Oxygen Cylinder and Concentrator Market worth over $5bn by 2025
Published Date: March 8, 2019 Authors: Sumant Ugalmugle, Rupali Swain
Oxygen Cylinder and Concentrator Market size is set to surpass USD 5 billion by 2025, according to a new research report by Global Market Insights, Inc.
Increasing prevalence of COPD, asthma and other respiratory disorders will drive the market growth over the forecast years. Excessive smoking and exposure to industrial dust will deteriorate the air quality leading to respiratory illness. Climate change further poses a massive threat to respiratory health as it increases risk factors such as amounts of pollens, allergens and particulate matter.
Growing demand for adventure sports such as scuba diving and mountaineering will fuel the market expansion. The lack of oxygen at higher altitudes and deep-sea levels stimulates the need for oxygen cylinders which ensures a regular and continuous supply. Absence of these devices can lead to headache, dizziness, suffocation and death.
However, risk of operational hazards associated with the devices impedes the industry growth. Oxygen is non-flammable but it supports combustion and its improper or unsafe use or storage may lead to serious injuries.
Browse key industry insights spread across 145 pages with 60 market data tables & 9 figures & charts from the report, “Oxygen Cylinder and Concentrator Market Size By Product (Portable, Fixed), By Application (Healthcare, Pharmaceutical & Biotechnology, Manufacturing, Aerospace & Automotive, Others), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
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Portable devices segment accounted for USD 1.42 billion in 2018. The compact nature and light weight of these devices provides increased mobility and ease of use. However, comparatively higher costs of these devices hamper adoption to some extent.
Pharmaceutical and biotechnology in the oxygen cylinder and concentrator market is slated to witness 8.9% growth rate through 2025. Oxygen is critical for cell growth applications and is routinely used in fermenters and bioreactors. Furthermore, enrichment with the gas can enhance bioreactor performance and capacity.
U.S. oxygen cylinder and concentrator market captured 86.1% of revenue share in 2018. Rising proportion of elderly population along with increased occurrence of respiratory disorders should impel the market value. As per American Lung Association, COPD is the third leading cause of death in the country. Presence of a well-established industrial infrastructure in the country will further foster demand.
China market is projected to observe robust growth over the forecast period. The economic boom and drastic rise in GDP have resulted in a surge in motorized vehicles as a greater number of individuals are now capable of buying them. Moreover, the increased production output from steel and cement industries and burning of coal in factories has worsened the quality of air and has given rise to the problem of smog. Exposure to the growing pollution and dust has escalated incidence of various respiratory disorders in the region which will spur the market progression.
Prominent participants functioning in the market include Inogen, Tecno Gaz, Koninklijke Philips N.V., Cramer Decker, Air Liquide, Chart Industries, HERSILL, Catalina Cylinders, MeBer, and Invacare. The industry players resort to various strategies such as partnerships, developing new products and acquisitions for broadening their product portfolio and strengthening market presence.