PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485746
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485746
Oxygen Cylinders and Concentrator Market size was valued at USD 5,456.78 Million in 2023, expanding at a CAGR of 4.8% from 2024 to 2032.
Oxygen cylinders and concentrators are vital medical supplies essential for patients with lung cancer, COPD, and other respiratory disorders. Patients use oxygen cylinders until they run out of the limited quantity of compressed oxygen gas that they contain. Nevertheless, certain oxygen concentrators are battery-operated machines that produce and filter medical-grade oxygen, giving the patient a limitless supply. Additionally, as the market for home healthcare devices continues to grow, manufacturers are responding with new and improved products that offer advantages like portability, longer battery life, and lower noise levels.
Oxygen Cylinders and Concentrator Market- Market Dynamics
Growing Prevalence of Chronic Respiratory Diseases
Oxygen cylinders and concentrators play a crucial role in managing chronic respiratory diseases by providing supplemental oxygen therapy to patients. The World Health Organisation (WHO) reports that approximately 545 million people worldwide, or 7*4% of the population, suffer from a chronic respiratory illness. This figure adds to the mounting evidence of the significant risk that chronic respiratory diseases pose to premature morbidity and mortality. The COVID-19 pandemic has increased the need for oxygen worldwide and increased the urgency of delivering oxygen supply. Also in low- and middle-income nations, there is a 1.1 million cylinder shortage. COPD accounted for 3.6% of the total disease burden and 50% of the total burden of disease due to respiratory conditions in 2023.
Oxygen Cylinders and Concentrator Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.8% over the forecast period (2024-2032)
Based on product type segmentation, oxygen cylinders were predicted to show maximum market share in the year 2023
Based on application segmentation, hospitals were the leading type in 2023
Based on delivery mode segmentation, portable oxygen delivery was the leading type in 2023
Based on technology segmentation, continuous flow was the leading type in 2023
Based on end-user segmentation, hospitals were the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Oxygen Cylinders and Concentrator Market is segmented based on Product Type, Application, Delivery Mode, Technology, End User, and Region.
The market is divided into two categories based on delivery mode: Based on the delivery mode, the portable subsegment is anticipated to increase at the quickest rate throughout the projected period. Because COPD, asthma, pneumonia, and other respiratory illnesses are becoming more common, there is a growing need for portable oxygen cylinders and concentrators. As a result, it is expected that the use of these devices will rise.
The market is divided into six categories based on end-users: Hospitals, clinics, home care settings, ambulatory surgical centers, nursing homes and others. In terms of end-use, the oxygen cylinders and concentrators market share is led by the healthcare sub-segment. The market demand for oxygen cylinders and concentrators will grow even faster due to the rise in accidents and the need for emergency hospitalization.
Oxygen Cylinders and Concentrator Market- Geographical Insights
During the forecast period, the Asia-Pacific region is anticipated to grow at the quickest rate of any region. The primary market drivers are the growing population, growing public awareness of disease detection and treatment, rising healthcare spending, and government programs like funding hospitals and clinics to guarantee an unrestricted supply of oxygen during the pandemic. According to the World Health Organization (WHO), across India, ACT Grants, Swasth Alliance, and Feeding India contributed 50,000 oxygen concentrators and global assistance for states and UTs fighting COVID-19 including oxygen concentrators, cylinders, and generation plants that have received and expedited. In addition, in India, the OxygenForIndia initiative was conducted to address critical oxygen shortages during the COVID-19 pandemic.
Numerous smaller companies and startups are entering the oxygen therapy market, particularly in the portable oxygen concentrator segment. These companies often focus on innovation, aiming to develop more lightweight, portable, and user-friendly devices. Large medical device companies such as Philips Respironics, Invacare Corporation, and Drive DeVilbiss Healthcare often have a significant presence in the oxygen therapy market. They offer a range of products including portable and stationary oxygen concentrators, as well as other respiratory care equipment. In May 2021, Tech Mahindra partners with OxygenForIndia to deploy 3,000 oxygen concentrators and 40,000 oxygen cylinders.
In April 2023, OxyGo, a leader in the portable oxygen concentrator market announced the launch of a new oxyHome stationary concentrator. This innovative unit is designed to provide a continuous oxygen flow of up to 5L per minute for home use.
In July 2023, Emerson launched the ASCO Series 588 Stationary Oxygen Concentrator Manifold, the healthcare industry's first turnkey manifold solution designed to optimize respiratory therapy device designs and accelerate product speed to market.
GLOBAL OXYGEN CYLINDERS AND CONCENTRATOR MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Medical Depot, Inc.
Koninklijke Philips N.V.
Invacare Corporation
NIDEK MEDICAL INDIA
Inogen Inc.
CAIRE Inc.
O2 CONCEPTS LLC
OxyGo, LLC
Precision Medical, Inc.
Linde plc
Chart Industries
GCE Group
Drive DeVilbiss Healthcare
Airgas Inc.
Others