Medical Oxygen Market Report 2024 (Global Edition)

Global Medical Oxygen Market Report 2024 Market Size Split by Form (Liquid Oxygen , Compressed , Oxygen Concentrators , Others), by Application (COPD , Bronchopulmonary , Lung Disorder , Heart F...

Medical Oxygen Market Report Description

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Competitive Landscape of the Medical Oxygen Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge reagents, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Medical Oxygen industry news

In February 2024, Intel announced the official launch of Altera, its new standalone FPGA company. During the FPGA Vision Webcast, Chief Executive Officer Sandra Rivera and Chief Operating Officer Shannon Poulin unveiled their strategy to secure leadership across a $55 billion-plus market opportunity, expand the company's portfolio, including the only FPGA with A.I. built into the fabric, and help solve mounting customer challenges. They also announced Altera as the new company's brand.

(Source:  https://precisionmedical.com/supplements-and-home-remedies-to-help-relieve-sinus-infections/)

In January 2024, With the GA F.L.X., Atlas Copco introduced an entirely new rotary screw compressor type: the dual-speed compressor. It operates at two speeds, one for maximum capacity and a minimum speed, to reduce energy consumption during unloading. As a result, it is up to 20% more efficient than a traditional fixed-speed compressor.

(Source: https://www.atlascopco.com/en-in/compressors/air-compressor-blog/dual-speed-technolog/)

Top Companies Market Share in Medical Oxygen Industry: (In no particular order of Rank)

• Koninklijke Philips N.V
• Inogen
• B.O.C. Healthcare
• Precision Medical
• Luxfer Group
• Cryofab
• Responsive Respiratory
• Atlas Copco
• G.C.E. group
• High Vacuum Maintenance (H.V.M.) S.R.L. 
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Medical Oxygen

Which Region will dominate the Medical Oxygen Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The region's leading position can be attributed to several factors, including the well-established healthcare infrastructure, high prevalence of respiratory diseases, significant healthcare expenditure, and advanced technology adoption. Moreover, stringent regulatory standards and robust healthcare systems in countries like the United States and Canada contribute to ensuring the quality and safety of medical oxygen products and services.

Which Region is Expanding at the Fastest CAGR?

The Asia Pacific region is witnessing an increase in COPD, contributing to increased demand for medical oxygen. Factors such as rapid urbanization, aging populations, air pollution, and smoking prevalence are driving the prevalence of COPD across the region. COPD is a progressive respiratory condition characterized by airflow limitation and breathing difficulties, necessitating oxygen therapy for symptom management and improved quality of life.

The current report Scope analyzes Medical Oxygen Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Medical Oxygen Market

According to Cognitive Market Research, the global Medical Oxygen Market size was estimated at USD 3154.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 1261.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. In North America, Liquid oxygen emerged as the dominant segment in the medical oxygen market over the forecast period, holding the major market share. Liquid oxygen is favored for its high oxygen concentration and efficient storage and delivery capabilities. It is suitable for patients requiring high-flow oxygen therapy and healthcare facilities with high-demand requirements. The segment's dominance can be attributed to its advantages in terms of reliability, continuous supply, and convenience, particularly in critical care settings.

• According to Cognitive Market Research, the U.S. had a major share in the Medical Oxygen Market with a market size of USD 995.47 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period. The country has a well-developed healthcare infrastructure with a high prevalence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD), asthma, and pneumonia, which necessitate the use of medical oxygen therapy. 
• The Canada Medical Oxygen Market had a market share of USD 151.40 million in 2024 and is projected to grow at a CAGR of 6.2% during the forecast period. As the population ages, the prevalence of respiratory conditions such as chronic obstructive pulmonary disease (COPD) and asthma is expected to increase, driving the demand for medical oxygen.
• The Mexico Medical Oxygen Market is projected to grow at a CAGR of 5.9% during the forecast period, reaching a market size of USD 114.81 million in 2024.

Europe Medical Oxygen Market

According to Cognitive Market Research, with a market value of USD 3154.2 million in 2024, it is projected to expand at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 946.26 million. In Europe, Liquid oxygen emerged as the dominant segment in the medical oxygen market over the forecast period, holding the major market share. Liquid oxygen is favored for its high oxygen concentration and efficient storage and delivery capabilities. It is suitable for patients requiring high-flow oxygen therapy and healthcare facilities with high-demand requirements. The segment's dominance can be attributed to its advantages in terms of reliability, continuous supply, and convenience, particularly in critical care settings.

