Dublin, April 10, 2024 (GLOBE NEWSWIRE) -- The "Global Oxygen Cylinders and Concentrators Market (2024 Edition): Analysis By Product (Portable, Fixed), By Application, By Region: Market Insights and Forecast (2020-2030)" report has been added to ResearchAndMarkets.com's offering.
The market was valued at USD 3.85 Billion in 2023 which is expected to reach USD 5.91 Billion in 2030. The Global Oxygen Cylinders and Concentrators market showcased growth at a CAGR of 5.87% during 2020-2023.
The Oxygen Cylinders and Concentrators Market is expected to continue growing as the global population ages and the prevalence of respiratory diseases increases, driving the need for effective oxygen therapy solutions.
According to Institute for Health Metrics and Evaluation (IHME), In 2019, chronic respiratory diseases were the third-leading cause of death, responsible for 4.0 million deaths with a prevalence of 454.6 million cases globally. The rising incidence of respiratory conditions such as chronic obstructive pulmonary disease (COPD), asthma, and sleep apnea is a significant driving force behind the demand for oxygen therapy devices. As the global population ages and environmental factors contribute to respiratory health issues, the need for oxygen cylinders and concentrators continues to grow.
The United States and China are by far the two largest spenders, with R&D spending of around 680 billion U.S. dollars and 550 billion U.S. dollars respectively in 2023. The United States, in particular, is a major contributor to global R&D expenditure in the healthcare sectors. The region is home to numerous healthcare companies with substantial R&D budgets. Also, China has been increasing its R&D investments in the healthcare sector. Australia, Japan, and Singapore also have a growing presence in healthcare with notable R&D activities.
Technological advancements in portable oxygen cylinders and concentrators have transformed respiratory care, offering greater convenience, mobility, and usability for patients. One significant advancement is the miniaturization of components, enabling the development of smaller and more lightweight portable oxygen devices. This miniaturization allows patients to carry their oxygen therapy equipment with them wherever they go, whether it's traveling, running errands, or participating in social activities.
Innovations in oxygen delivery systems, such as nasal cannulas and masks, have improved comfort and efficiency for patients. Soft, lightweight materials and adjustable designs ensure a better fit and reduce skin irritation, enhancing patient compliance with oxygen therapy.
The incorporation of data analytics and predictive algorithms enables healthcare providers to identify trends, predict complications, and optimize therapy parameters to enhance patient safety and treatment efficacy. Smart sensors and feedback systems provide real-time alerts on patient vital signs and device performance, enabling proactive intervention and troubleshooting. Wireless connectivity and cloud integration facilitate secure data transmission and collaboration among healthcare teams, ensuring continuity of care and patient safety.
Moreover, user-friendly interfaces and intuitive controls have made oxygen therapy devices easier to operate, reducing the likelihood of errors and improving overall user experience. With the advent of Internet of Things (IoT) connectivity, advanced oxygen concentrators can transmit real-time data to healthcare providers, enabling proactive monitoring and timely intervention when necessary.
These technological advancements, coupled with enhanced durability and reliability of devices, have significantly improved respiratory care, empowering patients and healthcare providers alike with more effective tools for managing respiratory conditions.
Scope of the Report
- The report analyses the Oxygen Cylinders and Concentrators Market by Value (USD Million).
- The report analyses the Oxygen Cylinders and Concentrators Market by Epidemiology.
- The report analyses the Oxygen Cylinders and Concentrators Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Canada, United Kingdom, Germany, France, Italy, China, Japan, Australia, India).
- The report presents the analysis of Oxygen Cylinders and Concentrators Market for the historical period of 2020-2023, the estimated year 2024 and the forecast period of 2025-2030.
- The report analyses the Oxygen Cylinders and Concentrators Market by Product (Portable, Fixed).
- The report analyses the Oxygen Cylinders and Concentrators Market by Application (Healthcare, Manufacturing, Pharmaceutical & Biotechnology, Others).
- The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by product & by application.
- Also, the major opportunities, trends, drivers, and challenges of the industry has been analyzed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
Analyst Recommendations
Focus on portable products for ambulatory surgical centers
Amplify production in developing countries
Competitive Positioning
- Companies' Product Positioning
- Market Share of Leading Companies
Company Profiles
- Inogen
- Koninklijke Philips N.V.
- Invacare
- O2 Concepts
- OxyGo
- Caire Inc.
- Catalina Cylinders
- B.N.O.S. Meditech Ltd.
- Drive DeVilbiss Healthcare
- Nidek Medical Products Inc.
For more information about this report visit https://www.researchandmarkets.com/r/3bdbzn
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