Oxygen Cylinder and Concentrator Market Consumption to Hit 5,052.1 Million by 2026

Oxygen Cylinder and Concentrator Market Consumption to Hit 5,052.1 Million by 2026

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Oxygen Cylinder and Concentrator Market Consumption to Hit 5,052.1 Million by 2026

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The oxygen cylinder and concentrator market was $2,592.0 million in 2018 and is anticipated to surpass $5,052.1 million by the end of 2026, at a CAGR of 8.7%. The market is driven largely by the healthcare and medical sector. These end-use segments generated a revenue of $1,231.3 million in 2018, owing to increase in the consumption of oxygen cylinders and oxygen concentrators. In treating respiratory related issues, for instance bronchitis, emphysema, asthma and COPD, these oxygen concentrators are mainly preferred by users, these are common problems in the elderly people. The consumption of oxygen cylinders in manufacturing segment is increasing, owing to the usage of oxygen cylinders in several applications such as oxidation process, controlling of NOx emissions from glass and ceramics and in coal gasification, which will further enhance the market in manufacturing industry.

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Growing the number of cigarette smoker and rising quantities of dust particles in the atmosphere will enhance the usage of oxygen cylinders and concentrators. Inhalation of dust particles and their consequent accumulation in the airways may contribute to trachea or bronchitis inflammation. Such issues increase the risk of respiratory related diseases, additional it may cause bronchitis inflammation and irregular heartbeats. These concentrators are used to filter the polluted air and to maintain the oxygen percentage in the surrounding environment, this will enhance the market growth.

The global oxygen cylinder and concentrator market categorized into fixed and portable. The portable oxygen cylinder and concentrator has higher demand than fixed oxygen concentrator, owing to higher demand from healthcare and aerospace & automobile end-users. Portable concentrator has generated a revenue of $1,507.6 million in 2018, it is estimated to reach $2,875.5 million by 2026, and expected to continue its dominance over forecast period, this is majorly because of its mobility and easy to use. Fixed oxygen cylinder and concentrator is projected to reach $2,176.6 million by 2026, from $1,084.4 million in 2018.

Oxygen cylinder and concentrator market is classified into aerospace & automotive, manufacturing, healthcare and pharmaceutical & biotechnology. The market for healthcare sector registered for $ 1,231.3 million in 2018, it is projected to account for $2,347.5 million by 2026, and anticipated to continue its dominance in the coming years, owing to rise in the number of asthma and COPD patients. Moreover, manufacturing & production and pharmaceutical & biotechnology is projected to increase the market growth in coming years.

Asia-Pacific oxygen cylinder and concentrator market for pharmaceutical & biotechnology is anticipated to create better growth opportunity to capture substantial revenue producing opportunities over the coming years. Asia-Pacific market was accounted for $724.2 million in 2018, and expected to reach $1,475.2 million during forecast timeframe. China market is anticipated to witness a prominent growth over the forecast period, due to rise in the number of traditional (Petroleum) vehicles, population growth and industrial effluents have degraded the air quality. By using oxygen concentrators, the degraded air can be treated and will help in maintaining oxygen percentage in the atmosphere. This will help to upsurge the oxygen concentrator market in this region.

North America dominated the global market and is anticipated to account for $2,200.8 million by 2026, from $1,154.4 million in 2018, and projected to continue its dominance over forecast time frame. The North America oxygen cylinder and concentrator market generated the highest market share of 42% in 2018, it is estimated to raise in coming years, owing to increase in the number of elderly people and regularly occurrence of breathing related problems, this is expected to enhance the growth of oxygen cylinder and concentrator market size.

Global oxygen cylinder and concentrator market players are Teijin Limited Company, Inova Labs Inc. (ResMed), NIDEK Medical Products, Philips N.V (Philips Healthcare), Worthington Industries, Inc., Inogen Inc., Chart Industries (AirSep), Invacare Corporation, Koninklijke O2 Concepts and De Vilbiss Healthcare (Drive DeVilbiss Healthcare) and others.

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These manufactures are executing new approaches to improve product quality and, performance. In recent times, DeVilbiss Healthcare launched a device “DeVilbiss iFill personal oxygen station”, in order to increase their oxygen cylinder and concentrator market share in the overall industry.

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