Oxygen Cylinders and Concentrators Market Size

Oxygen Cylinders and Concentrators Market Size

Oxygen Cylinders and Concentrators Market size was valued USD 2.7 billion in 2018 and is expected to grow at over 8.9% CAGR from 2019 to 2025.

Increasing geriatric population base will serve as a high impact rendering factor. The elderly population is at a greater risk of acquiring respiratory disorders such as COPD. Aging leads to decline in effectiveness of defense mechanism of the lung along with weakening of respiratory muscles. Moreover, there is a decrease in peak airflow and the maximum amount of air that can be breathed out after a maximum inhalation.

Rising number of smokers and growing exposure to dust particles will further fuel the market growth. Cigarette smoke releases chemicals which are absorbed by lungs leading to tissue and cell damage. Inhalation of dust particles and their consequent settling in the airways may lead to inflammation of the trachea or bronchitis. These factors increase the risk of acquiring respiratory diseases.
 

Lack of availability of these devices in developing regions hampers the market expansion. Low product availability is often related to cost and lack of infrastructure. Risk of operational hazards due to unsafe or improper storage practices which may result in serious injuries hampering the industry growth.

COVID-19 pandemic has positively impacted the global oxygen cylinders and concentrators market. Coronavirus infection can severely affect the lungs and thereby, the breathing rate of patients. Hence, as per the healthcare authorities, oxygen therapy is recommended for moderate to severely affected patients. Oxygen therapy may be given though various modalities including oxygen concentrators and cylinders and thus, these devices have observed robust demand during the past few months across the globe.
 

High-income countries of North America and Europe have substantial resources and facilities, whereas, low- and middle-income countries including India have experienced high scale demand for oxygen concentrators and cylinders, along with delays and disruptions in the supply chain. With raised customer demand coupled with inflated prices, the industry is forecasted to experience considerable revenue growth. Furthermore, the market will foresee demand for both, fixed and portable devices, owing to presence of significant patient base in hospitals and homecare. Thus, the global market will boom in the healthcare sector significantly during the forecast timeframe.