New York, USA, April 20, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global oxygen cylinder and concentrator market is predicted to grow at a stable CAGR of 5.1%, thereby garnering a revenue of $6,706.7 million in the 2021-2028 timeframe. This holistic report provides an overarching overview of the nature of the oxygen cylinder and concentrator market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market:
Drivers: Recently, there has been a surge, globally, in the number of patients suffering from chronic respiratory diseases. This has, in turn, led to an increase in the demand for oxygen cylinders and concentrators, which is expected to be the leading growth driver of the market. Furthermore, technological advancements in the healthcare sector are anticipated to boost the oxygen cylinder and concentrator market in the forecast timeframe.
Opportunities: Chronic respiratory diseases like asthma, chronic obstructive pulmonary disease, etc. are expected to offer huge growth opportunities to the oxygen cylinder and concentrator market on account of growing demand for such medical equipment. Moreover, with each passing day, newer innovations in the field of biomedical equipment manufacturing is expected to augment the growth of this market.
Restraints: High cost of investment for manufacturing oxygen cylinders and concentrators, however, might prove to be a hindrance in the growth trajectory of the oxygen cylinder and concentrator market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic has affected millions of lives, directly or indirectly. The lockdowns ordered by various government to curb the spread of the disease has negatively affected numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The oxygen cylinder and concentrator market, however, has faced a massive growth in this pandemic period due to obvious reasons. The Covid-19 pandemic has led to a massive surge in the demand for oxygen cylinders and concentrators all over the world as they have become an integral part of the coronavirus treatment procedure.
Segments of the Market:
The report has divided the market into certain segments based on product, end user, and region.
Product: Portable Sub-Segment to be the Most Profitable
By product, portable sub-segment is predicted to be the most profitable sub-segment of the oxygen cylinder and concentrator market and register a revenue of $2,485.6 million by 2028. Portable oxygen cylinders are essentially light weight, and hence can be carried along with the patient. This helps in giving the patient a continuous supply of oxygen irrespective of the place where the patient is. This has helped a lot, especially in the pandemic situation, which is expected to boost this sub-segment in the forecast timeframe.
End User: Healthcare Sub-segment to be the Most Lucrative
By end user, healthcare sub-segment is predicted to garner a substantial revenue of $5,965.8 million by 2028, thereby having the most dominant market share. Increasing incidence of chronic respiratory ailments and associated hospitalization is expected to be the primary growth driver of this sub-segment in the analysis timeframe.
Region: Market in North America Region to be the Most Dominant
By regional analysis, the oxygen cylinder and concentrator market in the North America region is poised to become the most dominant sub-segment by registering a revenue of $2,072.4 million by 2028. The massive transmission rate of Covid-19 in the US and Canada has led to a huge surge in the demand for oxygen cylinders and concentrators, which is expected to boost the market in this region in the projected period.
Prominent Market Players:
Some prominent market players of the oxygen cylinder and concentrator market are
- Chart Industries
- Inogen, Inc.
- Koninklijke Philips N.V.
- O2 Concepts
- Devilbiss Healthcare LLC
- TEIJIN LIMITED.
- Nidek Medical India.
- Worthington Industries
- Invacare Corporation
- Resmed
These companies are coming up with various innovations using different scientific approaches to gain a prominent position in the market.
For instance, in June 2021, Servotech Power Systems, an Indian solar panel and UVC disinfection products manufacturer, announced that it will start manufacturing oxygen cylinders and concentrators. In the Covid-19 pandemic, there was a massive shortage of these medical implements and Servotech, by entering this market, is on the way to meet this growing demand.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the oxygen cylinder and concentrator market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
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