The global oxygen cylinders & concentrators Market is projected worth US$5,320.4 million by 2026 and the market is projected to showcase 9.1% CAGR during the forecast period. The oxygen cylinders & concentrators market is driven by an increase in the old age population in developing economies.
The increase in the number of adventure sports and the rise in the number of patients suffering from the respiratory disorder is the major driving forcesthat surge the demand for oxygen cylinders & concentrators. Also, the increase in the number of stringent government regulationsrelated to the oxygen cylinders and the rise in the number of smokers are the factors boosting the growth of global oxygen cylinders & concentrators market across the globe. However, the lack of availability of portable devices in the developing nationscan be one of the restraining factors hampering the growth of the global oxygen cylinders & concentrators market.
The rise in technological advancements has transformed the industry verticals as the manufacturing and healthcare sector are making efficient use of oxygen cylinders and concentrators owing to the increase in chronic diseases as well as the increase in manufacturing facilities. Benefits of portable oxygen cylinders & concentrators over the fixed one will have a positive impact on the overall oxygen cylinders & concentrators market. Also, the advancement in technology is rapidly gaining traction that is estimated to create growth opportunities for the key manufacturers in the global oxygen cylinders & concentrators market.
The global oxygen cylinders & concentrators market is segmented into the product, application, and region. On the basis of product, the global oxygen cylinders & concentrators market is segmented into portable and fixed. On the basis of application, the global oxygen cylinders & concentrators market is segmented into manufacturing, healthcare, aerospace & automotive, pharmaceutical & biotechnology, and others. On the basis of the region, the global oxygen cylinders & concentrators market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Based on the product, the global oxygen cylinders & concentrators market can majorly be segmented into two sub-segments, which are portable and fixed. The portable sub-segment is anticipated to dominate the global oxygen cylinders & concentrators market as it offers ease of handiness and mobility to the user.
The Asia Pacific region is expected to hold a major share of the global oxygen cylinders & concentrators market owing to the huge patient pool suffering from respiratory disorders and asthma in developing countries such as India. The presence of improved and portable oxygen cylinder & concentratorsis increasing the demand for overall oxygen cylinders & concentrators for various application across industries. These factors are driving the growth of the global oxygen cylinders & concentrators market.Also, the North America region is expected to grow at a rapid pace due to the presence of the huge number of geriatric population in the U.S. These factors expected to drive the demand of oxygen cylinders & concentrators in the North America region.
The major players associated with the oxygen cylinders & concentrators market are Koninklijke Philips N.V., Air Liquide, Chart Industries, Invacare, Catalina Cylinders, Inogen, Tecno Gaz, MeBer, Cramer Decker, and HERSILL, etc.
Key manufacturers in the global oxygen cylinders & concentrators market are focused on continuous product launch strategy in order to manufacture innovative oxygen cylinders & concentrators for effective applications. Additionally, the key players in the global oxygen cylinders & concentrators market are also focusing on merger and acquisition and forming strategic partnerships with established players in order to expand their business geographically as well as to gain maximum market share.
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