Medical oxygen is used for oxygen therapy and in hospitals. The context of the China-US trade war and COVID-19 epidemic, have a big influence on the medical oxygen market. Gas companies are likely to make a profit margin of 45% to 85% on medical oxygen. Even though almost all governments have capped the prices of this life-saving equipment, it failed to bring in much relief to patients. Companies, distributors, and hospitals continue to earn hefty profits on medical devices, which many times cost unnecessary deaths. Many hospitals have also flouted rules on price caps by overcharging for personal protective equipment kits, treatment in intensive care units and hospital rooms, among others. The research report titled Global Medical Oxygen Concentrators Market Overview, 2020-26 by Actual Market Research categorizes the market to forecast the revenues and analyze the trends in each of the following segments: based on product type, based on technology, based on end users, based on region, countries & major companies.
Even though there is enough oxygen in the atmosphere, this equipment supports a person when lungs can’t function on their own. When admitted with a severe infection, the first step is about providing external oxygen support. With years of intense use of oxygen supply in the hospitals, the medical oxygen concentrator market was valued at USD 1.59 Billion in 2015. Recently, oxygen gas cylinders are being used a lot due to the worldwide epidemic like coronavirus. Due to increasing corona patients day by day, there is a shortage of oxygen cylinders in many hospitals. Through the forecasted period, the market is expected to grow over an anticipated CAGR of 6%. As the demand for oxygen concentrators has inclined during the Covid period, the companies that earlier focused on the production of non-medical oxygen have slowly turned towards medical oxygen production, making immense profits.
In some countries, the oxygen bill is the largest single drug purchase. It is expected that the portable oxygen concentrator segment is to be fueled with an increase in the demand for the home care segment. A portable oxygen concentrator is a medical device that assists people who have low blood oxygen levels. Through the forecasted period, the portable oxygen concentrator segment is expected to grow over a CAGR of 9.56%. The market is expected to be restrained by increased awareness and use of alternative products such as oxygen concentrators, which led the global market to over 47% in 2020. Technological advances are allowing the production of innovative oxygen supply goods, which will act as a constraint on the oxygen gas market.
Steel, glass, and pharmaceutical industries all use industrial oxygen in their manufacturing processes. With the coronavirus outbreak, many countries redirected their oxygen supply for medical use, despite which the capacity to manufacture the gas remaining unchanged. A potentially deadly lack of oxygen is leaving doctors unable to offer essential treatment. A major number of deaths were recorded, despite the nonhome care segment accounting for a share of 46% of medical oxygen consumption in 2015. The Covid-19 crisis highlights the need for governments to treat medical gases as strategic and not be at the mercy of foreign-owned suppliers.
Oxygen was a really big driving force of catastrophic health expenditure for those families.
These prices are completely beyond the reach of most public hospitals across the underdeveloped nations, which was why the hospitals have been passing the cost on to the patient. Latin America could hardly contribute to 10% of the total market, while the African countries had their pre-existing burden of Pneumonia deaths in infants. North American medical oxygen concentrators market accounted for the highest market share in the year 2020, along with Europe forming a market of over 60% of the market. As hospitals across the countries started asking family members of patients to procure the drug, many had no option but to look to the black market, seen as a major issue in India, Mexico & Brazil to name a few.