Packaged oxygen refers to the packaging of oxygen compressed in liquid, gas or solid form. Though the market was initially driven by its applications in the healthcare sector, packaged oxygen has found its applications in a number of industrial activities as well. Oxygen is a non-metallic, odourless gas important for all of the living organisms and is an integral part of the ecosystem and is also widely used for industrial, medical and scientific purposes. With the increasing need of oxygen for various industrial purposes, the demand for packaged oxygen has increased over the years. Moreover, with air pollution becoming an alarming concern, there has been noted a significant increase in the number of people opting for packaged oxygen for homecare purposes as well.
The demand for packaged oxygen witnessed a significant level of dynamism in almost all the industries that were using it. The market witnessed a growth owing to the increasing demand in the healthcare sector with a noticeable number of respiratory cases being reported with COPD, Asthma Acute lower respiratory tract infection, Tuberculosis and lung cancer being the big five according to a report by the World Health Organization (WHO)furthermore, the growth is also fuelled by rising air pollution levels at an alarming rate.
The advent of COVID-19 had diverse impact on the market of packaged oxygen with the demand increasing in the healthcare sector owing to the rapid increase in the number of cases from the disease at a global level with total cases reaching about 81 Million and the disease have claimed about 1. Million lives according to the data of World Health Organization (WHO). The demand for packaged oxygen witnessed a rapid increase in the sector as the patients recovering started experiencing respiratory issues afterwards. Furthermore, a significant level of adverse impact of the pandemic was witnessed by other end user industries of packaged oxygen. The massive dip in the market for other industries using packaged oxygen was because of the lockdown that was imposed in several countries across the globe. Ample number of industries were shutdown during the initial months of the year wherein the demand for packaged oxygen dipped.
The segmentation of the packaged oxygen market has been done into oxygen type, applications and geography. By oxygen type, the classification of the market has been done into medical oxygen, industrial oxygen. On the basis of applications, the segmentation of the market has been done into healthcare, pharmaceuticals, mineral processing and others. Furthermore, on the basis of geography, the global market has been distributed as North America, South America, Europe, Middle East and Africa, and the Asia Pacific.
Medical oxygen segment is expected to witness significant CAGR
The market for medical oxygen is expected to witness a significant CAGR during the forecast period owing to the COVID-19 pandemic. The number of cases from the disease increased at a rapid pace during the initial months of 2020 when the disease claimed about 1.8 Million lives globally and effected about 83 Million individuals. The hospitals across the world nearly ran on lesser beds availability and insufficient medical supplies during the first 4-5 months initially after which different facilities to treat the patients started operating as well. As the disease initially effected the respiratory organs, the demand for medically packaged oxygen went up. Even after recovering from the disease, there was a significant number of patients who reported breathing problems. The demand for medical oxygen, thus, witnessed a significant rise.
Healthcare sector is expected to grow at a significant pace during the forecast period
The demand for packaged oxygen witnessed a steep rise in the healthcare sector owing to the COVID-19 pandemic which effected millions around the world. The disease effects the respiratory organs initially which makes it difficult for the patients to breath due to which packaged oxygen was referred. When the cases from the disease started reaching new heights every day, patients were allowed to quarantine themselves at their homes and were given medical consultation remotely. To avoid them from breathing the polluted air, which would adversely effect the medical condition of the patient, they were referred packaged oxygen which is much safer.
The players in the global packaged oxygen market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.