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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