The oxygen market effectively consists of sales of oxygen and linked services utilized in various applications such as steel mills to oxidize unsolicited impurities in the steel. Oxygen is also optimized in the food industry, medical oxygen for the respiration and in oxy-acetylene torches. The Oxygen is a monochrome non-metallic gas which is greatly reactive in the nature. Oxygen forms oxides with several compounds and many other elements. It is broadly used for the industrial, medical, and scientific applications as an oxidizing agent or as a catalyst. Oxygen is obtainable in cylinders, spray cans and containers and several others.
According to the report analysis, ‘Oxygen Global Market Report 2020’ states that in the oxygen global market there are several corporate which presently functioning more effectively for leading the highest market growth and dominating the handsome value of market share around the globe during the inflowing years while spreading the awareness related to the benefits and usage of such, decreasing the linked prices, delivering the better consumer satisfaction, implementing the profitable strategies, studying and analyzing the strategies and policies of the competitors and government, establishing the several research and development programs and employing the young work force includes 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, and several others.
The worldwide oxygen market was worth USD 37.93 billion in 2019. It is projected to grow at a compound annual growth rate (CAGR) of 11% and reach USD 59.17 billion by 2023.The Oxygen market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Throughout 2019, Asia Pacific accounts for nearly 40% of the market.
The effective growth in the prevalence of several diseases related to breathing problems contributed to the worldwide Oxygen market’s growth by increasing usage of Oxygen for medical determinations. A disease such as Chronic Obstructive Pulmonary Disease (COPD) is more predominant in the geriatric populace. COPD is a form of obstructive lung syndrome that results in long-term breathing issues. COPD demands the usage of oxygen concentrator, which is a device that develops the level of oxygen in blood in patients and addresses their breathing issues. According to the United Nations (UN), the global geriatric populace was 962 million in 2017 and is projected to reach 2.1 billion by 2050. Also, the worldwide Burden of Disease Study reports a commonness of 251 million cases of COPD across the globe in 2016. Thus, the augmented number of such cases has surged the requirement for portable oxygen concentrators, therefore propelling the Oxygen market’s growth.
Companies included in the market are improving innovative ways to use oxygen in several industries such as medical, chemical etc. The increasing need amongst the patients across healthcare services functions as a driving force for the corporate to find new innovating ways to develop oxygen delivery. In order to advance the oxygen delivery and to observe the oxygen dosage to patients in the respiratory care facilities, Camcon Medical in 2018 established Binary Actuation Technology (BAT). BAT is a ground breaking solution that aids in delivering accurate dosage, decreases wastage by delivered cost effective solution to the patients who demand oxygen therapy. It is through such innovative approaches that entities involved in the oxygen market are capable to advance economic benefit of the products. Therefore, in the near years, it is predicted that the market of oxygen will increase around the globe more effectively over the inflowing years.
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Ankur Gupta, Head Marketing & Communications