Pune, India, Dec. 22, 2021 (GLOBE NEWSWIRE) -- The global medical oxygen cylinder market was valued at USD 2,650.4 million in 2021 growing at a CAGR of 3.9% during the forecast period, as per a recent study by Quince Market Insights. The increasing awareness amongst the consumers related to the benefits with regards to the usage of medical oxygen cylinders is directly impacting the overall market growth of medical oxygen cylinder. Medical oxygen cylinder is basically a tempered steel container in which the oxygen is stored at high pressure. Medical oxygen cylinders are widely used for medical as well as diagnostics purposes. These cylinders store oxygen in liquid form or at high pressure and are used many times during a medical emergency. Not only this but also medical oxygen cylinders are found in various sizes.
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As the oxygen is provided in the purest form to the patients during medical emergency as well as the formation of the cylinders are the major factors that are driving the global medical oxygen cylinder market. Apart from this, the rising prevalence of breathing problems due to various diseases and the increasing awareness among the people for healthcare is the other driving factors for the growth of the medical oxygen cylinder market. Oxygen cylinders do not need any batteries to function which is another biggest benefit for the overall growth of the market.
The increasing cost of the medical oxygen cylinder is the biggest challenge faced by the global medical oxygen cylinder market. Additionally, certain technical precautions like the use of cylinder at a specific distance from a combustible element are the major restraining factor which is hampering the growth of the medical oxygen cylinder market.
Some Significant Developments Considered in The Report:
- In May 2021, Bharat Aerosol Industries launched a portable oxygen cylinder, and the company is expecting overall sales of Rs 10 crores within the first year of its launch.
- In March 2021 Luxfer acquired the Structural Composites Industries (SCI) for $20 million which will be strengthening its product offerings across the world.
- In June 2020 CAIRE Inc. had acquired Spirosure to measure fractions of exhaled nitric oxide.
- In April 2020 Drive Devilbiss had introduced a new portable oxygen cylinder by investing USD 35 million which can adjust the oxygen dosage as per the breathing rate of the patient.
- In October 2019 Invacare Corporation launched the Invacare platinum oxygen cylinder and the company has earned huge profit during the COVID 19 pandemic.
COVID-19 Impact on the Global Medical Oxygen Cylinder Market
The QMI team is closely monitoring the impact of COVID-19 on the global medical oxygen cylinder industry, and it has been observed by our team that the demand for medical oxygen cylinder is anticipated to grow sharply during the analysis period. To control the spread of the pandemic, many countries across the globe have enforced strict lockdown norms, which is hampering all kinds of business activities. The demand for and supply of raw materials and product manufacturing and distribution have been completely disrupted due to the closing down of the marketplace. Among various industries, transportation, energy, manufacturing, and other industries have suffered huge financial losses. However, the medical oxygen cylinder has played a significant role in controlling the breathing rate of the patients during the pandemic. All these factors have been analyzed in detail in this report.
Global Medical Oxygen Cylinders Market, By Product
Based on product, the global medical oxygen cylinders market is segmented into the portable cylinder and stationary cylinder. The portable cylinder is holding the highest market share in 2019 owing to the increasing prevalence of respiratory problems like pneumonia, COPD, and asthma. In addition, the rise in the number of air passengers and increasing approvals received from the Federal Aviation Administration for the portable cylinder is going to drive the market.
Global Medical Oxygen Cylinder Market, By Technology
Based on the technology, the market is segmented into the continuous flow as well as pulse flow. Among these, the continuous flow segment is holding the highest market share in the year 2019. The reason behind the growth of this segment is a technological advancement which is estimated to increase the usage of oxygen cylinder. Moreover, the continuous use of respiratory equipment for oxygen therapies during emergency situations is estimated to boost segmental growth.
Global Medical Oxygen Cylinder Market, By End User
Based on the end-user, the global oxygen cylinder market is bifurcated into home care and non-home care. The home care segment is dominating the market owing to the increasing requirement of homecare oxygen therapies. Furthermore, the increasing demand for pure oxygen, as well as technological advancements like the miniaturization of the size of the devices, are also the prime factors that are contributing towards the segmental growth.
Global Medical Oxygen Cylinder Market, By Disease
Based on disease, the medical oxygen cylinder market is segmented into COPD, lung disorders, cardiac disorders, COVID 19 and others. The lung disorders segment is witnessing the highest market growth and is going to continue its dominance due to the increasing geriatric population. The patients suffering from lung disorders are prescribed to go for oxygen therapies which are increasing the market demand.
Global Medical Oxygen Cylinder Market, By Size
Based on size, the global medical oxygen cylinder market is segmented into 10L, 40L, 50L and 100L. 40L segment is dominating the market due to the increasing cases of COVID 19. Liquid oxygen provides the most flexible source of home oxygen. The reservoir contains 40 l liquid oxygen lasting 8-10 days.
Global Medical Oxygen Cylinder Market, By Cylinder Type
Based on the cylinder type, the market is bifurcated into fixed and portable. The portable segment is dominating the market due to the increasing prevalence of pulmonary problems and among people and growing air pollution. People mostly opt for portable cylinder as they are extremely lightweight and easy to carry. These cylinders are preferred by the patients who were under home isolation.
Global Medical Oxygen Cylinder Market, By Application
Based on the application, the global medical oxygen cylinder market was segmented into the operating room, emergency room, respiratory department, and household. The emergency room segment has witnessed the highest growth due to the increasing number of COVID 19 cases. In fact, the patients who are suffering from COVID 19 are transferred to the emergency rooms for faster treatment.
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Global Medical Oxygen Cylinder Market, By Region
Based on the region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. North America is holding the highest market share due to the increasing number of geriatric people in the region. Furthermore, the increasing cases of respiratory problems will propel the market growth. On the other hand, Asia Pacific is also estimated to witness significant growth due to the increasing prevalence of lung disorders. Apart from this the increasing life expectancy, healthcare expenditure and awareness among the patients are the other factors that are responsible for the regional growth.
Some Major Findings of the Medical Oxygen Cylinder Market Report Include:
- Profiles of major market players operating in the medical oxygen cylinder market, which include Drive DeVilbiss Healthcare, Inc., Philips Healthcare, Invacare Corporation, Nidek Medical, Inogen, Inc., AirSep Corporation, ResMed, Medical Depot, Inc., CAIRE Inc., O2 CONCEPTS, OxyGo, LLC, Precision Medical, Inc., Linde plc, CDMI.
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global medical oxygen cylinder market.
- Impact of COVID-19 on the global medical oxygen cylinder market.
Browse key industry insights from the report, “Global Medical Oxygen Cylinder Market, By Product (Portable Cylinders, Stationary Cylinders), By Technology (Continuous Flow, Pulse Flow), By End User (Homecare, Non-Homecare), By Disease (COPD, Lung Disorders, Cardiac Disorders, COVID 19, Others), By Size (10L, 40L, 50L, 100L), By Cylinder Type (Fixed, Portable), By Application (Operating Room, Emergency Room, Respiratory Department, Household), By Region (North America, Europe, Asia Pacific, Middle East & Africa, South America)” in depth analysis along with the table of contents (ToC).
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