New York, USA, July 04, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global oxygen cylinders and concentrators market is projected to generate a revenue of $6,658.5 million and rise at a CAGR of 4.6% throughout the analysis period from 2022 to 2031.
As per our analysts, the increasing use of oxygen cylinders for treating various respiratory conditions such as emphysema, asthma, bronchitis, and COPD is expected to bolster the growth of the oxygen cylinders and concentrators market over the analysis period. Moreover, the rapid growth in the research and development activities for oxygen cylinders and concentrators such as the implementation of cutting-edge technologies in oxygen cylinders is expected to create expansive growth opportunities for the market over the estimated timeframe. However, the lack of oxygen concentrators may hinder the growth of the market during the forecast period.
Segments of the Oxygen Cylinders and Concentrators Market
The report has divided the market into segments based on type, end-use industry, and region.
Type: Fixed-Type Sub-Segment to be Most Productive
The fixed-type sub-segment accounted for the highest share in 2021. This is mainly because fixed-type oxygen concentrators and cylinders deliver more oxygen compared to small portable concentrators. Moreover, fixed-type oxygen concentrators and cylinders are cheaper than portable ones and patients who need a constant flow of oxygen are advised to use fixed-type oxygen concentrators and cylinders which are expected to magnify the growth of the oxygen cylinders and concentrators market sub-segment over the estimated period.
End-User: Healthcare Sub-Segment to be Most Profitable
The healthcare sub-segment generated the highest revenue in 2021. This is mainly due to the increasing demand for oxygen cylinders and concentrators to provide more oxygen to patients with persistent hypoxemia, pulmonary edema, and COPD. Moreover, the increasing incidences of accidents and the rising need for rapid hospitalization and surgery are predicted to foster the growth of the market sub-segment throughout the forecast period.
Region: Aisa-Pacific Market Held the Largest Market Share in 2021
The Asia-Pacific region of the oxygen cylinders and concentrators market registered the greatest share of the market in 2021. The increasing numbers of conventional cars across the region, deteriorating air quality, and rising population growth are the major factors expected to drive the regional growth of the market during the analysis period.
Covid-19 Impact on the Oxygen Cylinders and Concentrators Market
Though the outbreak of the Covid-19 pandemic has devastated various industries, it has positively impacted the oxygen cylinders and concentrators market. This is mainly due to the increased demand for oxygen cylinders and concentrators during the pandemic owing to the increased respiratory diseases among individuals. Moreover, many companies came forward to support the healthcare system manufacturing oxygen cylinders in bulk has further increased the growth of the market throughout the crisis.
Key Players of the Oxygen Cylinders and Concentrators Market
The major players of the market include
- Invacare Corporation
- Worthington Industries
- Inogen Inc.
- Inova Labs Inc. (ResMed)
- DeVilbiss Healthcare (Drive DeVilbiss Healthcare)
- Koninklijke Philips N.V. (Philips Healthcare)
- Chart Industries (AirSep)
- NIDEK Medical Products Inc.
- Teijin Limited Company
- O2 Concepts
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in May 2021, Tech Mahindra Foundation, the Corporate Social Responsibility (CSR) arm of Tech Mahindra Limited announced its partnership with OxygenForIndia, a volunteer-run organization to deliver oxygen during the Covid-19 pandemic. With this collaboration, the companies aimed to deploy 3,000 oxygen concentrators and 40,000 oxygen cylinders. This movement would support the production capacity of oxygen across 15 cities and tire-2 towns.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, and the latest strategic development.
More about Oxygen Cylinders and Concentrators Market:
- Breathing Assistance on the Rise: Uncovering the Reasons for the Growing Demand for Oxygen Cylinders and Concentrators
- Global Oxygen Cylinders and Concentrators Market to Generate $6,658.5 Million by 2031, Owing to Rapid Growth in Healthcare Sector Across the Globe
