Liquid Oxygen Devices Market Size, Share & Trends Analysis Report By End-use (Hospitals, Outpatient Facilities, Homecare), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2023 - 2030

Report Overview

The global liquid oxygen devices market size was estimated at USD 5.4 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 4.1% from 2023 to 2030. Liquid oxygen is a crucial medical resource used for various medical applications, especially in respiratory care and critical care settings. The rising prevalence of respiratory disorders such as chronic obstructive pulmonary disease (COPD), pneumonia, asthma, and acute respiratory distress syndrome (ARDS) leads to a consistent need for oxygen therapy and support, thereby driving the market.

Technological advancements have led to the development of more efficient and user-friendly oxygen concentrators. One of the key advancements is making liquid oxygen concentrators more portable and lightweight. Also, newer models are designed to be easily carried by patients, allowing them to maintain an active lifestyle while receiving oxygen therapy. In addition, advancements in molecular sieve technology, which is used to extract oxygen from the air, have led to more efficient and effective oxygen concentration. This allows patients to receive higher levels of oxygen while still using compact devices. Furthermore, the development of compact and lightweight liquid oxygen concentrators allows patients to carry their oxygen therapy devices with them wherever they go. This level of portability is especially important for maintaining patient mobility and independence. This is expected to drive the market over a forecast period.

The outbreak of the COVID-19 pandemic accelerated the demand for liquid oxygen, thereby impelling the market growth. As hospitals faced capacity challenges, there was a growing preference for treating less severe cases at home to minimize the risk of exposure. This drove the demand for liquid oxygen therapy devices that could be used safely and effectively outside of healthcare facilities. Moreover, various initiatives undertaken to boost the production of liquid oxygen positively impacted the market. For instance, in August 2021, the Delhi Government notified and approved the Medical Oxygen Production Promotion Policy of Delhi, 2021 to ensure there is no shortage of medical oxygen in the wake of Covid 19.  This policy aimed to ensure time-bound fulfillment of the targets such as setting up liquid oxygen (LOX) manufacturing facilities, non-captive & captive oxygen generation plants, and others, thereby boosting the market.

End-use Insights

Based on end-use, the homecare segment accounted for the largest revenue share of 46.01% in 2022. There has been a growing trend toward providing healthcare services at home, driven by patient preference, cost-effectiveness, and advancements in medical technology. Liquid oxygen devices enable patients to receive oxygen therapy in the comfort of their homes, reducing the need for frequent hospital visits.Liquid oxygen devices, especially portable models, allow patients to move around more freely while still receiving their prescribed oxygen therapy. This increased mobility enhances patients' ability to engage in daily activities and maintain a more active lifestyle. Also, the pandemic emphasized the importance of home-based care to reduce the risk of exposure in healthcare settings. This accelerated the adoption of homecare solutions, including liquid oxygen devices, for patients requiring oxygen therapy.

The outpatient facilities segment is expected to grow at the fastest CAGR over the forecast period. Liquid oxygen devices play a crucial role in delivering oxygen therapy to patients with conditions such as COPD, asthma, and interstitial lung diseases. Integrating liquid oxygen devices into outpatient settings allows for a seamless transition of care for patients who require ongoing oxygen therapy. This continuum of care supports patients' needs from acute care to recovery and long-term management. Also, patients can receive oxygen therapy in outpatient facilities without the need for hospitalization. This convenience is especially beneficial for individuals who do not require intensive inpatient care but still need oxygen support. Furthermore, outpatient facilities equipped with liquid oxygen devices can help prevent unnecessary hospital admissions for patients who only need oxygen therapy. This reduces the burden on hospitals and ensures that beds are available for more critical cases.

Regional Insights

North America accounted for the largest market share of 44.5% in 2022 and is anticipated to grow at the fastest CAGR over a forecast period. The key factors responsible for this are the presence of an aging population, the increasing prevalence of respiratory conditions, and advancements in medical technology.Technological innovation has driven the development of more efficient, portable, and user-friendly liquid oxygen concentrators. These advancements have contributed to higher adoption rates and increased patient satisfaction.

Many patients in North America prefer home-based care over hospital stays. Liquid oxygen devices have gained popularity as they enable patients to receive oxygen therapy in the comfort of their homes, supporting the trend of home-based healthcare. In addition, well-established regulatory frameworks for medical devices, ensuring safety and quality standards foster trust among patients and healthcare providers in adopting liquid oxygen devices, thereby driving the market.

Asia Pacific is expected to witness significant growth over the forecast period. The region is home to a range of manufacturers and suppliers of medical devices, contributing to market competition and potentially driving innovation. This factor is anticipated to fuel the growth of the regional industry.

Key Companies & Market Share Insights

Major players implement strategies such as mergers and acquisitions as well as new product launches to expand their market share. For instance, in June 2022, CAIRE launched LifeStyle, a portable oxygen concentratorto significantly improve the quality of life of oxygen users across the United States. Some prominent players in the global liquid oxygen devices market include:

• CAIRE

• CRYOFAB

• Philips

• Airliquide

• Inogen

Liquid Oxygen Devices MarketReport Scope

Global Liquid Oxygen Devices Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and analyzes the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research, Inc. has segmented the global liquid oxygen devices market report based on end-use and region:

• End-use Outlook (Revenue, USD Billion, 2018 - 2030)

  • Hospitals

  • Outpatient Facilities

  • Home Care

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • Italy

    • Spain

    • France

    • Sweden

    • Denmark

    • Norway

  • Asia Pacific

    • China

    • India

    • Japan

    • Thailand

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait