The Business Research Company’s Oxygen Global Market Report 2021 – COVID-19 Impact And Recovery
LONDON, GREATER LONDON , UK, November 16, 2021 /EINPresswire.com/ — Companies involved in the oxygen market are developing innovative ways to utilize oxygen in various industries such as medical, chemical etc. The rising need among patients across healthcare services acts as a driving force for the companies to find new innovating ways to improve oxygen delivery. In order to improve the oxygen delivery and to monitor the oxygen dosage to patients in respiratory care facilities, Camcon Medical in 2018 introduced Binary Actuation Technology (BAT). BAT is an innovative solution that aids in providing accurate dosage, reduces wastage by provided cost effective solution to the patients who require oxygen therapy. It is through such innovative methods that entities involved in the oxygen market are able to improve economic benefit of the products.
Major players covered in the global oxygen industry are Linde Group, Praxair Technology Inc, Air Liquide, Taiyo Nippon Sanso, Yingde Gases, Air Water Inc, Airgas Inc., Guangdong Haute Gas Co. Ltd, Baosteel Metal Co. Ltd.
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The global oxygen market size is expected to grow from $26.15 billion in 2020 to $27.26 billion in 2021 at a compound annual growth rate (CAGR) of 4.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $37.29 billion in 2025 at a CAGR of 8%.
Increasing prevalence of various diseases related to breathing problems contributed to the global oxygen market’s growth by increasing use of oxygen for medical purposes. Diseases such as Chronic Obstructive Pulmonary Disease (COPD) are more prevalent in the geriatric population. COPD is a type of obstructive lung disease that results in long-term breathing problems. COPD requires the use of oxygen concentrator, which is a device that improves the level of oxygen in blood in patients and addresses their breathing problems. According to the United Nations (UN), in 2020, there an estimated 727 million persons aged 65 years or over worldwide and expected to reach 1.5 billion by 2050. Thus, the increased number of such cases has surged the demand for portable oxygen concentrators, therefore driving the oxygen market’s growth.
TBRC’s global oxygen market report is segmented by product type into medical oxygen, industrial oxygen, others, by application into cosmetics, pharmaceutical, automobiles, mining, mineral processing applications, by application into metallurgical industry, chemical industry, health care industry, others.
Oxygen Global Market Report 2021 – By Product Type (Medical Oxygen, Industrial Oxygen), By Application (Cosmetics, Pharmaceutical, Automobiles, Mining, Mineral Processing Applications), By Application (Metallurgical Industry, Chemical Industry, Health Care Industry), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides oxygen market overview, forecast oxygen market size and growth for the whole market, oxygen market segments, and geographies, oxygen market trends, oxygen market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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