The global packaged oxygen market is evaluated at US$1,242.81 billion for the year 2020, growing at a CAGR of 4.62% reaching a market size of US$1,704.86 billion by the year 2027.
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 several industrial activities as well. Oxygen is a non-metallic, odourless gas essential for all 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 for 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.
The demand for packaged oxygen witnessed a significant level of dynamism in almost all industries 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 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 and industrial oxygen. Based on applications, the segmentation of the market has been done into healthcare, pharmaceuticals, mineral processing, and others. Furthermore, based on geography, the global market is distributed in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The medical oxygen segment is expected to witness a 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 of the disease increased rapidly during the initial months of 2020 when the disease claimed about 1.8 million lives globally and affected about 83 million individuals. The hospitals across the world nearly ran on lesser bed 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 afflicted 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.
The 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 racked millions worldwide. The disease affects the respiratory organs initially, which makes it difficult for the patients to breathe, due to which packaged oxygen was referred. When the cases of the disease started reaching new heights every day, patients were allowed to quarantine themselves at their homes and were given medical consultations remotely. To prevent them from breathing the polluted air, which would adversely alter the medical condition of the patient, they were referred to packaged oxygen which is much safer.
Boost Oxygen offered by the company Boost Oxygen, LLC is a portable 95 percent pure supplementary oxygen for all-natural respiratory support, as the name implies. There is no requirement for a prescription. Athletes use it for recuperation, older folks use it to maintain an active lifestyle, people at high elevations use it for altitude adaptation, and those who live in bad air quality use it. Boost gives you roughly 5 times the amount of pure oxygen you regularly get. Boost Oxygen allows you to get supplemental oxygen quickly and easily. Bottled oxygen comes in several sizes, including 3 litres in a pocket, 5 litres in a medium-size, and 10 litres in a large capacity.
The advent of COVID-19 had a 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 of the disease at a global level, with total cases reaching about 81 million. The disease has claimed about 1million lives, according to the data from 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 the 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 imposed in several countries across the globe. An ample number of industries were shut down during the initial months of the year, wherein the demand for packaged oxygen dipped.
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 have been covered along with their relative competitive strategies. 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.
Frequently Asked Questions (FAQs)
Q1. What is the size of the global packaged oxygen market?
A1. Packaged Oxygen Market was valued at US$1,242.81 billion in 2020.
Q2. What will be the packaged oxygen market size by 2027?
A2. The global packaged oxygen market is expected to reach a market size of US$1,704.86 billion by 2027.
Q3. What are the growth prospects for the packaged oxygen market?
A3. The packaged oxygen market is expected to grow at a CAGR of 4.62% over the forecast period.
Q4. What factors are anticipated to drive the packaged oxygen market growth?
A4. With the increasing need for oxygen for various industrial purposes, the demand for packaged oxygen has increased over the years.
Q5. How is the global packaged oxygen market segmented?
A5. The packaged oxygen market has been segmented by oxygen type, end-user, and geography.
Leeden National Oxygen Ltd.
The Linde Group
Gupta Oxygen Pvt Ltd.
Oxygen Plus. Inc.
Boost Oxygen, LLC
Wild Goose Filling
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