The global oxygen cylinder and concentrator market generated a revenue of about $2,592.0 million in 2018 and is expected to grow at a CAGR of 10.7%. The market is predicted to generate a revenue of $5,737.5 million by 2026.
In previous years, the global market has witnessed a remarkable growth, due to increasing demand for oxygen cylinders from end use industries. The market will continue its growth in 2020, during the outbreak of COVID-19, owing to growing usage of oxygen cylinders and concentrators in the healthcare sector for coronavirus affected people. The global market is expected to retain its trend throughout the forecast time even after the COVID-19 pandemic is under control. Our analysts have estimated the state of the oxygen cylinder and concentrator market in the coronavirus crisis, and have come to below conclusions.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|8.7%||10.7%||199||USD 3,062.6 Million||USD 3,172.9 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Oxygen cylinder and concentrator is designed to provide oxygen to a patient suffering from breathing issues and low levels of oxygen in blood. Increasing patients who have respiratory disorders and rising prevalence of chronic disorders are significantly driving the demand for oxygen cylinders and concentrators, which will drive the growth of the market. This growth is attributed to oxygen supply playing a significant role for patients who are suffering with chronic disorders to maintain required levels of oxygen. Growing number of people participating in the adventurous sports such as mountain climbing, scuba diving and others, encounter less oxygen levels in the air. Thereby it’s required to maintain artificial oxygen respiratory systems, which will increase the demand for oxygen cylinders; this factor is expected to fuel the growth of the market. Moreover, increasing usage of oxygen cylinders in the manufacturing sector for several applications including frame cutting, welding, and blast furnace to produce steel and other applications is estimated to accelerate the growth of the market.
The price fluctuation and availability of oxygen cylinders and concentrators are majorly restraining the growth of the market. Moreover, improper handling and management of oxygen cylinders may lead to serious accidents; this factor is negatively impacting the global oxygen cylinder and concentrator market growth.
As per the World Health Organization (WHO), the coronavirus is a large family of viruses that can cause several respiratory disorders including severe acute respiratory syndrome and middle east respiratory syndrome. Effort for a vaccine to combat the coronavirus is under progressing. Also, until a medical treatment is developed for coronavirus, artificial respiration systems are a significant equipment in the treatment of COVID-19 patients. In addition, significant players and several medical equipment retailers are open and delivering safety precautionary measures such as oxygen cylinders and concentrators to the customer. For instance, Harmony home medical, the leading home medical equipment retailer, is providing portable oxygen concentrators along with great service and price. Furthermore, this venture is providing home delivery for oxygen concentrators. These factors are eventually fueling the growth of the market during this crisis.
Furthermore, many government bodies and non-profit organizations are endorsing consistent oxygen supply that is essential for patients suffering from COPD and cardiovascular diseases to enhance the chances of their survival. This aspect is further estimated to boost the market growth in the COVID-19 emergency. For instance, Indian Ministry of Health and Family Welfare has asked the leading gas cylinders manufacturers including Gas Authority of India Limited (GAIL) to ensure timely supply of oxygen cylinders to critical facilities and hospitals based on requisitions.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global oxygen cylinder and concentrator market is anticipated to experience a noticeable growth during this lockdown period and continue its trend after the COVID-19 emergency is under control. During this time of crisis, the demand for oxygen cylinders and concentrators has increased enormously due to oxygen supply being vital in the treatment of COVID-19 patients.
In addition, several government bodies are supporting the manufacturers for the production of oxygen gas for healthcare applications. For instance, U.S. Food and Drug Administration (FDA) has committed to providing enforcement policy and guidelines for ventilators and other respiratory accessories. In this, FDA has planned to expand the availability and production of these devices during this pandemic. Furthermore, many significant players are concentrating on product launches and new technology introduction to obtain a competitive edge. For example, in 2019, inogen has launched new innovative portable oxygen concentrator “Inogen One G5” to improve financial performance in the regional market. These factors are anticipated to create lucrative opportunities in the global market.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Oxygen Cylinder and Concentrator Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity