Increase in demand for oxygen cylinders & concentrators from the healthcare and manufacturing industries, and the increasing investments in R&D activities to develop cutting-edge technology products are the factors anticipated to drive the growth of the global oxygen cylinders and concentrators market. The Asia-Pacific region is projected to be the most dominant by 2031.
PORTLAND, Ore., April 25, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Oxygen Cylinders and Concentrators Market by Type (Portable and Fixed), End-Use (Healthcare, Pharmaceutical & Biotechnology, Manufacturing, Aerospace & Automotive), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global oxygen cylinders and concentrators market generated $4,151.6 million in 2021, and is anticipated to generate $6,658.5 million by 2031, witnessing a CAGR of 4.6% from 2022 to 2031.
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Prime Determinants of Growth
The increasing number of patients with chronic respiratory diseases, such as chronic obstructive pulmonary disease (COPD) and asthma, and the rising demand for oxygen cylinders & concentrators from numerous industries, including healthcare, manufacturing, and pharmaceutical & biotechnology, are the factors expected to drive the growth of the global oxygen cylinders and concentrators market in the forecast period from 2022 to 2031. However, the high cost of setting up manufacturing units and the lack of availability of oxygen concentrators in some parts of the world may hamper the oxygen cylinders and concentrators market growth in the coming future. On the contrary, the growing investments in R&D to develop technologically advanced products is expected to offer remunerative opportunities for expansion of the oxygen cylinders and concentrators market during the forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2022-2031 |
Base Year | 2021 |
Market Size in 2021 | $4,151.6 million |
Market Size in 2031 | $6,658.5 million |
CAGR | 4.6 % |
No. of Pages in Report | 326 |
Segments covered | Type, End-use,?and Region. |
Drivers | Increase in demand from healthcare and manufacturing sector across the globe The rising number of patients with chronic respiratory conditions, such as COPD and asthma The growing interest of people in adventure activities like scuba diving and mountain climbing |
Opportunities | Rapid growth in R&D activities to develop cutting-edge technology products Product innovations and launches by key market players |
Restraints | High investment cost and the lack of availability of oxygen concentrators |
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a significant impact on the growth of the global oxygen cylinders and concentrators market.
- An increasing number of people suffered from respiratory illness due to COVID-19, which surged the demand for oxygen cylinders and concentrators during the pandemic period. In addition, the governments of various nations across the globe established new oxygen plants to meet the demand for oxygen supply.
Fixed Sub-segment to Generate the Highest Revenue by 2031
Based on type, the fixed sub-segment held the highest market size in 2021, as fixed oxygen concentrators & cylinders are immobile & heavy and produce more oxygen as compared to small portable concentrators. In addition, oxygen cylinders and concentrators are advised by doctors to patients who need a constant flow of oxygen during both inhalation and exhalation, which is predicted to boost the sub-segment's growth by 2031. On the other hand, the portable sub-segment of the oxygen cylinders and concentrators market is projected to manifest the highest CAGR of 5.0% from 2022 to 2031, mainly due to the increasing preference of patients for portable type oxygen cylinders as they are lightweight and easy to move from one place to another.
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Healthcare Sub-segment to Maintain its Leading Position by 2031
Based on end-use industry, the healthcare sub-segment held the highest market share in 2021 and is estimated to maintain its leadership status during the forecast period. This sub-segment of the global oxygen cylinders and concentrators market is predicted to grow at a CAGR of 4.7% during the estimated timeframe, owing to the rising need for rapid hospitalization & surgery and an increase in the number of accidents across the globe. Besides, the growth in the number of patients with respiratory diseases, particularly in the Asia-Pacific and the North America regions, is expected to drive the sub-segment's growth by 2031.
Asia-Pacific Region to be the Most Dominant by 2031
Based on region, Asia-Pacific held the significant market size in 2021 and is expected to grow at a the highest CAGR of 5.7% during the forecast period. The dominance of the region is majorly owing to the increasing population along with the rising number of patients with chronic respiratory diseases. Besides, the deteriorating air quality caused by industrial effluents in various countries of the region is predicted to boost the demand for oxygen concentrators. Moreover, the growing awareness among people related to the detection & treatment of diseases, and an increase in healthcare spending are some of the factors accelerating the Asia-Pacific oxygen cylinders and concentrators market growth.
Leading Players of the Oxygen Cylinders and Concentrators Market:
- Chart Industries (AirSep)
- NIDEK Medical Products, Inc.
- O2 Concepts
- DeVilbiss Healthcare (Drive DeVilbiss Healthcare)
- Invacare Corporation
- Inogen Inc.
- Worthington Industries
- Koninklijke Philips N.V. (Philips Healthcare)
- Inova Labs Inc. (ResMed)
- Teijin Limited Company
The report provides a detailed analysis of the key players of the global oxygen cylinders and concentrators market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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