Oxygen Cylinders and Concentrators Market Research, 2031
The global oxygen cylinders and concentrators market size was valued at $4.2 billion in 2021, and is projected to reach $6.7 billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031. Oxygen cylinders and oxygen concentrators are essential medical equipment for providing oxygen to patients suffering from lung cancer, COPD, and other respiratory illnesses. Patients use oxygen cylinders, which contain a finite amount of compressed oxygen gas, until they are empty. However, some oxygen concentrators are battery-powered devices that filter and create medical-grade oxygen, providing the patient with an endless supply. Also, the demand for oxygen supply is expected to increase, which may eventually drive the global cylinders and concentrators industry throughout the projected period.
To avoid unnecessary travel and hospitalizations and ease the treatment options for the patients suffering from respiratory disorders, the adoption of portable oxygen cylinders and concentrators is likely to stimulate the growth of the oxygen cylinders and concentrators market trends in the future. Portable oxygen cylinders are easy to operate at home or during travel. This feature has increased the demand for these devices due to which many manufacturing companies have also focused on developing and producing portable oxygen concentrators. For this, they are investing a huge amount of the budget on the research and development facility for producing technologically advanced and hassle-free concentrators. For instance, according to a news published on HME News, on March 29, 2019, Belluscura, a healthcare company in the U.K., announced to launch a portable oxygen concentrator named the X-PLO2R. Such company initiatives are likely to foster market share in the coming years.
Despite the growing demand for oxygen cylinders and concentrators for managing respiratory diseases, some major factors like high investment cost and less availability of the instruments in developing countries are expected to hamper the growth of oxygen cylinders market. The purchasing cost of oxygen cylinders and concentrators is high which not many people can afford this line of treatment for their respiratory diseases. For instance, according to an article published in All Africa, on July 9, 2021, many people have been adversely affected by high price of oxygen cylinder and concentrators as they were unable to afford such costly treatment option. This factor is anticipated to hinder the oxygen concentrators market value of oxygen cylinders and concentrators in the next few years. Furthermore, developing countries lack an abundance of oxygen cylinders and concentrators which is likely to decrease the oxygen cylinders and concentrators market growth considerably.
Increasing technological advancements in oxygen cylinders and concentrators is expected to boost the market in the future. As the demand for oxygen cylinders and concentrators is increasing, researchers and scientists have paced up their research and development activities to develop latest technology devices for patients suffering from respiratory diseases. For instance, according to a news published in EET India, in June, 2021, researchers at Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), Bengaluru, India, designed a mobile oxygen concentrator named OxiJani which can be used in rural areas and also can be rapidly deployed for emergencies in any location.
Another instance published in The Hans India, on June 30, 2021, states that engineering students of Lords Institute of Engineering & Technology (LIE&T), Hyderabad, innovated and developed a dual-use oxygen concentrator from a water purifier for emergency use. Such developments are expected to increase oxygen cylinders market revenue in the coming years. These factors are anticipated too create more oxygen cylinders and concentrators market opportunities.
The oxygen cylinder and concentrator market is segmented on the basis of type, end-user, and region. By type, the market is divided into portable and fixed. By end-user, the market 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 key players profiled in this 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 oxygen cylinders and concentrators market is segmented into Type and End User.
By type, the portable sub-segment is estimated to show the fastest growth during the forecast period. The demand for portable oxygen cylinder and concentrator is rising due to rising prevalence of asthma, pneumonia, respiratory diseases, and COPD, which is anticipated to increase the usage of portable oxygen concentrators or cylinders. Furthermore, manufacturers across the globe are introducing various new technologies in concentrators to offer new opportunities in the market. For instance, GCE healthcare on February 2018, announced that they have launched Clarity for oxygen concentrators, type of remote monitoring platform; this will monitor and track patients regularly of battery life, device location and oxygen purity. Such type of technological advancements in portable concentrators attract more customers and therefore create demand for oxygen concentrators.
By end-use, the healthcare sub-segment dominated the oxygen cylinders and concentrators market share in 2021. The increasing number of accidents and requirement of immediate hospitalization will further accelerate the market demand for oxygen cylinder and concentrator. According to the U.S. government in 2017, in U.S. more than 16 million people suffered from COPD and approximately 9 million with chronic bronchitis, most of which were emergency cases. Therefore, by using oxygen cylinder and concentrator most of COPD patients survived. These are some of the key factors boosting the demand for oxygen cylinder and concentrator.
By region, the Asia-Pacific is projected to be the fastest-growing region during the forecast period. This is majorly due to the increasing population, rising awareness among the public regarding detection and treatment of disease, increase in healthcare spending, along with government initiatives such as providing funds for hospitals and clinics to ensure unrestricted supply of oxygen during the pandemic are the key market drivers. For instance, as stated on May 20, 2021, in The Wire, a leading news platform, the American India Foundation, the non-profit organization working in India, raised $25 million and ordered 5,500 oxygen concentrators and other emergency equipment for India. In addition, as of May 10, 2021, Sewa International, the Indian non-profit organization, raised $16 million out of which $6 million was used to order 7,482 oxygen concentrators and other emergency equipment.
Impact of COVID-19 on the Global Oxygen Cylinder and Concentrator Industry
- Market for oxygen cylinders and concentrators observed a positive growth during COVID-19 pandemic. Many people suffered from serious respiratory conditions due to which a major growth was seen in the demand for oxygen cylinders and concentrators.
- The increasing rate of COVID-19 encouraged the key market players to increase their investment budgets and speed up their production units to cater to the demand for oxygen cylinders and concentrators. Many companies started mass production of oxygen cylinders which benefitted company’s profits.
- With the continuous increase in the COVID-19 infection cases across the world, many companies invested a huge amount of their revenue in their research & development activities. Also, the government of many countries have stepped forward to help the manufacturing companies pace up their production lines by developing technologically advanced and affordable oxygen concentrators.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the oxygen cylinders and concentrators market Size, segments, current trends, estimations, and dynamics of the market from 2021 to 2031 to identify the prevailing oxygen cylinders and concentrators market growth.
- The market research is offered along with information related to key oxygen cylinders and concentrators market analysis, drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the oxygen cylinders and concentrators market share has been provided in the study
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global oxygen cylinders and concentrators market forecast, trends, key players, market segments, application areas, and market growth strategies.
Oxygen Cylinders and Concentrators Market Report Highlights
Market Size By 2031
USD 6.7 billion
CAGR of 4.6%
2021 - 2031
By End User
Key Market Players
Inogen, O2 Concepts, Teijin, Invacare Corporation, Koninklijke Philips N.V. (Philips Healthcare), Chart Industries (AirSep), Inova Labs (ResMed), DeVilbiss Healthcare (Drive DeVilbiss Healthcare), NIDEK Medical Products, Worthington Industries
Luxfer Group, Catalina Cylinders, TEIJIN LIMITED.
For individuals with respiratory disorders, oxygen cylinders and concentrators make the breathing process easier. The demand for portable oxygen cylinders and concentrators has increased as a result of their simple operation and portability. Several industry professionals have been purchasing more advanced concentrator models. These factors are anticipated to boost the market growth during the forecast timeframe.
On the other hand, oxygen cylinders typically have higher prices. The global oxygen cylinders and concentrators market is on a steady growth but the only restrains are volatile pricing, mismanagement of devices resulting in injury, and low availability. These factors are anticipated to hamper the market growth.
Among the analyzed regions, Asia-Pacific is expected to grow at the fastest CAGR during the projected timeframe, followed by LAMEA, North America, and Europe. Financial support from government as well as the non-profit organizations to hospitals to ensure sufficient number of oxygen cylinders and concentrators is one of the major driving factors for the Asia-Pacific oxygen cylinder and concentrator market.