoption of homecare solutions like liquid oxygen devices for patients in need of oxygen therapy.

Conversely, the outpatient facilities segment is projected to exhibit the most rapid CAGR throughout the forecast period. Liquid oxygen devices are instrumental in delivering oxygen therapy to individuals with conditions such as COPD, asthma, and interstitial lung diseases. Integrating these devices into outpatient settings ensures a smooth transition of care for patients requiring ongoing oxygen therapy, covering their needs from acute care to recovery and long-term management. This approach allows patients to receive oxygen therapy without the need for hospitalization, particularly benefiting those who do not require intensive inpatient care but still depend on oxygen support. Moreover, outpatient facilities equipped with liquid oxygen devices can prevent avoidable hospital admissions, alleviating the burden on hospitals and ensuring that beds remain available for more critical cases.

Major companies operating in Global Liquid Oxygen Devices Market are:

• CAIRE Inc
• Cryofab Inc
• Koninklijke Philips NV
• Air Liquide SA
• Inogen Inc

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“The global liquid oxygen devices market is on the brink of exciting developments driven by technological advancements, changing healthcare paradigms, and a commitment to sustainability. As the market evolves, it offers both opportunities and challenges for manufacturers, healthcare providers, and patients. The trends mentioned in this article demonstrate the industry's dedication to improving the lives of those who rely on liquid oxygen devices, promising a future where oxygen therapy is more accessible, effective, and tailored to individual needs,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Global Liquid Oxygen Devices Market By Distribution Channel (Direct Sales, Indirect Sales), By End Use (Hospitals, Outpatient Facilities, Homecare, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Liquid Oxygen Devices 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 Global Liquid Oxygen Devices Market.

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