The Global Medical Oxygen Systems Market was valued at US$ 2,018.6 million in 2015 and is projected to expand at a CAGR of 7.4% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Growing incidence of respiratory disorders and pronounced need to provide oxygen supply to patients after surgeries, which is expected to be the major factor driving growth of the global medical oxygen systems market over the foreseeable future.
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According to the National Center for Health Statistics, an estimated 232 million surgical procedures were performed globally in 2013. The surgical procedures compels the global healthcare device manufacturers to provide oxygen to patients undergoing medical operations. Cardiovascular and respiratory system surgeries accounts for the highest number of diagnostic and hospitalization cases, thereby increasing demand for medical oxygen devices. The medical oxygen systems provide continuous oxygen supply to the body post surgeries to maintain an equilibrium in heart rates.
According to the World Health Organization estimates in 2016, an expected 3 million deaths were caused by chronic obstructive pulmonary disease in 2015 contributing a total 5% of all deaths globally in the given year. The study by WHO also states that around 65 million people have moderate to severe chronic obstructive pulmonary disease (COPD) characterized by persistent reduction of air flow leading to breathlessness, mainly caused due to frequent respiratory infections from childhood, outdoor air pollution and presence of occupational chemicals like irritants, fumes and vapors.
Some of the major players involved in global medical oxygen systems market are Cryofab Inc, Respironics, Inc., Medtronic, Atlas Copco, Terumo Medical Corporation, Keen Compressed Gas Co, Inogen Inc, GF Health Products, Inc. and Invacare Corporation.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.