Oxygen Global Market Report 2024

The oxygen market size has grown rapidly in recent years. It will grow from $39.28 billion in 2023 to $44.3 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The historical period's growth can be attributed to robust economic expansion in emerging markets, an upswing in industrialization, heightened demand for medical oxygen prompted by the COVID-19 pandemic, a growing emphasis on home healthcare, and an increased demand from the aerospace industry.

The oxygen market size is expected to see rapid growth in the next few years. It will grow to $70.65 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The anticipated growth in the forecast period is linked to a surge in government support, a rising aging population, escalating air pollution levels, and an increased demand for oxygen within the healthcare industry. Notable trends expected during this period include the introduction of IoT (Internet of Things)-enabled medical oxygen plants, a boost in investments, advancements in oxygen generators, the emergence of high-flow nasal therapy, the launch of air separation plants, and a strategic shift towards portable oxygen concentrators.

The growing prevalence of respiratory diseases has significantly contributed to the expansion of the global oxygen market, driven by the increased use of oxygen for medical purposes. Conditions such as Chronic Obstructive Pulmonary Disease (COPD), more commonly found in the elderly population, necessitate the use of oxygen concentrators. COPD, characterized by long-term breathing difficulties, requires devices such as oxygen concentrators to enhance oxygen levels in patients' blood, addressing their respiratory issues. The World Health Organization (WHO) predicts a tripling of the number of individuals aged 80 years or older by 2050, reaching 426 million. This rise in cases has stimulated the demand for portable oxygen concentrators, thus fueling the growth of the oxygen market.

The surge in daily exposure to environmental pollution is expected to drive the oxygen market's growth in the foreseeable future. Environmental pollution involves the introduction of harmful substances into the natural environment, adversely affecting living organisms, ecosystems, and overall environmental quality. Increased oxygen exposure is crucial in mitigating the adverse effects of environmental pollution by supporting the body's antioxidant mechanisms, improving lung function, and reducing greenhouse gas emissions. For instance, according to Our World in Data, an air pollution-related scientific publication based in the UK, air pollution is responsible for millions of deaths annually and contributes to 11.65% of global deaths, as of January 2021. Hence, the rise in daily exposure to environmental pollution is a key driver behind the growth of the oxygen market.

Companies within the market are innovatively exploring the utilization of oxygen in various sectors, including medical and chemical industries. The increasing demand from patients across healthcare services serves as a catalyst for companies to devise new and innovative methods to enhance oxygen delivery. To address the need for improved oxygen delivery and monitoring of oxygen dosage in respiratory care facilities, Camcon Medical has introduced Binary Actuation Technology (BAT). BAT is a groundbreaking solution that ensures precise dosage, reduces wastage, and offers cost-effective solutions for patients requiring oxygen therapy. Through such innovative approaches, entities in the oxygen market can enhance the economic benefits of their products.

Key players in the oxygen market are prioritizing product advancements, such as Internet of Things (IoT)-enabled medical oxygen plants, to enhance control and extend access to patients. An IoT-enabled medical oxygen plant is an advanced healthcare facility that produces and manages medical-grade oxygen using IoT technology. For example, in November 2022, OXY AID, an India-based manufacturer of oxygen therapy equipment, introduced India's first IoT-enabled medical oxygen plant on wheels. This innovative plant generates and refills oxygen cylinders, ensuring availability. The mobile medical oxygen plant facilitates last-mile delivery and availability of medical oxygen in rural areas, offering a more efficient alternative to traditional cylinders. Equipped with IoT technology, the plant enables remote monitoring and control.

In August 2021, Linde, an Ireland-based chemical company, acquired HPS Gases for INR 27.5 crores. This strategic acquisition of HPS Gases is expected to bolster Linde's position and contribute to its organizational growth. HPS Gases, based in India, is a manufacturer of industrial gases.

Major companies operating in the oxygen market report are Air Liquide, The Linde Group, Mitsubishi Chemical Holdings Corporation, Air Products and Chemicals Inc., Yingde Gases, The BOC Group PLC, Air Water Inc., Messer Group GmbH, Iwatani International Corporation, Guangdong Huate Gas Co., Ltd., ResMed, Nidek Medical industries, Praxair Inc., Core Industrial Gases, Taiyo Nippon Sanso, AMCS Corporation, Flogas Britain Ltd., NGK Spark Plug Co, Ltd., WIKA Alexander Wiegand SE & Co. KG, SOL SpA, Supagas, GRASYS, Invacare corporation, Inogen Inc., Drive deviibiss industries, Oxair, SAID Group, Matheson Tri-Gas, Messer Gases del Peru S.A., BOC Healthcare, Gulf Cryo, Buzwair, Gas Africa, Afrox.

Asia-Pacific was the largest region in the oxygen market in 2023. North America was the second-largest region in the global oxygen market. The regions covered in the oxygen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oxygen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The primary categories of oxygen products encompass medical oxygen, industrial oxygen, and other variations. Medical oxygen, characterized by high purity, is specifically designed for medical treatments and human body use. Cylinders containing medical oxygen strictly maintain high purity, prohibiting the inclusion of any other gases to prevent contamination. The applications of oxygen span across various industries such as cosmetics, pharmaceuticals, automobiles, mining, and mineral processing. It plays a crucial role in the metallurgical industry, chemical industry, healthcare sector, and other diverse applications.

The oxygen market research report is one of a series of new reports that provides oxygen market statistics, including oxygen industry global market size, regional shares, competitors with an oxygen market share, detailed oxygen market segments, market trends and opportunities, and any further data you may need to thrive in the oxygen industry. This oxygen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The oxygen market consists of the sales of oxygen in cylinders, spray cans, and containers used as a catalyst. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.