Oxygen Cylinders and Concentrators Market Expected to Reach $6.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Oxygen Cylinders and Concentrators Market," The oxygen cylinders and concentrators market size was valued at $4.2 billion in 2021, and is estimated to reach $6.7 billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031.

Rising cases of chronic respiratory diseases among geriatric population is expected to drive the oxygen cylinders and concentrators market forecast time period. The old age population is increasing rapidly, due to which the prevalence of respiratory diseases like chronic obstructive pulmonary diseases and asthma are also growing. This growth in the diseases is due to the fact that as the age progresses, the lungs lose its capacity to intake and absorb oxygen during respiration which gives rise to various respiratory disorders.

For instance, according to a survey report ‘The Global Impact of Respiratory disease, by Forum of International Respiratory Societies in 2017, approximately 65 million people suffer from chronic obstructive pulmonary disease and nearly 3 million people die, each year. Also, increasing air pollution is another major factor responsible for the occurrence of respiratory diseases. For instance, according to a report by Physicians for Social Responsibility in 2009, more than 20 million people in the U.S. suffered from asthma.

The main reason was constantly increasing air pollution in the region. Oxygen cylinders and concentrators and cylinders have proven to be an integral part of the treatment for respiratory diseases. Oxygen concentrators are equipment that concentrate oxygen from ambient air by removing nitrogen. Oxygen cylinders supply oxygen to patients when they are unable to intake adequate amount of oxygen from air through respiration. Such benefits of the oxygen cylinders and concentrators are anticipated to increase the oxygen cylinders and concentrators market size in predicted time span.

The occurrence of COVID-19 pandemic has boosted the . Due to rising respiratory complications in the patients, there was increasing demand for oxygen cylinders, and the manufacturing companies boosted the production of oxygen cylinders and concentrators. Furthermore, the government supported companies that started the mass productions of these concentrators. For instance, according to a news published in The Hindu, on May 16, 2021, the state government of Tamil Nadu announced that the companies that initiated the mass production of oxygen concentrators, cylinders and medical oxygen would receive 30% capital incentive over a two-year period. Such initiatives are likely to boost the market growth in the future.

However, despite of growing demand for oxygen cylinders and concentrators for managing respiratory diseases, some major factors like high investment cost and less availability of the equipment in the developing countries are expected to hamper the growth of oxygen cylinders and concentrators market. The purchasing cost of oxygen cylinders and concentrators are very high due to which not many people can afford this line of treatment for their respiratory diseases. Such factors are anticipated to hinder the market value of the oxygen cylinders and concentrators in the next few years. Furthermore, developing countries face a shortage of oxygen cylinders and concentrators which is likely to decrease the market growth considerably.

Significant technical improvements in respiratory equipment and medical oxygen devices are expected to increase demand for oxygen cylinders and concentrators globally. As the need for advanced oxygen equipment grows, companies are investing heavily in R&D activities to create cutting-edge technology devices for better usage by patients suffering from respiratory disorders. For example, Teijin, a Japanese pharmaceutical, chemical, and information technology (IT) company, announced that the Hai Sanso 5S, a smart oxygen concentrator, will be introduced in South Korea for the first time in June 2021. The voice guidance system included into this concentrator notifies the patient when the equipment needs to be inspected and gives remedies, primarily in Korean.

The oxygen cylinders and concentrators market share is segmented on the basis of type, end-user, and region. By type, it is classified into portable and fixed. By end-user, it is classified into healthcare, pharmaceutical & biotechnology, manufacturing and aerospace & automotive. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region is anticipated to hold the highest oxygen cylinders and concentrators market share over the forecast period.

The key players profiled in the oxygen cylinders and concentrators market report include Chart Industries, Inc., O2 Concepts, LLC, Nidek Medical India., Devilbiss Healthcare LLC, Inogen, Inc., Invacare Corporation, Worthington Industries, Resmed, TEIJIN LIMITED., and Koninklijke Philips N.V.

The report offers a comprehensive analysis of the global oxygen cylinders and concentrators market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the oxygen cylinders market growth are also profiled in the report along with Porter’s five forces analysis of the oxygen concentrators market to explaining factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the oxygen cylinders market.

Impact of COVID-19 on the Global Oxygen Cylinder and Concentrator Industry

• Sales of oxygen cylinder and concentrator raised hugely over the COVID-19 period, as large number of people were suffering from respiratory issues across the globe.
• The emergence of COVID-19 has led to the rising necessity for oxygen cylinders and concentrators as COVID-19 is a respiratory disease and in severe cases people were suffering from rapid drop in the oxygen levels.
• The global market for oxygen concentrators and oxygen cylinders has grown significantly as a result of the high demand for these products from end-use industries. The COVID-19 pandemic has caused a significant spike in demand, which peaked in 2020. The same pattern is widespread in the industry as a result of the second coronavirus wave, which has increased the burden on the healthcare sector.

Key Findings of the Study

• Based on type, the fixed sub-segment emerged as the global leader in 2021 and portable sub-segment is projected to witness the fastest growth over the oxygen cylinders and concentrators market forecast period.
• Based on application, the healthcare sub-segment emerged as the global leader in 2021 and is projected to witness the fastest growth in the upcoming years.
• Based on region, the Asia-Pacific market is projected to show the fastest growth during the forecast period.
• The report also provides in-depth oxygen cylinders and concentrators market analysis