April 14, 2020
According to the research report titled ‘Oxygen Cylinders and Concentrators Market Size By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, worldwide oxygen cylinders and concentrators market is estimated to surpass USD 5 billion by the year 2025.
Rising elderly population which is susceptible to respiratory disorders such as pulmonary diseases, asthma and COPD is a major factor propelling the growth of oxygen cylinders & concentrators market. Long period of exposure to smoke and dust particles owing to increasing manufacturing activities and rise in smoking habits have enhanced the pervasiveness of respiratory disorders, hence fostering the demand for oxygen cylinder and concentrators. Additionally, shifting preferences towards adventure sports such as mountaineering and scuba diving are further augmenting the market expansion.
Based on the product landscape, portable segment held the 53% market share in 2018 and is expected to register significant growth during the forecast period. The product offers better mobility and convenience. Growing demand for oxygen cylinders owing to high occurrence rate of chronic diseases, hypoxaemia and interstitial lung diseases is aiding the segmental growth.
Elaborating on the application spectrum, healthcare segment generated 47.1% revenue share in 2018 and will witness similar growth trends in the ensuing years. Growing demand for oxygen cylinders and it wide application in medical sector are favoring the market outlook.
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On the other hand, oxygen cylinders and concentrators industry share from manufacturing application is set to record a growth rate of 9.1% through 2025, owing to increasing utilization of oxygen cylinders across various industries.
Considering the geographical landscape, North America held 34.7% share of the worldwide oxygen cylinders and concentrators industry in 2018, primarily due to advancements in oxygen delivery systems.
Alternatively, Latin America and Asia-Pacific are poised to garner admirable revenues in the ensuing years owing to rapid expansion of healthcare facilities.
Invacare, Teijin, Inova Labs, Drive DeVilbiss Healthcare, Nidek Medical, Inogen & O2 Concept and Philips Respironics are the eminent companies in oxygen cylinders and concentrators industry.
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