New York, USA, June 22, 2020 (GLOBE NEWSWIRE) -- COVID-19 Impact on Oxygen Cylinder and Concentrator Market:
The outbreak of coronavirus has a considerable impact on the Global oxygen Cylinder and Concentrator Market. As per World Health Organization (WHO), people suffering with the COVID-19 will experience a respiratory problem along with ageing people who have respiratory problems such as chronic respiratory disorders and cardiovascular disease will experience severe illness. Similarly, oxygen cylinders and concentrators are required for the treatment of respiratory illness brought by coronavirus. This aspect is eventually boosting requirement of oxygen cylinders and concentrators in the COVID-19 treatment and which is projected to enhance the growth of the market.
Moreover, government implementing several initiatives to help the organizations to sustain during this crisis. For example, in recent times, Germany government has introduced hex support for employee and companies. According to this, government is giving tax free for employees approximately $1,600 under tax relief system. This study is done to help the market players in in understanding the effect of COVID-19 on the global oxygen cylinder and concentrator market.
Our report includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
As per a study conducted by Research Dive, the global oxygen cylinder and concentrator market is expected to account for $5,737.5 million by 2026 and at a 10.7 % CAGR in the projected timeframe from 2019-2026. The global market has been segmented into product, end use and region. This study will provide complete analysis about drivers, opportunities, restraints, segmentation insights and significant participants of the market.
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Factors affecting market growth
According to study, growing frequency of chronic obstructive pulmonary disease (COPD) and rising respiratory disorders due to pollution are major drivers for the oxygen cylinder and concentrator market growth. However, limited production rate and huge cost associated with oxygen cylinders and concentrators are significantly impeding the growth of global market.
Portable product type will experience a significant growth in upcoming years
Based on product type, the global market is classified into fixed and portable. The portable oxygen cylinder and concentrator product type accounted for highest market size and is projected to grow at a highest CAGR of 11.8% throughout the estimated time. Growing utilization of portable product type in the residential areas owing to its portability and ease of handling, which will accelerate the market growth. Along with portable type, the fixed product type generated for second largest market share in 2018 and is projected to generate a revenue of $2,176.6 million by 2026.
Healthcare industry generated for prominent market size
The global oxygen cylinder and concentrator market is segmented based on end use into pharmaceutical & biotechnology, healthcare, aerospace & automotive and manufacturing. In these, healthcare end use held the significant of the global market size in the previous years and is projected to produce a revenue of $2,347.5 million by the end of 2026. This dominance is majorly owing to wide utilization of oxygen cylinders in the healthcare end use because growing oxygen required patients. The manufacturing industry will experience a remarkable growth and is estimated to grow at a highest CAGR of 9.8% throughout the forecast time.
Geographical analysis
Asia-Pacific region will experience a significant growth and is projected to generate a revenue of $1,475.2 million by 2026. This expected growth is attributed to growing utilization of oxygen cylinders and concentrators in manufacturing and pharmaceutical industries across the Asia-Pacific region. North America region accounted for majority of the market share, which was 45.0% and is anticipated to remain its command over the global market during the forecast period.
Significant participants
The significant participants in the global oxygen cylinder and concentrators market include Inogen, Inc., DeVilbiss Healthcare LLC, Chart Industries, Nidek Medical Products, Inc., Invacare Corporation, WORTHINGTON INDUSTRIES, Koninklijke Philips N.V., O2 CONCEPTS, LLC , Teijin Aramid and Inova Labs Inc. These manufacturers are emphasizing on several approaches such as technology innovations and new product launches to strengthen their position in the global market.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated with the Impact of COVID-19: https://www.researchdive.com/covid-19-insights