Portland, OR, Aug. 10, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global Medical Oxygen Gas Cylinders Market generated $2.97 billion in 2020, and is expected to reach $5.33 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030.
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Rise in population susceptibility to indoor air pollutants, surge in population of active smokers, and daily exposure to environmental pollution drive the growth of the global medical oxygen gas cylinders market. However, high costs of oxygen cylinders and strict regulatory procedures hinder the market growth. On the contrary, high growth potential in developing markets and increase in the geriatric population are expected to open lucrative opportunities for the market players in the future.
Covid-19 scenario:
- The Covid-19 pandemic positively affected the demand for medical oxygen gas cylinders due to increase in number of cases for intensive care. Moreover, increase in prevalence of Covid-19 cases and chronic diseases have supplemented the market growth.
- The government offered special attention to the import activities and local manufacturers of medical oxygen gas to ensure uninterrupted supply to designated Covid-19 hospitals. Moreover, in hospitals, oxygen gas treatment is required for patients for therapy of chronic health issues to improve energy levels, rest, and enhance the quality of life of patients.
- The demand for oxygen gas cylinders from medical clinics and home care settings increased during the pandemic.
The report segments the global medical oxygen gas cylinders market on the basis of technology, product, end user, and region.
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Based on technology, the pulse flow segment is projected to register the highest CAGR of 6.0% during the forecast period. However, the continuous flow segment held the largest share in 2020, accounting for nearly three-fourths of the market.
On the basis of product, the portable segment is estimated to portray the highest CAGR of 6.1% from 2021 to 2030. However, the fixed segment dominated the market in 2019, contributing to more than two-thirds of the market.
The global medical oxygen gas cylinders market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2019, accounting for around two-fifths of the market. However, the market across Asia-Pacific is estimated to register the highest CAGR of 7.6% during the forecast period.
The global medical oxygen gas cylinders market includes an in-depth analysis of the prime market players such as Koninklijke Philips N.V., Nidek Medical Products, Inc., Invacare Corporation, Messe Düsseldorf GmbH, Inogen, Inc., DeVilbiss Healthcare LLC, ResMed, Messer Group GmbH, Airgas Inc., and OrientMEd International.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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