New York, USA, April 10, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global oxygen cylinder and concentrator market. According to the report, the global market is projected to surpass $6,706.7 million and grow with a CAGR of 5.1% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the oxygen cylinder and concentrator market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Oxygen Cylinder and Concentrator Market
The outburst of the COVID-19 pandemic in 2020 has had a positive impact on the growth of the global oxygen cylinder and concentrator market. During the pandemic, the global spread of COVID-19 has attacked people's respiratory systems, causing them to suffer from serious respiratory ailments. To solve this issue, the demand for oxygen cylinders and concentrators unexpectedly surged, which fueled the expansion of the global market. Hence, during the pandemic, several companies were developing strategic plans and launching new products to meet the increased need for oxygen. All these factors propelled the market growth amidst the pandemic.
Factors Impacting the Market Growth
The key factor boosting the growth of the global oxygen cylinder and concentrator market is a significant rise in the need for oxygen cylinder and concentrator owing to the number of people suffering from COPD and other chronic respiratory diseases worldwide. Furthermore, the ongoing technological developments in oxygen cylinders and concentrators are estimated to unlock lucrative opportunities for market growth in the forecast period. However, limited instrument availability and high investment costs in emerging nations are anticipated to deter the market’s growth.
The report segments the global oxygen cylinder and concentrator market into product, end user, and region.
Portable Sub-Segment to Grab the Foremost Share of the Market
The portable sub-segment of the product segment is foreseen to observe leading growth and garner $2,485.6 million by 2028. This growth is mainly because of light weight and ease of movement of portable oxygen cylinder and concentrators; owing to which they are favored by a majority of patients.
Healthcare Sub-Segment to Witness Rapid Growth
The healthcare sub-segment of the end user segment is predicted to grow enormously and hit $5,965.8 million by 2028. This growth is mainly due to the rising need for immediate hospitalization and operations around the world and the increasing number of accidents.
Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global oxygen cylinder and concentrator market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth and hit $1,985.2 million by 2028. This growth is mostly due to the public's increased understanding of disease prevention and treatment, as well as a rise in healthcare spending in this region.
Key Players of the Market
The report states some of the foremost players operating in the global oxygen cylinder and concentrator market including
- O2 Concepts
- Chart Industries Inc. LLC
- Devilbiss Healthcare LLC
- Inogen Inc.
- Nidek Medical India.
- Koninklijke Philips N.V.
- Invacare Corporation
- Resmed
- Worthington Industries
- TEIJIN LIMITED
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in June 2021, Servotech Power Systems, a top producer of solar panels, UVC disinfection goods, and LED lighting, launched a medical-grade oxygen concentrators at its plant in New Delhi, close to the Kundli border.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Oxygen Cylinder and Concentrator Market:
- A Short Guide for Oxygen Cylinder and Concentrators: Definition, Types, and Uses
- Several Technological Upgrades in the Oxygen Supply Devices Predicted to Propel the Growth of the Global Oxygen Cylinder and Concentrator Market from 2021 to 2028
