The oxygen cylinders and concentrators market is projected to record tremendous growth on account of rising elderly population base that is mostly prone to chronic respiratory diseases like asthma, pulmonary, and COPD. Increasing exposure to smoke and dust particles generated by manufacturing processes could heighten the risk of contracting respiratory diseases by plant workers.
Growing inclination towards unhealthy smoking habits could increase the chances of contracting respiratory disorders, consequently driving the requirement for oxygen cylinders for treating these disorders. Apart from hospitals, these cylinders and concentrators are used in a series of adventure sports like mountaineering and scuba diving. These sports heavily rely on oxygen cylinders.
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Meanwhile, the ongoing COVID-19 pandemic has propelled the demand for oxygen concentrators and cylinders. In order to help curb the spread of coronavirus, various public as well as private organizations are participating in new initiatives to supply oxygen concentrators to hospitals. According to the latest published report, the oxygen cylinders and concentrators market could surpass USD 5 billion by the year 2025.
Rising adoption of oxygen cylinders supported by a wide range of applications in medical institutes could boost the demand for O2 cylinders and concentrators across healthcare facilities. Back in 2018, the hospital segment controlled almost 47.1% of the overall market revenue share, and is anticipated to maintain steady growth over the predicted period. Whereas, the manufacturing application segment is expected to hold a CAGR of 9.1% by 2025.
A high demand for oxygen concentrators and cylinders across a wide range of advanced applications in medical sector is expected to drive industry growth. In 2018, the revenues generated from healthcare applications accounted for 47.1% of the global share. Due to rising usage of medical oxygen cylinders in various industries, manufacturing application segment is also anticipated to grow at a CAGR of 9.1% up to 2025.
Large number of petrochemical intermediates that are manufactured with high-purity oxygen like vinyl chloride and caprolactam, ethylene and propylene oxide will boost segmental growth in coming years. As large number of hospitals provide advanced oxygen delivery system, the U.S. dominated oxygen cylinder and concentrators market in 2018, with North America holding close to 34.7% of the global share in the same year.
Due to the development and expansion of healthcare facilities, Asia Pacific and Latin America represent profitable markets as well. In developing countries like India and China, where healthcare infrastructure is expanding and improving vigorously, there is tremendous growth opportunity for oxygen cylinder and concentrators industry players.
Prominent companies in the oxygen cylinders and concentrators market are Nidek Medical, Philips Respironics, Teijin, Invacare, Drive DeVilbiss Healthcare, Teijin, Inogen and O2 Concepts, and Inova Labs among others. In order to gain competitive advantage manufacturers are adopting advanced technology to introduce innovative oxygen concentrators and cylinders.
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Partial Chapter of the Table of Content
Chapter 4. Oxygen Cylinders and Concentrators Market, By Product
4.1. Key segment trends, by product
4.2.1. Market estimates and forecast, by region, 2014 - 2025 (USD Million)
4.3.1. Market estimates and forecast, by region, 2014 - 2025 (USD Million)
Chapter 5. Oxygen Cylinders and Concentrators Market, By Application
5.1. Key segment trends, by application
5.2.1. Market estimates and forecast, by region, 2014 - 2025 (USD Million)
5.3. Pharmaceutical & Biotechnology
5.3.1. Market estimates and forecast, by region, 2014 - 2025 (USD Million)
5.4.1. Oxygen Cylinders and Concentrators Market estimates and forecast, by region, 2014 - 2025 (USD Million)
5.5. Aerospace & Automotive
5.5.1. Market estimates and forecast, by region, 2014 - 2025 (USD Million)
5.6.1. Oxygen Cylinders and Concentrators Market estimates and forecast, by region, 2014 - 2025 (USD Million)
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