• The United Kingdom Medical Oxygen Market had a market share of USD 158.97 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. U.K.The UK's aging population is more susceptible to respiratory conditions such as chronic obstructive pulmonary disease (COPD), asthma, and pneumonia.
• The French medical Oxygen Market is projected to witness growth at a CAGR of 4.9% during the forecast period, with a market size of USD 87.06 million in 2024.
• According to Cognitive Market Research, the Germany Medical Oxygen Market was valued at USD 187.36 million in 2024 and is projected to grow at a CAGR of 5.9% during the forecast period. Germany's aging population is prone to respiratory diseases and conditions necessitating medical oxygen therapy.
• The Italy Medical Oxygen Market is projected to witness growth at a CAGR of 5.1% during the forecast period, with a market size of USD 81.38 million in 2024.
• The Russia Medical Oxygen Market is projected to grow at a CAGR of 4.7% during the forecast period, reaching a market size of USD 146.67 million in 2024.
• The Spanish medical oxygen market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 77.59 million in 2024.
• The Luxembourg Medical Oxygen Market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 29.33 million in 2024.
• The Portugal Medical Oxygen Market is projected to grow at a CAGR of 5.5% during the forecast period, reaching a market size of USD 19.87 million in 2024.
• The Greece Medical Oxygen Market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 11.36 million in 2024.
• The Rest of Europe's Medical Oxygen Market is projected to grow at a CAGR of 4.4% during the forecast period, reaching a market size of USD 146.67 million in 2024.

Asia Pacific Medical Oxygen Market

According to Cognitive Market Research, the global Medical Oxygen Market size was estimated at USD 3154.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 725.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031. The Asia Pacific region is experiencing growth in COPD. COPD is a prevalent respiratory condition characterized by airflow limitation and breathing difficulties, necessitating long-term oxygen therapy for many patients. As COPD continues to be a leading cause of morbidity and mortality worldwide, the demand for medical oxygen therapy remains high. Healthcare providers prioritize COPD management through oxygen therapy to alleviate symptoms, improve quality of life, and reduce the risk of exacerbations. Given the significant burden of COPD on healthcare systems globally, the condition's prominent market share underscores the importance of oxygen therapy in addressing the respiratory care needs of COPD patients. It highlights the COPD segment's pivotal role in driving growth in the medical oxygen market.

• According to Cognitive Market Research, the China Medical Oxygen Market was valued at USD 326.46 million in 2024 and is projected to grow at a CAGR of 8.7% during the forecast period. China's large and aging population is prone to respiratory diseases and conditions that require medical oxygen therapy.
• The Japan Medical Oxygen Market is projected to grow at a CAGR of 7.7% during the forecast period, reaching a market size of USD 100.11 million in 2024.
• The India Medical Oxygen Market had a market share of USD 87.06 million in 2024 and is projected to grow at a CAGR of 11.0% during the forecast period. The increasing awareness of respiratory health and the growing prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and pneumonia drive the demand for medical oxygen in India.
• The South Korea Medical Oxygen Market is projected to witness growth at a CAGR of 8.3% during the forecast period, with a market size of USD 72.55 million in 2024.
• The Australian medical Oxygen Market is projected to grow at a CAGR of 8.9% during the forecast period, reaching a market size of USD 37.72 million in 2024.
• The South East Asia Medical Oxygen Market is projected to witness growth at a CAGR of 10.2% during the forecast period, with a market size of USD 50.06 million in 2024.
• The Rest of the Asia Pacific Medical Oxygen Market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 51.51 million in 2024.

South America Medical Oxygen Market

According to Cognitive Market Research, the global Medical Oxygen Market size was estimated at USD 3154.2 Million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD 157.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031. COPD in Latin America is experiencing growth. COPD is a prevalent respiratory condition characterized by airflow limitation and breathing difficulties, necessitating long-term oxygen therapy for many patients. As COPD continues to be a leading cause of morbidity and mortality worldwide, the demand for medical oxygen therapy remains high. Healthcare providers prioritize COPD management through oxygen therapy to alleviate symptoms, improve quality of life, and reduce the risk of exacerbations. Given the significant burden of COPD on healthcare systems globally, the condition's prominent market share underscores the importance of oxygen therapy in addressing the respiratory care needs of COPD patients. It highlights the COPD segment's pivotal role in driving growth in the medical oxygen market.

• According to Cognitive Market Research, the Brazil Medical Oxygen Market size was valued at USD 67.50 million in 2024 and is projected to grow at a CAGR of 7.2% during the forecast period. Brazil has a significant population and a high prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and pneumonia.
• The Argentina Medical Oxygen Market had a market share of USD 26.50 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. The increasing incidence of these respiratory conditions drives the demand for medical oxygen therapy in Argentina.
• The Colombia Medical Oxygen Market is projected to witness growth at a CAGR of 6.4% during the forecast period, with a market size of USD 14.04 million in 2024.
• The Peru Medical Oxygen Market is projected to grow at a CAGR of 6.8% during the forecast period, reaching a market size of USD 12.93 million in 2024.
• The Chile Medical Oxygen Market is projected to grow at a CAGR of 6.9% during the forecast period, reaching a market size of USD 11.36 million in 2024.
• The Rest of Latin America's Medical Oxygen Market is projected to grow at a CAGR of 5.7% during the forecast period, reaching a market size of USD 25.39 million in 2024.

 

Middle East and Africa Medical Oxygen Market

According to Cognitive Market Research, the global Medical Oxygen Market size was estimated at USD 3154.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 63.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031. Hospitals maintain a prominent market share in the medical oxygen segment. As primary providers of acute and critical care services, hospitals require a consistent and reliable supply of medical oxygen to support patients with respiratory conditions, emergencies, surgical procedures, and intensive care needs. The demand for medical oxygen in hospitals is driven by the high volume of patients requiring oxygen therapy across various departments, including emergency rooms, intensive care units, operating rooms, and general wards.

• According to Cognitive Market Research, the G.C.C. Countries Medical Oxygen Market size was valued at USD 27.00 million in 2024 and is projected to grow at a CAGR of 7.7% during the forecast period. G.C.C.'s healthcare system has been evolving, with investments in healthcare infrastructure and initiatives to improve access to medical services.
• The Egypt Medical Oxygen Market is projected to grow at a CAGR of 7.2% during the forecast period, reaching a market size of USD 6.62 million in 2024.
• The South Africa Medical Oxygen Market is projected to witness growth at a CAGR of 7.9% during the forecast period, with a market size of USD 9.97 million in 2024. South Africa's healthcare system has been evolving, with investments in healthcare infrastructure and initiatives to improve access to medical services.
• The Turkey Medical Oxygen Market is projected to grow at a CAGR of 6.4% during the forecast period, reaching a market size of USD 5.43 million in 2024.
• The Nigeria Medical Oxygen Market is projected to grow at a CAGR of 6.0% during the forecast period, reaching a market size of USD 6.62 million in 2024.
• The Rest of M.E.A.the  Medical Oxygen Market is projected to grow at a CAGR of 5.9% during the forecast period, reaching a market size of USD 7.44 million in 2024.

Medical Oxygen Market Analysis

Medical Oxygen Form Segment Analysis

According to Cognitive Market Research, Liquid Oxygen held the major market share over the forecast period. Liquid oxygen is favored for its high oxygen concentration and efficient storage and delivery capabilities. It is suitable for patients requiring high-flow oxygen therapy and healthcare facilities with high-demand requirements. The segment's dominance can be attributed to its advantages in terms of reliability, continuous supply, and convenience, particularly in critical care settings.

Compressed oxygen cylinders are the fastest-growing category over the forecast period. This growth can be attributed to several factors, including their versatility, cost-effectiveness, and ease of storage and transportation. Compressed oxygen cylinders offer a convenient and portable solution for delivering oxygen therapy to patients in various healthcare settings, including hospitals, clinics, and home care environments.

• Liquid Oxygen 
• Compressed 
• Oxygen Concentrators 
• Others

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Medical Oxygen Industry. Request a Free Sample PDF!

Medical Oxygen Application Segment Analysis

According to Cognitive Market Research, COPD holds a prominent market share. COPD is a prevalent respiratory condition characterized by airflow limitation and breathing difficulties, necessitating long-term oxygen therapy for many patients. As COPD continues to be a leading cause of morbidity and mortality worldwide, the demand for medical oxygen therapy remains high. Healthcare providers prioritize COPD management through oxygen therapy to alleviate symptoms, improve quality of life, and reduce the risk of exacerbations.

Lung Disorders are the fastest-growing category over the forecast period. With an increasing prevalence of respiratory conditions globally, including asthma, pneumonia, and interstitial lung diseases, the demand for oxygen therapy to manage these disorders is on the rise. Lung disorders encompass a wide range of conditions that affect lung function and oxygenation, necessitating oxygen therapy to support patients' respiratory needs.

