Newark, April 21, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global oxygen flow meters market is expected to grow from USD 1.64 Billion in 2021 to USD 3.15 Billion by 2030, at a CAGR of 7.05% during the forecast period 2022-2030.
An oxygen flow meter is a tool which measures the oxygen flow from an oxygen-dispensing unit to the oxygen user. Meters measuring oxygen flow frequently appear on oxygen concentrators and oxygen tanks, thus the machines that make concentrated oxygen.
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Oxygen flow meters often measure gas flow in Lpm. The advanced oxygen flow metering techniques can also indicate whether a line has a blockage or a tank of oxygen is unfit for usage. Oxygen flow meters can accurately measure the immediate oxygen flow and allow healthcare workers to maintain up-to-date patient oxygen absorption grades.
The increasing demand for oxygen flow rate measures in the healthcare sector worldwide is expected to expand demand for the oxygen flow meters market during the projection period. The factors such as the adoption of O2 flow meters would achieve more good traction in different sectors like chemical & aerospace is pushing the market growth during the projection period. Additionally, the increasing aging population, rising demand for portable medical equipment, and the high adoption of oxygen masks are also helping to drive the market’s growth. Furthermore, the increase in the international market has been likely with the rise rapidly the need to measure the oxygen flow rate in the healthcare sector over the globe. Additionally, the proliferation in healthcare spending coupled with an increasing geriatric population base has led to a risen number of surgeries worldwide. The increase in chronic disorders like diabetes is also propelling the market growth during the forecast period. Also, the integration of IoT in flow meters that has led to the introduction of smart flow rate measurement solutions is expected to drive market growth during the forecast period. Further, the oxygen need has risen significantly due to the Covid-19 epidemic that has positively affected the industry for oxygen flow meters.
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Key players operating in the global oxygen flow meters market are DZ Medicale, Burak Metering, Heyer Medical, Megasan Medical, HERSILL, Ohio Medical, Penlon, Precision Medical, Inc., Flowmetrics, and Shanghai Amcaremed Technology Co., Limited, and among others. To enhance their market position in the global oxygen flow meters market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
The healthcare segment led the market with a market share of 20.15% and a market value of around 0.35 billion in 2021.
The application segment is divided into aeronautics & astronautics, power generation, shipbuilding, nuclear energy & weapons, automobile manufacturing, healthcare, petroleum & chemical industries, and mechanical metallurgy. The healthcare segment led the market with a market share of 20.15% and a market value of around 0.35 billion in 2021. This is due to the booming healthcare enterprise around the globe. Furthermore, in regions like the Middle East and Africa, the increase in demand for oxygen to treat COVID-19 pre-existing gaps in healthcare oxygen supplies that lead to the rising demand for flow meters, ventilators, concentrators. Also, the development of the regional oxygen flow meters industry is anticipated to be encouraged by the surge in need for flow of oxygen rate measures in the medical sector around the globe.
The double flange type segment led the market with a market share of 41.12% and a market value of around 0.68 billion in 2021.
The type segment is divided into insert type, double flange type, and plug-in type. The double flange type segment led the market with a market share of 41.12% and a market value of around 0.68 billion in 2021. This growth is attributed to their characteristics like accurate flow measurements, leak resistance, higher signal stability, and decreased clogging. Additionally, by 2030, the plug-in type segment will likely dominate the market due to the surge in oxygen need from the healthcare sector.
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Regional Segment Analysis of the Oxygen Flow Meters Market:
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region occurred as the largest market for the global oxygen flow meters market with a market share of 38.19% and a market value of around 0.63 billion in 2021. North America currently dominates the oxygen flow meters market due to the presence of different designers & players of oxygen flow rate measurement products & solutions. Furthermore, the rising number of patients at hospitals sorrowing from Covid-19 is also helping to drive the market growth in this region. Additionally, the industry players in the market are growing their R&D activities to design advanced products with the best quality. Furthermore, the Asia Pacific region is expected to show the fastest CAGR of 10.02% over the projection period. This growth is attributed to the significant demand for and adoption of oxygen flow meters in different application sectors, especially in Southeast Asia, China, and India. Moreover, the need for oxygen maintains cropping in various sectors, including biotechnology & pharmaceutical, providing an added benefit to manufacturers looking to reach newer customer bases in this region. The surge in the number of healthcare installations over different region countries will probably support the market's growth during the projection period.
About the report:
The global oxygen flow meters market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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