Oxygen cylinder and concentrator market is expected to grow by 2028 due to incidence of chronic respiratory diseases. The healthcare sub-segment is expected to be the most profitable. Market in Asia-Pacific region to be the most lucrative.
NEW YORK, Aug. 17, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Oxygen Cylinder and Concentrator Market by Product (Portable and Fixed), End-user (Healthcare, Pharmaceutical & biotechnology, Manufacturing, and Aerospace & automotive), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028".
As per the report, the global oxygen cylinder and concentrator market is predicted to grow at a noteworthy CAGR of 5.1% in the 2021-2028 timeframe, thereby gathering $6,706.7 million by 2028.
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Dynamics of the Oxygen Cylinder and Concentrator Market
Drivers: In the last few years, there has been a substantial increase in the incidence of chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, etc. This surge in the number of cases of respiratory ailments is expected to push the oxygen cylinder and concentrator market forward. Along with this, there is a growth in the geriatric population across the globe which is anticipated to push the market forward.
Opportunities: There have been massive technological advancements and innovations in respiratory equipment and medical oxygen devices, which is expected to create huge growth and investment opportunities for the market in the forecast period. Moreover, there is an increase in the number of cases of chronic respiratory diseases such as asthma, which is estimated to help the market grow in the forecast period.
Restraints: However, the high investment cost is expected to hamper the growth of the oxygen cylinder and concentrator market.
Impact of Covid-19 on the Oxygen Cylinder and Concentrator Market
The Covid-19 pandemic, since its outbreak, has been catastrophic for several industries and businesses across the globe. However, the oxygen cylinder and concentrator market has been an exception for obvious reasons. Covid-19 essentially causes infection in the respiratory system, thereby limiting the level of oxygen in the body. Hence, the demand for oxygen cylinders and concentrators increased tremendously during the pandemic period in order to provide external oxygen support to the patients which resulted in the growth of the market.
Why Post COVID-19 has Hugh Demand for Oxygen Cylinder and Concentrator Market? Get in touch with an Expert Analyst
Segments of the Oxygen Cylinder and Concentrator Market
The report has fragmented the oxygen cylinder and concentrator market into different segments based on product, end user, and region.
- By product, the portable sub-segment is expected flourish immensely in the forecast period and garner a revenue of $2,485.6 million by 2028. Portable oxygen concentrators, as the name suggests can be carried anywhere due to their light weight which is why they are highly in demand. This growth in demand is expected to surge the growth rate of this sub-segment in the forecast period.
- By end user, the healthcare sub-segment of the oxygen cylinder and concentrator market is expected to register a revenue of $5,965.8 million by 2028, thereby becoming the most profitable sub-segment. Increasing number of accidents and growing incidence of hospitalizations due to chronic respiratory diseases is anticipated to be the main reasons behind the growth of this sub-segment.
- By regional analysis, the oxygen cylinder and concentrator market in the Asia-Pacific region is expected to be the most lucrative and gather $1,985.2 million by 2028. The high number of Covid-19 cases in China, India, Australia, etc. led to a heavy demand for oxygen cylinders and concentrators, which is predicted to push the market forward.
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Significant Oxygen Cylinder and Concentrator Market Players
The significant market players of the oxygen cylinder and concentrator market are
- Chart Industries, Inc.
- Inogen, Inc.
- Resmed
- O2 Concepts
- LLC
- Invacare Corporation
- TEIJIN LIMITED.
- Nidek Medical India.
- Worthington Industries
- Koninklijke Philips N.V.
- Devilbiss Healthcare LLC
These key market players are developing different business strategies like product development, merger and acquisitions, partnerships and collaborations to gain a commanding position in the market.
For instance, in January 2022, NOVAIR, a leading on-site gas production systems manufacturer, announced the acquisition of OGSI - Oxygen Generating Systems Intl., a leading manufacturer of industrial and medical oxygen generators. This acquisition is expected to help NOVAIR immensely as it will be able to cater to the demand of its customers in a much holistic way.
The Research Dive report also summarizes many crucial aspects of the market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio. Buy the Full Report here starting at $2999 (Read-Only)
More about Oxygen Cylinder and Concentrator Market:
- A Short Guide for Oxygen Cylinder and Concentrators: Definition, Types, and Uses
- Several Technological Upgrades in the Oxygen Supply Devices Predicted to Propel the Growth of the Global Oxygen Cylinder and Concentrator Market from 2021 to 2028
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