New York, United States , Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Global Oxygen Flow Meters Market Size to grow from USD 1.20 billion in 2021 to USD 1.90 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6% during the forecast period. The escalating demand for oxygen flow rate measurement in healthcare applications across the globe is expected to propel the market growth in the forthcoming years. In addition, the increasing demand for oxygen flow rate measures in the healthcare sector worldwide is expected to expand demand for the oxygen flow meters market during the projection period.
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An O2 flow metre measures the amount of oxygen provided from an oxygen distributor to the oxygen user. It can be a free-standing device or attached to a section of an oxygen tank, and it measures the flow from a gas concentrator or a gas tank. These metres also indicate whether a line is obstructed or whether the oxygen is fit for use. One of the biggest expenses in the majority of hospitals is the price of producing or purchasing different medical gases, such as oxygen, medical air, nitrous oxide, and nitrogen. For a very long time, many medical institutions have consumed gases conventionally, such as in cylinders (in which the gas is supplied), which has led to high operational costs and a lack of monitoring of gas usage and consumption. In the past, neither the production nor the consumption of these gases was tracked or observed, and when they were, the results were typically imprecise estimates that were manually recorded on paper. Several hospitals use the pace at which the cylinders are empty to calculate the amount and rate of fuel usage. Due to the fact that the volume of gas in a given-sized cylinder might fluctuate significantly, it was difficult to accurately measure overall gas consumption as well as the peak moments of consumption. As a result, hospitals struggle to keep tabs on overall spending and distribute funds to certain divisions and departments. The O2 flow metre industry has benefited from the Covid-19 pandemic. As a result of the outbreak, oxygen use has significantly increased, especially during hospital spikes among Covid-19 patients. In addition, a high prevalence of Covid-19 patients in a number of countries, notably the U.S. and India, has put stress on hospital oxygen supplies.
Browse key industry insights spread across 209 pages with 119 market data tables and figures & charts from the report “Global Oxygen Flow Meters Market Size, Share, and COVID-19 Impact Analysis, By Type (Plug-in Type, Double Flange Type), By Application (Healthcare, Industrial, Aerospace, Chemical), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030“ in detail along with the table of contents.
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In 2021, the Plug-in type segment is dominating the market with the largest market share.
Based on type, the global Oxygen Flow Meter Market is segmented into Plug-in Type, Double Flange Type. Among these, the plug-in type segment is dominating the market with 51% market share. Oxygen flow metres with plug-in types are often used in operating rooms, clinics, and hospitals. The distribution of highly pressurised oxygen from the oxygen cylinder is monitored or controlled using these oxygen flow metres. Due to the surge in oxygen demand from the healthcare sector in 2020 as a result of the ongoing COVID-19 pandemic, there is a greater need for plug-in-type oxygen flow metres.
In 2021, the Healthcare segment holds the largest market share over the forecast period.
On the basis of application, the global Oxygen Flow Meter Market is segmented into Healthcare, Industrial, Aerospace, Chemical. Among these, the healthcare segment holds the largest market share over the forecast period due to the industry growth. Flow metres are necessary in O2 therapy, where multiple pieces of equipment are used to manage O2. A pressure regulator is used to regulate the high-pressure O2 given from the cylinder in the beginning. It is administered with minimal pressure. This decreased pressure is controlled or monitored by a flow metre.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period. In Asia Pacific, oxygen flow metres are frequently employed in the healthcare sector, which helps the local market grow. The need for plug-in and clamp-type oxygen flow metres for pharmaceutical and biotechnology management is therefore predicted to increase in the region. Additionally, as a result of continuous developments in the steel industry and other manufacturing sectors, it is estimated that the market in China and India will expand significantly over the projected period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Oxygen Flow Meter Market include Dwyer Instruments LTD., HERSILL, Ohio Medical, Precision Medical, Inc., Penlon, DZ Medicale, Burak Metering, Megasan Medical, Heyer Medical, Precision Medical, Smiths Medical, Sumukha Meditek, Ashish Engineering, Deluxe Industrial Gases, SHANGHAI AMCAREMED TECHNOLOGY Co., LIMITED. And Other Key Vendors from the global.
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