Oxygen Cylinders and Concentrators Market Size By Product (Portable, Fixed), By Application (Healthcare, Pharmaceutical & Biotechnology, Manufacturing, Aerospace & Automotive, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025
Oxygen Cylinders and Concentrators Market will exceed USD 5.0 billion by 2025; as per a new research report.
Increasing geriatric population base which is at higher risk of acquiring respiratory disorders such as COPD, asthma and pulmonary will drive oxygen cylinders market growth. Furthermore, growing exposure to dust and smoke particles produced as a result of various manufacturing processes along with increase in smoking incidence has increased the risk of acquiring respiratory disorders. Growing demand for adventure sports such as scuba diving and mountaineering requiring a constant oxygen supply will further boost industry expansion.
According to a recent study by using Global Obstructive Lung Disease (GOLD) classification to determine the acuteness of COPD in the United States, the prevalence of GOLD was over 1.8% in every single patient of between age group of 40-49 compared to almost 19% in those over 70 years of age. Millions of individuals are diagnosed with COPD worldwide and 15% of them are prescribed oxygen. Increasing number of COPD patients coming into the market will drive the business growth in the coming years.
Portable oxygen cylinders accounted for the largest market share of 53.0% in 2018 and is poised to grow at the fastest rate over the forecast timeframe owing to increased convenience and mobility provided by these devices. In addition, increasing demand and high adoption rate of the oxygen cylinders in many different domains coupled with rising prevalence of interstitial lung disease, hypoxaemia, chronic diseases, oxygen therapy requirements, cyanosis, coronary occlusion, pulmonary fibrosis, severe hemorrhage, and exertional desaturation are factors propelling business growth.
Healthcare accounted for 47.1% of revenue share in 2018. Wide range of applications in medical sector coupled with increasing demand for oxygen cylinders should drive industry growth over the forecast period. Manufacturing application segment will grow at a CAGR of 9.1% during the forecast period due to increased usage of oxygen cylinders in various industries. There are numerous petrochemical intermediates that are currently being manufactured with high-purity oxygen, such as ethylene and propylene oxide, vinyl chloride and caprolactam which will drive the segmental growth.
North America held the largest market share of nearly 34.7% in 2018 with the U.S. dominating the oxygen cylinders and concentrators market. High number of hospitals equipped with advanced oxygen delivery systems in the united states have resulted in high market value. Asia Pacific and Latin America present lucrative future opportunity owing to expansion and development of healthcare facilities. Countries such as India and China are developing at rapid rate; healthcare sectors in these countries are expanding and improving, giving rise to demand for oxygen cylinders and concentrators.
The major industry players in the oxygen cylinders and concentrators market are Philips Respironics, Inogen and O2 Concepts, Nidek Medical, Teijin, Drive DeVilbiss Healthcare, Inova Labs, Teijin, and Invacare, among others. The oxygen cylinders market is witnessing tremendous advancements in terms of new product development in the previous years. Various manufacturers are introducing innovative and advanced oxygen concentrators and cylinders in the market in order to stay ahead in the competition.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook