Liquid Oxygen Devices Market Report, Global, 2024

The liquid oxygen devices market size has grown strongly in recent years. It will grow from $5.65 billion in 2023 to $6.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed during the historic period can be attributed to several factors, including the increasing prevalence of respiratory disorders, the expanding aging population, a rise in global healthcare expenditures, the transition towards home-based care, supportive government initiatives and regulatory measures, and heightened levels of awareness and education.

The liquid oxygen devices market size is expected to see strong growth in the next few years. It will grow to $8.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be linked to several factors, including the rising preference for portable oxygen concentrators over traditional oxygen tanks, the expansion of healthcare infrastructure, the widening applications in non-medical environments, a growing focus on home-based care and telemedicine, and increasing awareness regarding environmental sustainability. Significant trends expected during this period include the miniaturization and portability of liquid oxygen devices to enhance user mobility and convenience, the integration of Internet of Things (IoT) technology and digital health platforms, advancements in battery technology, the introduction of smart oxygen delivery systems, and the development of customizable liquid oxygen devices.

The upward trend in respiratory disorders is anticipated to drive the expansion of the liquid oxygen device market in the foreseeable future. Respiratory disorders encompass a variety of medical conditions affecting the respiratory system, including the lungs, airways, and related structures crucial for breathing. Factors contributing to the increasing prevalence of respiratory disorders include air pollution, exposure to tobacco smoke, occupational hazards, genetic predisposition, and lifestyle choices. Liquid oxygen devices play a vital role in providing respiratory support to individuals with such disorders, facilitating easier breathing and enhancing their quality of life. Moreover, these devices offer healthcare providers a reliable means to administer oxygen therapy and monitor patients' respiratory health. For example, in 2021, the National Centre for Environmental Health reported that approximately 25 million individuals in the US had asthma, representing 7.7% of the population, which marked an increase from 20.3 million in the previous decade. Additionally, in June 2023, the American Lung Association revealed that about 15.6 million adults (6.4 percent) had been diagnosed with COPD in 2021, highlighting the growing need for liquid oxygen devices.

Government initiatives aimed at promoting research and development in healthcare are poised to bolster the growth of the liquid oxygen devices market. These initiatives encompass specific actions, programs, policies, or projects undertaken by government authorities at various levels to address healthcare-related challenges, achieve targeted objectives, or effect positive societal changes. Numerous government entities are initiating healthcare initiatives to support various facets, including the development and adoption of liquid oxygen devices. For instance, in 2022, the UK government announced a £260 million (US $270.65 million) funding allocation to bolster healthcare research and manufacturing. This commitment from the Department of Health and Social Care and the Department for Business, Energy & Industrial Strategy (BEIS) aims to support NHS-led health research into diagnostics and treatment through novel privacy-preserving platforms and clinical research services. Additionally, £60 million (US $63.6 million) was earmarked to facilitate the expansion of life sciences manufacturing in the UK, underscoring the government's role in driving advancements in healthcare, including liquid oxygen devices.

Key players in the liquid oxygen devices market are directing their efforts toward developing cutting-edge solutions, such as integrating innovative cooling designs to ensure optimal device performance and reliability. The incorporation of twin-blower cooling designs in liquid oxygen devices involves a system wherein air undergoes compression, cooling, and separation into oxygen and nitrogen. For instance, in April 2023, OxyGo HQ Florida LLC, a US-based manufacturer of portable oxygen concentrators, introduced the OxyHome 5L Stationary Concentrator. This newly launched device is designed to deliver a continuous flow of oxygen up to 5 liters per minute for home use, featuring a modern design and a compact footprint suitable for any home environment. A key highlight of this device is its twin-blower cooling design, which ensures consistent and dependable performance over time, showcasing ongoing advancements in the field of liquid oxygen devices.

Major companies operating in the liquid oxygen devices market are Air Liquide S.A., Linde plc, Teijin Limited, NTK Oxygen Electronics Co. Ltd., Chart Industries Inc., Invacare Corporation, Cryoquip LLC, ErgoMed Inc., CAIRE Inc., Taylor-Wharton International LLC, DeVilbiss Healthcare, VRV S.p.A., Eleet Cryogenics Inc., FIBA Technologies Inc., Inova Labs, OxyGo LLC, Cryofab Inc., O2 CONCEPTS LLC, PCI Gases, HVM Medical Inc., Oxygen Plus Inc., Oxygen Solutions Inc., Besco Medical Co. Ltd., Nidek Medical, INOXCVA.

North America was the largest region in the liquid oxygen devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the liquid oxygen devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the liquid oxygen devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Liquid oxygen devices are medical apparatuses employed for administering oxygen therapy to patients. Liquid oxygen, stored at extremely low temperatures (-183°C or -297°F), is a highly concentrated form of oxygen widely utilized in medical environments due to its exceptional purity and efficacy in addressing respiratory conditions.

The primary types of tanks used in liquid oxygen devices are vertical storage tanks and horizontal storage tanks. Vertical storage tanks are designed for storing and transporting liquid oxygen in a vertical configuration. These tanks are distributed through various channels, including direct sales and indirect sales, catering to diverse end-users such as hospitals, outpatient facilities, home care, among others.

The liquid oxygen devices market research report is one of a series of new reports that provides liquid oxygen devices market statistics, including liquid oxygen devices industry global market size, regional shares, competitors with a liquid oxygen devices market share, detailed liquid oxygen devices market segments, market trends and opportunities, and any further data you may need to thrive in the liquid oxygen devices industry. This liquid oxygen devices 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 liquid oxygen devices market consists of sales of portable liquid oxygen systems, stationary liquid oxygen systems, and liquid oxygen concentrators. 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.


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