Oxygen Cylinders and Concentrators Market Size is Projected to Generate a Revenue of $6,658.5 Million by 2031Download Sample Reports Overview
The Global Oxygen Cylinders and Concentrators Market is predicted to be valued at $6,658.5 million by 2031, surging from $4,151.6 million in 2021, at a noteworthy CAGR of 4.6%.
Impact Analysis of COVID-19 on the Oxygen Cylinders and Concentrators Market
During the COVID-19 pandemic, the market for oxygen cylinders and concentrators has shown substantial development. The demand for oxygen cylinders and concentrators has significantly increased as a result of the increase in people suffering from serious respiratory illnesses. To meet the demand for oxygen cylinders and concentrators, governments in various nations have established new oxygen plants. For instance, the Jammu and Kashmir Economic Reconstruction Agency has stated that it established 30 oxygen plants in the Jammu and Kashmir region by June 20, 2021, and that the project was sponsored by The World Bank.
Global Oxygen Cylinders and Concentrators Market Analysis
The market for oxygen cylinders and concentrators is primarily driven by rising demand from numerous industries, including healthcare, pharmaceutical & biotechnology, and manufacturing. The American Academy of Allergy, Asthma & Immunology (AAAAI) estimates that 320 million people have been diagnosed with asthma worldwide, with 255000 of those individuals having serious breathing problems. Moreover, it is predicted that by the end of 2026, there will be an additional 102 million asthma sufferers. This factor is predicted to boost the market growth in the healthcare and medical sector. People’s rising interest in adventure activities like mountain climbing and scuba diving is another driver of industry expansion.
However, the high cost involved in the capturing process of oxygen is further anticipated to hinder the market growth. The manufacturing process of oxygen cylinders and concentrators is a very lengthy process that further leads to a huge investments; these factors are anticipated to restrain the market growth over the forecast period.
Globally, the life expectancy of people has been growing due to improved medical facilities and quick technical advancements. However, due to a weakened immune system, the geriatric populace is more prone to lung and cardiovascular diseases. Due to anatomical changes and muscle loss, elderly individuals have a lower pulmonary reserve. As a result, they have a high risk of getting lung conditions and other breathing issues. The National Institutes of Health Census Bureau estimates that 617 million individuals, or about 8.5% of the world's population, were 65 years of age or older in 2016. Furthermore, by 2050, this number is projected to increase to 1.6 billion. Thus, increasing geriatric population is anticipated to create better growth opportunities for the market growth over the forecast period.
Global Oxygen Cylinders and Concentrators Market, Segmentation
The global oxygen cylinders and concentrators market is segmented based on product, end-use, and region.
The product segment is further classified into portable and flexible. Among these, in 2021, fixed oxygen cylinders and concentrators had the highest revenue share. Over the forecast period, it is anticipated that Asthma, pneumonia, respiratory illnesses, and COPD are all more common than they used to be, which is expected to raise the demand for portable oxygen concentrators and cylinders. Also, the Federal Aviation Administration's (FAA) stringent regulations regarding the use of oxygen cylinders and concentrators by air travelers are among the factors anticipated to support sub-segment growth throughout the projection period. Also, to open up new business potential, manufacturers all around the world are integrating a variety of new technology into concentrators.
The end-use industry segment is further classified into healthcare, pharmaceutical & biotechnology, manufacturing and aerospace & automotive. Among these, the healthcare sub-segment held the highest market share in 2021 and is anticipated to continue its dominance over the forecast period. The market demand for oxygen cylinders and concentrators will be further accelerated by an increase in the frequency of accidents and the need for rapid hospitalization and surgery. According to the US government, more than 16 million Americans have COPD and around 9 million have chronic bronchitis, with the majority of these instances being emergency situations. Thus, the majority of COPD patients survive by utilizing an oxygen concentrator and cylinder. As a result, the demand for oxygen cylinders and concentrators is being driven in part by COPD patients who are using oxygen therapy devices.
The oxygen cylinders and concentrators market in North America held the highest market share in 2021. In 2021, the U.S. market for oxygen cylinders and concentrators accounted for nearly 85% of regional sales. The prevalence of respiratory illnesses is rising, and early detection of these illnesses will spur corporate expansion. Patients' rising per capita incomes and the presence of a robust healthcare infrastructure would further encourage business growth.
Key Players in the Global Oxygen Cylinders and Concentrators Market
Some of the leading oxygen cylinders and concentrators market players are
- Chart Industries (AirSep)
- Inogen Inc
- NIDEK Medical Products Inc
- DeVilbiss Healthcare (Drive DeVilbiss Healthcare)
- Invacare Corporation
- Worthington Industries
- Inova Labs Inc (ResMed)
- Koninklijke Philips N.V. (Philips Healthcare)
- Teijin Limited Company
- O2 Concepts
To capture a significant portion of the market, these organizations are implementing new technologies and R&D developments. In order to expand their market share in the overall oxygen cylinders and concentrators market, Teijin Limited Company recently launched a new device called the "Therapeutic oxygen concentrator: Hi-SansoTM".