• COPD 
• Bronchopulmonary 
• Lung Disorder 
• Heart Failure 
• Asthma 
• Cystic Fibrosis 
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Medical Oxygen End-User Segment Analysis

According to Cognitive Market Research, Hospitals hold a prominent market share. As primary providers of acute and critical care services, hospitals require a consistent and reliable supply of medical oxygen to support patients with respiratory conditions, emergencies, surgical procedures, and intensive care needs. The demand for medical oxygen in hospitals is driven by the high volume of patients requiring oxygen therapy across various departments, including emergency rooms, intensive care units, operating rooms, and general wards.

Emergency Medical Centers are the fastest-growing category over the forecast period. With an increasing emphasis on emergency preparedness and response, coupled with rising demand for immediate medical attention in critical situations, the need for medical oxygen in emergency medical centers is on the rise. These centers serve as vital hubs for providing urgent medical care to patients experiencing acute respiratory distress, cardiac emergencies, trauma injuries, and other life-threatening conditions.

• Hospitals 
• Ambulatory Centres 
• Emergency Medical Centres 
• Homecare

Medical Oxygen Purity Segment Analysis

According to Cognitive Market Research, 96% to 99.5%  holds a prominent market share, driven by its critical role in various healthcare applications. This concentration range is particularly valued for its high purity, making it suitable for specialized medical procedures, respiratory therapy, and critical care settings where precise oxygen delivery is essential. Healthcare providers rely on oxygen concentrations within this range for conditions requiring elevated oxygen levels, such as hyperbaric oxygen therapy, neonatal care, and certain respiratory conditions.

The 93% to 96% oxygen concentration range emerges as the fastest-growing category in the medical oxygen market over the forecast period. This concentration range is particularly crucial for patients requiring precise oxygen therapy dosing, such as those with respiratory conditions like COPD or acute respiratory distress syndrome (ARDS). The demand for oxygen concentrations within this range is driven by the need for tailored oxygen therapy to optimize patient outcomes while minimizing the risk of hyperoxia or hypoxia.

• 96% to 99.5% 
• 93% to 96%

Medical Oxygen Delivery Segment Analysis

According to Cognitive Market Research, Aerial Diffusion holds a prominent market share, driven by its effectiveness in delivering oxygen therapy to patients in various healthcare settings. Aerial diffusion systems, such as oxygen masks and nasal cannulas, are widely utilized for their ability to deliver oxygen to patients through inhalation efficiently. These devices offer flexibility, ease of use, and patient comfort, making them the preferred choice for oxygen therapy in hospitals, clinics, emergency rooms, and home care settings. Moreover, advancements in aerial diffusion technology have led to the development of innovative oxygen delivery devices, further enhancing their effectiveness and performance.

Direct Inhalation is the fastest-growing category over the forecast period. This growth is driven by the increasing recognition of the efficiency and effectiveness of direct inhalation methods for delivering oxygen therapy to patients. Direct inhalation devices, such as oxygen masks and nasal cannulas, offer a direct route for oxygen delivery to the lungs, ensuring rapid absorption and optimal oxygenation levels in patients with respiratory conditions. Moreover, advancements in direct inhalation technology, including improved designs and materials, enhance patient comfort, compliance, and therapeutic outcomes.

• Aerial Diffusion 
• Direct Inhalation 
• Others

Medical Oxygen Modality Segment Analysis

According to Cognitive Market Research, Portable Medical Oxygen Systems hold a prominent market share, driven by their versatility, convenience, and increasing demand for mobile healthcare solutions. These systems allow patients to receive oxygen therapy outside traditional healthcare settings, such as in their homes, during travel, or while engaging in daily activities. Portable oxygen concentrators, cylinders, and liquid oxygen systems offer reliable oxygen delivery, allowing patients with respiratory conditions to maintain their mobility and independence.

Standalone Medical Oxygen Systems is the fastest-growing category over the forecast period. This growth is driven by the increasing demand for standalone oxygen solutions that do not rely on centralized oxygen supply systems or infrastructure. Standalone systems provide healthcare facilities, clinics, and home care settings with flexibility, autonomy, and redundancy in oxygen supply, ensuring continuous access to oxygen therapy even in the event of power outages or system failures.

• Portable Medical Oxygen Systems 
• Standalone Medical Oxygen Systems 
• Market Split by Technology 
• Continuous Flow 
• Pulse Dose

Author's Detail

Manoj Phagare

Senior Research Analyst at Cognitive Market Research

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• Worked on several market, industry & business research projects, on various models such as Syndicated, Custom, Subscriptions and Consults
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