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Global Oxygen Cylinder and Concentrator Market Anticipated to Register a Revenue of $6,706.7 Million, Growing at a CAGR of 5.1% from 2021 to 2028 - Research Dive

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The global oxygen cylinder and concentrator market is expected to be valued at $6,706.7 million by 2028, surging from $4,313.3 million in 2020, at a noteworthy CAGR of 5.1%.

Impact Analysis of COVID-19 on the Oxygen Cylinder and Concentrator Market

The oxygen cylinders and concentrators market has witnessed a noticeable growth, throughout the COVID-19 situation. People from developed as well as developing countries have suffered from chronic respiratory disorders; thus, a major growth is witnessed in the requirement of oxygen cylinders and concentrators. The governments in emerging economies, specifically India have set up new oxygen plants in order to cater the need for oxygen cylinders and concentrators. For example, in June 2021, Jammu and Kashmir Economic Reconstruction Agency, a society registered under the Act VI of 1998, officially announced to setup 30 oxygen plants in the Jammu and Kashmir state and the project is funded by The World Bank, an international financial institution dedicated to providing financing, advice, and research to developing nations. In addition to this, in May 2021, Indonesia donated 200 oxygen concentrators to India to fight against COVID-19 chaos. Such initiatives are further expected to drive the global oxygen cylinder and concentrator market.

Global Oxygen Cylinder and Concentrator Market Analysis

To avoid unnecessary travel and hospitalizations and ease the treatment options for patients suffering from respiratory disorders, the adoption of portable oxygen cylinders and concentrators is preferred. Portable oxygen cylinders are easy to operate at home or during travel. This feature has increased the demand for the devices due to which many manufacturing companies have also focused on developing and producing portable oxygen concentrators to fulfill the demand. For this, they are investing a huge amount of their budget on research and development for producing technologically advanced and hassle-free concentrators. For instance, according to a news published on HME News, on March 29, 2019, Belluscura, a healthcare company in the U.K., announced to launch a portable oxygen concentrator named the X-PLO2R. Such company initiatives are likely to grow the market share in the coming years.

On the other hand, high cost of oxygen cylinders and concentrators is projected to restrain the global market growth. Furthermore, the lack of government reimbursements particularly across the under-developed nations are anticipated to obstruct the market growth.

Major technological innovations in the respiratory equipment & medical oxygen devices are projected to augment the global market for oxygen cylinder and concentrator market in the future. As the need for advanced oxygen equipment is massively growing, innovative companies are focusing more on R&D activities in order to develop latest technology devices for better use of patients suffering from respiratory diseases. For example, in June 2021, Teijin, a Japanese pharmaceutical, chemical, and information technology (IT) company, announced to showcase Hai Sanso 5S, the smart oxygen concentrator, for the first time in South Korea. This concentrator is built with voice guidance which notifies patient when the device needs inspection and ways to deal with the problem particularly in the Korean language. Also, in June 2021, engineering students of Lords Institute of Engineering & Technology (LIE&T), Hyderabad, have introduced a dual use oxygen concentrator from a water purifier for emergency use. Such inventions are projected to create enormous investment opportunities for the global oxygen cylinder and concentrator market.

Global Oxygen cylinder and concentrator Market, Segmentation

The global oxygen cylinder and concentrator market is segmented based on product, end-user, and region.

Product:

The product segment is further classified into portable and fixed. Among these, the portable is predicted to have the lucrative growth and it is expected to cross $2,485.6 million by 2028, with the rise from $1,535.7 million in 2020.

The demand for portable oxygen cylinder and concentrator is rising due to prevalence of asthma, pneumonia, respiratory diseases, and COPD (chronic obstructive pulmonary disease), which is anticipated to increase the usage of portable oxygen concentrators (POC) or cylinders. Moreover, manufacturers across the globe are introducing various new technologies in concentrators to offer new opportunities in the market. For instance, in February 2018, GCE healthcare, significant medical gas solutions provider, announced the official release of the ‘secure online platform’ that may allow home oxygen providers to remotely monitor GCE’s Zen-O, an advanced POC. These oxygen concentrators will monitor and track battery life of concentrator, device location, and oxygen purity. Such type of technological advancements in portable concentrators are projected to attract more customers.

End-user:

The end-user segment is further classified into healthcare, pharmaceutical & biotechnology, manufacturing, and aerospace & automotive. Among these, the healthcare sub-segment is expected to have the significant CAGR and is projected to surpass $5,965.8 million by 2028, with the increase from $3,808.9 million in 2020.

Oxygen cylinder and concentrators help in delivering supplementary oxygen to patients that are suffering from COPD, pulmonary edema, and chronic hypoxemia. Moreover, oxygen is required throughout patient emergency such as surgeries and other types of intensive care. Hence, the demand for oxygen cylinder and concentrator is expected to increase in the healthcare sub-segment, which may drive the market growth, in the forecast period.

 Region:

The oxygen cylinder and concentrator market for the Asia-Pacific region is anticipated to have a lucrative growth. This market generated a revenue of $1,138.7 million in 2020, and is further estimated to cross up to $1,985.2 million by 2028.

The growth of Asia-Pacific oxygen cylinder and concentrator market is mainly driven by the significantly increasing COVID-19 patients across China, India, and Australia. Also, financial support from government as well as the non-profit organizations to hospitals and clinics to ensure unobstructed oxygen supply is one of the major driving factors for the Asia-Pacific oxygen cylinder and concentrator market. In May 2021, the Delhi government imported 6,000 oxygen cylinders from China as a preliminary measure for the 3rd wave of COVID-19. Further, in May 2021, Sewa International, the Indian non-profit organization, raised $16 million out of which $6 million was used to order 7,482 oxygen concentrators and other emergency equipment. All such initiatives are further expected to augment the market growth, in this region.

Key Players in the Global Oxygen Cylinder and Concentrator Market

Some of the leading global oxygen cylinder and concentrator market players are –

  1. Chart Industries, Inc.
  2. O2 Concepts, LLC
  3. Nidek Medical India.
  4. Devilbiss Healthcare LLC
  5. Inogen, Inc.
  6. Invacare Corporation
  7. Worthington Industries
  8. Resmed
  9. TEIJIN LIMITED.
  10. Koninklijke Philips N.V.

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

Porter’s Five Forces Analysis for the Global Oxygen Cylinder and Concentrator Market

  • Bargaining Power of Suppliers: The suppliers of global oxygen cylinder and concentrator are high and more globalized. So, there will be less threat from the supplier. Thus, the negotiation power of oxygen cylinder and concentrator supplier decreases.
    Hence, the bargaining power of the supplier is low.
  • Bargaining Power of Buyer: Buyers have high bargaining power, mainly because of increasing buyers’ demand for advanced oxygen cylinders and concentrators in lower cost. Thus, multiple suppliers are providing best yet cost –efficient oxygen cylinders and concentrators. Hence, the buyer can select the service that best fits its preferences.
    The bargaining power of the buyer is high.
  • Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
    Thus, the threat of the new entrants is high.
  • Threat of Substitutes: There is no substitute available for the oxygen cylinder and concentrator.
    Therefore, the threat of substitute is low.
  • Competitive Rivalry in the Market: The ventures operating in the global oxygen cylinder and concentrator industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like Resmed, and Koninklijke Philips N.V. are investing heavily to provide integrated services to the customers.
    Therefore, competitive rivalry in the market is high.
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