New York, USA, Dec. 02, 2020 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global oxygen cylinder and concentrator market accounted for $2,592.0 million in 2018 and is expected to garner $5,052.1 million by 2026, growing at a CAGR of 8.7% in the forecast period from 2019 to 2026. The global market is segmented on the basis of product, end-use, and region. The report offers detailed insights on drivers, opportunities, restraints, challenges, and key players of the market.
Our analysts stated that the global oxygen cylinder and concentrator market is majorly driven by the growing demand from healthcare, production, and manufacturing industries across the globe. Besides, the increase in number of adventure sports and patients suffering from respiratory related problems are expected to create lucrative growth opportunities for the global market in the coming future. Conversely, the injuries caused due to improper handling and the price volatility of oxygen concentrators are predicted to hamper the market growth by 2026.
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Portable Segment to be Most Profitable
By product, the global market is bifurcated into fixed and portable. Of these, the portable oxygen concentrator segment is estimated to dominate the market and surpass $2,875.5 million by the end of 2026. The dominance of this segment is majorly attributed to user friendly handling and mobility of portable oxygen concentrators and its growing demand from residential places and healthcare sector.
Healthcare Segment to Hold Significant Market Share
By end use, the overall market is categorized into healthcare, pharmaceutical & biotechnology, manufacturing, aerospace & automobile, and others. Among these, the healthcare segment is expected to reach up to $2,347.5 million by 2027, owing to the presence of huge number of patient’s dependent on oxygen.
Asia Pacific Region to Have Enormous Growth Opportunities
By region, the global market is divided into Asia Pacific, North America, LAMEA, and Europe. The Asia Pacific market for oxygen cylinder and concentrator are predicted to surpass $1,475.2 million by 2026, majorly owing to the growing demand form pharmaceutical & biotechnology and healthcare sector in the region.
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Prominent Market Players
The key players operating in the global oxygen cylinder and concentrator industry include -
- NIDEK Medical Product, Inc.
- Koninklijke Philips N.V.
- Invacare Corporation
- De Vilbiss Healthcare (Drive DeVilbiss Healthcare)
- Chart Industries (AirSep)
- Inogen Inc.
- Worthington Industries
- Inova Labs Inc. (ResMed)
- Teijin Limited Company
- O2 Concepts
Further, the report presents and outlines several aspects of these key players such as SWOT analysis, business performance, recent strategic moves & developments, and product portfolio. Quick Download Top Companies Development Strategies Summary Report
Mergers & acquisitions, partnerships, collaborations, and new product launches are some of the growth strategies adopted by these key players to obtain a leading position in the global industry. For instance, in January 2019, ResMed launched a premier portable oxygen concentrator called ‘Mobi’ in the U.S. This portable oxygen concentrator delivers an optimal balance of oxygen output, weight, and battery life for effective therapy anywhere people go.