Global Medical Oxygen Concentrators & Oxygen Cylinders Market Size Worth $4.62 Billion By 2028 | CAGR: 3.1%: Polaris Market Research
NEW YORK, April 29, 2021 /PRNewswire/ -- The global medical oxygen concentrators & oxygen cylinders market size is expected to reach USD 4.62 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 3.1% From 2021-2028. The growing geriatric population base is one of the high impact rendering factors that play a key role in the development of the market. There is a substantial rise in the number of individuals participating in different adventurous sports such as scuba diving, mountain climbing, and others. In such sports, players experience lower oxygen levels in the air and mandatorily require carrying artificial oxygen respiratory systems, which eventually fosters market growth. Moreover, heavy use of oxygen cylinders in the manufacturing industry for numerous applications is expected to accelerate the market growth. Furthermore, innovation in new product offerings supported by continuous technological advancements positively impacts the market.
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COVID-19 Pandemic Impact:
The global medical oxygen concentrators & oxygen cylinders market has witnessed tremendous growth owing to a huge demand for oxygen concentrators and oxygen cylinders from end-use industries. The market has experienced the highest pick in demand in 2020 due to the outbreak of COVID-19 worldwide. The same trend is prevailing in the industry as an effect of the second wave of coronavirus that has increased the burden on the healthcare sector. The market is predicted to retain this trend throughout the forecast period as medical experts suggested to stay prepared for the future even after it seems that the COVID-19 pandemic is under control.
Key Trends in Medical Oxygen Concentrators & Oxygen Cylinders Market
- Based on product, the portable medical oxygen concentrators segment accounted for a large portion of the market share and is expected to grow ahead with the same trend. Patients prefer cylinders and concentrators that are lightweight and allow them to perform daily tasks with ease.
- In terms of technology, the continuous flow segment contributed the highest revenue share and is projected to add more share during the forecast period. The use of medical oxygen concentrators is expected to increase due to rapid technological advancements in new product manufacturing.
- By end-user, the home care segment is expected to dominate the market during the forecast period, owing to increasing demand for home healthcare oxygen therapies. A rise in demand for pure oxygen coupled with technological advances such as the miniaturization of such medical devices further supports the segment's growth.
- Governments and non-profit organizations are emphasizing consistent oxygen supply, which is critical for patients with COPD and cardiovascular conditions to improve their chances of survival. This factor is further expected to propel the market growth during the COVID-19 emergency.
- According to Deloitte, a coalition of multinationals agreed to supply the immediate delivery of oxygen concentrators, home monitoring kits, and oxygen cylinders and generators to India due to record break cases of COVID-19.
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Regional Developments:
North America region led the growth of the medical oxygen concentrators & oxygen cylinders industry on account of the rise in demand from numerous biotechnology and pharmaceutical companies as a result of increasing cases of respiratory disorder and the continuously growing geriatric population. Asia Pacific is expected to grow as the dominating regional market owing to a huge spike in the cases of COVID-19 in Asian countries. Additionally, increasing incidences of lung disorder coupled with growing medical tourism in the region.
Competitive Outlook:
As a result of huge demand from different parts of the globe, companies expanding their manufacturing capacities to meet the requirement. The industry players are investing heavily in developing their top-notch infrastructures and avail necessary raw materials. They are also trying out different strategies such as partnerships, expansion, and new product launches to gain a competitive edge and strengthen their market position.
Some of the most prominent players present in the medical oxygen concentrators & oxygen cylinders market are Koninklijke Philips N.V. (Philips Resipronics), CAIRE INC., Drive DeVilbiss Healthcare Inc., Invacare Corporation, Inogen Inc., Nidek Medical Products, Inc., O2 Concepts, LLC, OxyGo, LLC, Precision medical, Inc., ResMed, Linde plc, GCE Group (GCE Healthcare) and Cramer Decker Medical, Inc.
Target Audience
- Supply Side: Medical Device Manufacturer, Healthcare Company, Diagnostic Solution Provider
- Demand Side: Home Care, Non-homecare
- Regulatory Side: World Health Organization
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Polaris Market Research has segmented the medical oxygen concentrators & oxygen cylinders market report on the basis of product, technology, end-users, and region:
Medical Oxygen Concentrators & Oxygen Cylinders, Product Outlook (Revenue – USD Million, 2016 – 2028)
- Portable Concentrator
- Stationary Concentrator
- Cylinders
Medical Oxygen Concentrators & Oxygen Cylinders, Technology Outlook (Revenue – USD Million, 2016 – 2028)
- Continuous Flow
- Pulse Flow
Medical Oxygen Concentrators & Oxygen Cylinders, End-users Outlook (Revenue – USD Million, 2016 – 2028)
- Homecare
- Non-homecare
Medical Oxygen Concentrators & Oxygen Cylinders, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Netherlands
- Austria
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
List of Key Players of Medical Oxygen Concentrators & Oxygen Cylinders Industry
- Drive DeVilbiss Healthcare, Inc.
- Koninklijke Philips N.V. (Philips Resipronics)
- Invacare Corporation
- O2 Concepts, LLC
- Inogen, Inc.
- AirSep Corporation
- ResMed
- CAIRE, Inc.
- Cramer Decker Medical, Inc.
- Linde plc
- GCE Group (GCE Healthcare)
- Precision medical, Inc.
- OxyGo, LLC
- Nidek Medical Products, Inc.
- INOX Air Products
*Note: Additional companies can be included on request
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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