The global oxygen cylinders & concentrators market size is projected to exceed around USD 5,320.4 million by 2026, the market is estimated to grow at 9.1% CAGR during the forecast period. The rise in the number of smokers and increase mobility are the factors that are expected to boost the growth of the global oxygen cylinders & concentrators market.
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Oxygen cylinders and concentrators market are expected to witness robust growth over the forecast period. The factors such as increasingold age population in the developed nations and rise in the number of smokers are expected to boost the growth of oxygen cylinders & concentrators market. The aging population is at a greater possibility of having respiratory disorders. Elderly population leads to the weakening in the efficiency of the defense mechanism of the lung along with failing of respiratory muscles. Moreover, there is a reduction in peak airflow and the maximum amount of air that can be breathed out after a maximum inhalation. Also, the increase in the number of smokers and rising exposure to dust particles will further fuel the market growth of oxygen cylinders & concentrators market. The inhalation of dust particles and their resulting settling in the airways can also result in bronchitis. These factors proliferate the risk of having respiratory diseases. But, the lack of accessibility of oxygen cylinders and concentrators in the developing economies hampers the growth of the global market. Moreover, low product obtainability is frequently related to the cost and lack of infrastructure.
Portable devices are estimated to hold a significant position in the global oxygen cylinders & concentrators market. Improved mobility and individuality ascribed to its light-weight and ease of usage features is projected to fuel the demand of global oxygen cylinders & concentrators market. The patients suffering from a particular disease choose oxygen cylinders & concentrators that are portable and helps them to complete routine activities effortlessly. The fixed devices segment is expected to grow at a rapid pace in the forecast period. Furthermore, these devices are also used for applications in the industrial sector that require a huge amount of gas for various methods.The growing prevalence of respiratory disorders is the major factor boosting the demand for oxygen cylinders & concentrators in the coming years. Additionally, the growing number of accidents and losses demanding the instant hospitalization and operation along with the increasing number of surgeries which will further propel the demand for oxygen cylinders & concentrators market.
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The global oxygen cylinders & concentrators market is segmented into the product, application, and region. On the basis of the 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.
The major players associated with the global oxygen cylinders & concentrators market are Koninklijke Philips N.V., Air Liquide, Chart Industries, Invacare, Catalina Cylinders, Inogen, TecnoGaz, MeBer, Cramer Decker, and HERSILL, etc.There is a high degree of competition among the key players operating in the global oxygen cylinders & concentrators market. Moreover, the players are also strategically focused on partnership, acquisition, and product launch in order to compete in the market and gain a leading position in the oxygen cylinders & concentrators market. For instance, in May 2016, Inogen introduced oxygen concentrator for long term oxygen therapy users. The introduction of Inogen One G4 oxygen concentrator has broadened the product portfolio. The oxygen cylinders and concentrators market is highly fragmented and witnesses’ high competition. There is a high degree of competition which is expected to intensify in the coming years due to the entry of new players and favorable regulations. Also, the development of lightweight products that provides ease of handiness combined with extended battery life will drive the market growth in the future. The Asia Pacific and Latin American region are expected to grow significantly at a rapid pace in the future and offers huge growth opportunities due to the huge presence of patient base suffering from chronic diseases, asthma, and other respiratory disorders.
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