Overview and Scope
Liquid oxygen devices refer to medical equipment used for delivering oxygen therapy to patients. Liquid oxygen is a highly concentrated form of oxygen that is stored at very low temperatures (-183°C or -297°F) and is commonly used in medical settings due to its high purity and efficiency in delivering oxygen to patients with respiratory conditions.
Sizing and Forecast
The liquid oxygen devices market size has grown strongly in recent years. It will grow from $5.65 billion in 2023 to $6.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to the rising incidence of respiratory disorders, the growing aging population, increased healthcare spending globally, the shift towards home-based care, favorable government initiatives and regulatory policies, and growing awareness and education.
The liquid oxygen devices market size is expected to see strong growth in the next few years. It will grow to $8.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to the increasing preference for portable oxygen concentrators over traditional oxygen tanks, increasing healthcare infrastructure, expanding applications in non-medical settings, growing emphasis on home-based care and telemedicine, and increasing awareness of environmental sustainability. Major trends in the forecast period include miniaturization and portability of liquid oxygen devices to enhance mobility and convenience for users, integration of Internet of Things (IoT) technology and digital health platform, development of advanced battery technology, introduction of smart oxygen delivery systems, and development of customizable liquid oxygen devices.
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Segmentation & Regional Insights
The liquid oxygen devices market covered in this report is segmented –
1) By Tank Type: Vertical Storage Tanks, Horizontal Storage Tanks
2) By Distribution Channel: Direct Sales, Indirect Sales
3) By End-User: Hospitals, Outpatient Facilities, Home Care, Other End-Users
North America was the largest region in the liquid oxygen devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the liquid oxygen devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing incidence of respiratory disorders is expected to propel the growth of the liquid oxygen device market going forward. Respiratory disorders refer to a range of medical conditions affecting the respiratory system, which includes the lungs, airways, and other structures involved in breathing. The increasing number of respiratory disorders are caused by air pollution, tobacco smoke exposure, occupational hazards, genetic predisposition, and lifestyle choices. Liquid oxygen devices provide crucial respiratory support for individuals with respiratory disorders, facilitating easier breathing and improving quality of life, while also offering healthcare providers a reliable means to administer oxygen therapy and monitor patients’ respiratory health. For instance, in 2021, according to the National Centre for Environmental Health, a US-based health agency, overall, about 25 million (7.7% of the U.S. population) had asthma in 2021, an increase from 20.3 million, or 7.4% compared to the previous decade. Additionally, in June 2023, according to the American Lungs Association, a US-based health agency, about 15.6 million adults (6.4 percent) reported ever being diagnosed with COPD in 2021. Therefore, an increasing incidence of respiratory disorders is driving the liquid oxygen device market.
<h4 class=reporthtag>Government-Led Healthcare Research and Development Initiatives A Boost for Liquid Oxygen Devices</h4>
Government initiatives for research and development in healthcare are expected to propel the growth of the growth of the liquid oxygen devices market going forward. Government initiatives refer to specific actions, programs, policies, or projects undertaken by government authorities at various levels (local, regional, national, or international) to address specific issues, achieve certain goals, or create positive changes in society. Several government authorities are initiating various healthcare initiatives to support various aspects including liquid oxygen devices. For instance, in 2022, according to the Department of Health and Social Care, a UK-based government authority, the UK government announced £260 million (US $270.65) million in funding to boost healthcare research and manufacturing. This was committed by BEIS and DHSC to support NHS-led health research into diagnostics and treatment through new privacy-preserving platforms and clinical research services, and £60 million (US $63.60 million) to help expand life sciences manufacturing in the UK. Therefore, Government initiatives for research and development in healthcare drive the liquid oxygen devices market.
Key Industry Players
Major companies operating in the liquid oxygen devices market are Air Liquide S.A., Linde plc, Teijin Limited, NTK Oxygen Electronics Co. Ltd., Chart Industries Inc., Invacare Corporation, Cryoquip LLC, ErgoMed Inc., CAIRE Inc., Taylor-Wharton International LLC, DeVilbiss Healthcare, VRV S.p.A., Eleet Cryogenics Inc., FIBA Technologies Inc., Inova Labs, OxyGo LLC, Cryofab Inc., O2 CONCEPTS LLC, PCI Gases, HVM Medical Inc., Oxygen Plus Inc., Oxygen Solutions Inc., Besco Medical Co. Ltd., Nidek Medical, INOXCVA
The liquid oxygen devices market report table of contents includes:
1. Executive Summary
2. Liquid Oxygen Devices Market Characteristics
3. Liquid Oxygen Devices Market Trends And Strategies
4. Liquid Oxygen Devices Market – Macro Economic Scenario
5. Global Liquid Oxygen Devices Market Size and Growth
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32. Global Liquid Oxygen Devices Market Competitive Benchmarking
33. Global Liquid Oxygen Devices Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Liquid Oxygen Devices Market
35. Liquid Oxygen Devices Market Future Outlook and Potential Analysis
36. Appendix
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