Oxygen Market Growth Rate Reaches Almost 15% With Large Industrial And Medical Use
TBRC's oxygen market research expands on growth segments, trends, opportunities and more in the oxygen industry.
LONDON, June 7, 2022 /PRNewswire/ -- The oxygen market consists of the sales of oxygen by entities (organizations, sole traders or partnerships) that manufacture oxygen gas in compressed, liquid, and solid forms. Oxygen is used as medical oxygen for respiration, as industrial gas in different industries, and is also used in oxy-acetylene torches.
The global oxygen market size is expected to grow from $30.24 billion in 2021 to $34.63 billion in 2022 at a compound annual growth rate (CAGR) of 14.5%. The global oxygen market size is expected to grow to $57.55 billion in 2026 at a CAGR of 13.5%.
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Oxygen Market Overview
The oxygen market is segmented by product type into medical oxygen, industrial oxygen, other product types.
The medical oxygen market consists of sales of medical oxygen by entities that manufacture oxygen for medical purposes. Medical oxygen is used to provide life support for artificially ventilated patients, to aid cardiovascular stability, as part of all modern anesthetic techniques and similar other medical necessities. The oxygen therapy market and oxygen concentrators market segments were boosted during the peak of the pandemic.
The industrial oxygen market consists of sales of industrial oxygen by entities that manufacture oxygen for industrial purposes. Industrial oxygen is used in multiple industries such as steel mills, automobile manufacturing, cosmetics, pharmaceuticals and other industries. The industrial oxygen market was the largest segment of the oxygen market by product type, accounting for 70.4% of the total market in 2021.
Oxygen manufactures are focusing on the shift from aluminium cylinders to oxygen concentrators. Oxygen concentrators filter air in a room to generate medical oxygen, while cylinders rely on a limited supply of oxygen.
Overall, the shift toward costlier portable concentrators in place of stationary models and oxygen cylinders is set to generate growth in the market, with the total market looking to grow in the mid-single digits in the future. As most oxygen therapy clients are covered by some form of insurance policy, including a vast majority of them under covering Medicare, it is the federal government plan in the U.S. for paying certain hospital and medical expenses for elderly persons qualifying under the plan, the influence Medicare and insurance companies have over the market is significant.
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