Latest Update 2020: What Makes Oxygen Cylinder and Concentrator Market Outperforming Its Substitutes?
Pune, New York, USA, November 24 2020 (Wiredrelease) Research Dive –:According to a study, Oxygen Cylinder and Concentrator Market by Research Dive, the market is expected to reach $5,052.1 million by 2026, registering a CAGR of 8.7% from 2019-2026.
Growing utilization from different applications and increasing focus on consumption are some of the oxygen cylinder and concentrator market drivers.
The oxygen cylinder and concentrator market is primarily dominated by growing utilization from different applications, for instance, healthcare, pharmaceutical & biotechnology and manufacturing industries. According to American Academy of Allergy, Asthma & Immunology (AAAAI), about 320 million people worldwide are diagnosed with Asthma, of which about 255000 are suffering from the disease. However, it is estimated that by the end of 2026, the number of asthma patients would continue to grow by more than 102 million. This factors further enhance the market in healthcare and medical segment. Additionally, rising demands for adventure sports such as mountain climbing and scuba diving is additional factor for the market growth. Moreover, increasing air pollution, rising the oxygen cylinder usage in manufacturing and production industry will drive the growth of the market in the coming years. The oxygen cylinder and concentrator market size is restrained by the oxygen cylinder production rate, availability of oxygen cylinders and price of the concentrators.
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The global oxygen cylinder and concentrator market is segmented into fixed and portable concentrator. The market is dominated by portable oxygen concentrators, and it is predicted to reach $2875.5 million by 2026 and at a growth rate of 8.4%, it is expected continue to dominate in the coming years, due to their mobility and easy handling. Fixed concentrator market is expected to grow at a CAGR of 9.1%, and projected to reach $2176.6 million by the end of 2026.
Based on end-use, the global oxygen cylinder and concentrator market is dominated by healthcare industry and growing at 8.4% CAGR. The market for healthcare sector is accounted for $1231.3 million in 2018, it is expected to reach $2347.5 million during forecast timeframe, this is mainly owing to the rising demand from oxygen dependent patients. Over the forecast period, the manufacturing industry is projected to reach $1152.8 million by the end of 2026, and expected to increase the market, growing at a CAGR of 9.8%. Along with manufacturing industry, pharmaceutical & biotechnology industry is witness to upsurge growth of the market over forecast period, at a CAGR of 8.9%.
Asia Pacific oxygen cylinder and concentrator market Forecast:
The oxygen cylinder and concentrator market for Asia Pacific has generated $724.2 million in 2018, at a CAGR of 9.3% and is projected to reach 1475.2 million by the end of 2026. India market is anticipated to experience vigorous growth in the coming years, due to the growing demands form pharmaceutical & biotechnology and manufacture sectors in Asia Pacific.
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North America Oxygen Cylinder and concentrator market Growth:
North America region accounted to hold the majority of the market share and dominated the market in 2018, generating a revenue of 2200.8 million by 2026, at a CAGR of 8.4%. In 2018, U.S. produced 42% of regional oxygen cylinder and concentrator market share, due to the frequently occurrence of respiratory problems caused because of the sudden change in climatic conditions along increasing number of aged populace will drive the growth of the market.
Chart Industries (AirSep), Inogen Inc., NIDEK Medical Products Inc., DeVilbiss Healthcare (Drive DeVilbiss Healthcare), Invacare Corporation, Worthington Industries, Inova Labs Inc (ResMed), Koninklijke Philips N.V. (Philips Healthcare), Teijin Limited Company and O2 Concepts are some of the global oxygen cylinder and concentrator market players.
These companies are adopting new technologies and R&D advancements to gain major share in overall market. Current improvements in market by Teijin Limited Company includes in new device launch “Therapeutic oxygen concentrator: Hi-Sanso”, in order to increase their share in overall oxygen cylinder and concentrator market.
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