Global Oxygen Cylinders and Concentrators Market is expected to grow at a CAGR of 10.61% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Oxygen Cylinders and Concentrators Market by Product Type (Fixed, Portable), Application, End User (Healthcare, Manufacturing, Aerospace & Automotive, Pharmaceutical & Biotechnology, Others), Region and Global Forecast 2018-2025.
As per the report, the global oxygen cylinders and concentrators market is expected to grow from USD 2,820.15 million in 2017 to USD 6,581.16 million by 2025 at a CAGR of 10.61% during the forecast period from 2018-2025. An increasing the proportion of elderly population along with increased occurrence of respiratory disorders, developed healthcare infrastructure, rapid technological advancements, and growing per capita income are some of the factors that led to the growth of oxygen cylinders and concentrators market in North America region.
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Prominent companies in the industry include Koninklijke Philips N.V., Inogen, Invacare Corporation, O2 Concepts, LLC, Tecno Gaz, AirSep Corporation, DeVilbiss Healthcare LLC, Teijin Limited, Nidek Medical Products, Inc., Cramer Decker, Air Liquide, Covidien Ltd, Teijin Limited, Catalina Cylinders, Invacare Corporation, Royax, Jiuxin Medical Technology Co., Ltd, Chart Industries, Inc., and among others are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share. For instance, in 2016, Luxfer Gas Cylinders entered into a partnership with Precision Medical, Inc. and added portable oxygen concentrators (POCs) to its product range in Europe.
Product type segment covers fixed and portable. The portable segment valued around USD 1,498.63 million in 2017 due to its light weight and compact nature has increased ease of use and mobility. Portable oxygen concentrator is helpful to individuals using oxygen tanks as a steady supply of oxygen by allowing them flexibility to use. End user segment includes healthcare, manufacturing, aerospace & automotive, pharmaceutical & biotechnology, others. The healthcare segment held highest market share of 54.31% in 2017 owing to increasing incidence of respiratory disorders such as COPD, asthma, and other diseases, and oxygen cylinders used as supplementary oxygen, and oxygen cylinders widely used in surgery and intensive care treatment. Application segment is divided into COPD, asthma, pneumonia, cystic fibrosis, respiratory distress syndrome, and other diseases. The COPD segment is anticipated to grow with highest CAGR 12.15% during the forecast period owing to aging population and heightened risk to respiratory disorders, and growing COPD prevalence in Asia Pacific region.
The oxygen cylinders and concentrators market is driven by increasing geriatric population, growing demand for adventure sports, and increasing occurrence of COPD and other respiratory disorder. However, risk of operational hazards associated with the devices and lack of availability of these devices is expected to boost the oxygen cylinders and concentrators market over the forecast period. The increasing number of patients dealing with respiratory diseases and rising number of manufacturing units of oxygen cylinders and concentrators will lead the growth of oxygen cylinders and concentrators market in couple of years.
About the report:
The global oxygen cylinders and concentrators market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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