Oxygen cylinders and concentrators are used to provide immediate attention during medical emergencies, especially if a person isn’t able to avail instant medical facility. It is specifically used for people suffering from respiratory illnesses and also for patients that are in a critical condition. These portable oxygen cylinders have a simpler way of functioning due to which the demand has increased immensely across the globe.
COVID-19 Impact on the Global Oxygen and Concentrator Market
The pandemic caused widespread disruption of normal functioning of several industries. But, the oxygen cylinders and concentrators market experienced exponential growth in this crucial time. The coronavirus primarily attacks the respiratory system due to which the patient requires external support to breathe. This caused a tremendous rise in the requirement of oxygen cylinder and concentrators all over the world. The second wave of the coronavirus, especially in India, led to a large number of people being infected by the coronavirus. This resulted in setting up of new oxygen plants in the country to supplement the need for oxygen cylinder and concentrators. These factors caused the market to grow immensely during the pandemic period.
Key Developments in the Industry
Multiple organizations have been taking initiatives to establish themselves in the market while also taking part in research. The companies have also been using innovative methods to create high quality products to ensure customer satisfaction.
In November 2019, CAIRE, a renowned manufacturer of oxygen supply equipment, introduced a revamped version of the FreeStyle Comfort portable oxygen concentrator, which is now also fitted with autoSAT technology. This addition ensures that the patient gets a constant supply of oxygen to his or her body while taking their respiratory rate as per the daily routine that they follow.
Similarly, in June 2021, Servotech Power Systems, a pioneer in the production of solar panel, UVC disinfection products, and more, started producing oxygen concentrators as well. The company aims to release over 100,000 concentrators by March 2022 that will come in two variants 5 LPM and 10 LPM. These devices are made to be lightweight and noiseless, which will ensure a steady supply of oxygen to the patient as per their requirement.
Forecast Analysis of the Global Market
A recently published report by Research Dive states that the global oxygen cylinder and concentrator market is predicted to garner revenue of $6,706.7 million by 2028 rising from $4,313.3 million in 2020 at a steady CAGR of 5.1% from 2021-2028. The Asia-Pacific region is predicted to hold the highest share in the market due to the rise in coronavirus cases in several countries such as Australia, China, and India. Additionally, extensive financial assistance from the governments as well as non-profit organizations providing their contribution to the hospitals and clinics further ensured the growth of the oxygen and concentrator market in the region.
Oxygen cylinders and concentrators help in simplifying the treatment process for patients diagnosed with respiratory illnesses. Their easy functioning along with their portability has led to a rise in demand for development of portable oxygen cylinders and concentrators. Many experts of the market have been investing in more upgraded versions of the concentrators. This has led to the growth of the market in the analysis period.
On the contrary, the oxygen cylinders are mostly priced at a higher rate. To add further, most underdeveloped countries do not receive reimbursements from the government for the utilization of the cylinders and concentrators. These factors are expected to cause a hindrance in the growth of the market.
Companies have been working on making further advancements in the process of upgrading the medical oxygen cylinders. Research and development activities have been a top priority for the industry experts, as patients suffering from respiratory illnesses require immediate attention. One such initiative was taken by Teijin, a Japanese pharmaceutical and information technology organization. They built a new age smart oxygen concentrator known as Hai Sanso 5S with multiple features such as voice guidance that provides constant updates about the status of the device to the patient.
To add further, many experts and pioneers of the market have put in plenty of efforts to ensure that the emergency oxygen cylinders are easily available to people. Some of them are, Chart Industries, Inc, Nidek Medical India, Inogen Inc, Worthington Industries, TEIJIN Limited, O2 Concepts, LLC, Devilbiss Healthcare, LLC, Invacare Corporation, Resmed, and Koninklijke Philips N.V.