Background

The global market for industrial and medical oxygen is $40-$60 billion USD per year. At least $4-$5 billion USD per year of that market is estimated to be medical oxygen in the form of bulk oxygen and oxygen concentrators. Of that, the global market for portable oxygen concentrators is over $1 billion USD per year.

Medical oxygen is prescribed whenever patients experience respiratory distress and/or decreased blood oxygen saturation levels. The global market for medical oxygen is primarily driven by chronic obstructive pulmonary disease (COPD) with recent, additional spikes in demand due to the Covid-19 pandemic. COPD tends to impact older people so COPD diagnoses are expected to increase as the global population ages. There is also research that