As per a new report published by Research Dive, the global oxygen cylinder and concentrator market is estimated to register a revenue of $5,737.5 million till 2026, growing at a CAGR of 10.7% during the forecast time from 2019-2026. The global market segmentation has been done on the basis of product, end use and region. This report further provides in depth overview of drivers, opportunities, restraints, segmentation analysis and prominent participants of the market.
The novel coronavirus has positively affected the global oxygen cylinder and concentrator market. According to available sources, people who are affected with COVID-19, about 15% of patients have serious sickness requires oxygen supply and about 5% patients have critically ill necessitating intensive care treatment. Also, many critically affected patients will require mechanical ventilation due to doctors observed that affected patients have extraordinarily low oxygen levels in their blood. This factor is significantly driving demand for oxygen cylinders and concentrators to maintain oxygen levels for patients during treatment and which will drive the growth of the market during this time of crisis.
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Furthermore, various government bodies are implementation several initiatives to help the businesses during the COVID-19 pandemic. For instance, Indian government has announced compliance and regulatory relief measures for financial year 2018-2019 and extension of GST returns from April 2020 to last week of June 2020.
During this unprecedented situation, we are helping our customers in understanding the impact of COVID-19 on the global oxygen cylinder and concentrator market.
Our report includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
Factors affecting market growth
As per our analysts predicts, growing prevalence of chronic obstructive pulmonary disease (COPD) along with respiratory problems are significantly driving the growth of the market. But, low production and high price of the oxygen cylinders and concentrators are majorly hampering the global market growth.
Portable product type is expected to grow at a notable rate in coming years
The global market is segmented on the basis of product into portable and fixed. In both of these, the global market had commanded by portable type oxygen concentrator, it is predicted to continue its growth with a faster rate of 11.8% CAGR and is estimated to reach up to $3,560.9 million by 2026. This expected growth is attributed to increasing demand from residential places due to its easy handling and portability. Besides portable type, the market for fixed product type is expected to grow at a moderate rate of 9.1% CAGR and is anticipated to account for $2,176.6 million by the end of 2026.
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Healthcare industry accounted for highest market share in the previous years
On the basis of end use, the global market has been categorized into healthcare, pharmaceutical & biotechnology, manufacturing and aerospace & automotive. Among these, healthcare sector held the majority of the oxygen cylinder and concentrator market share, which was about 48.0% in 2018 and is estimated to remain its growth throughout the forecast time. Growing requirement of oxygen cylinders from healthcare sector due to increasing number of oxygen dependent patients, which will accelerate the market growth. The market for manufacturing sector will witness to grow at a significant rate of 9.8% CAGR and projected to generate a revenue of $1,152.8 million by 2026.
Regional outlook
Asia-Pacific oxygen cylinder and concentrator market will witness to grow at a significant rate of 9.3% CAGR and is projected to create a major revenue generating opportunities throughout the forecast period. Increasing demand for oxygen cylinders and concentrators from pharmaceutical and manufacturing industries, which will drive the growth of the market in Asia-Pacific. Due to increasing usage, the market for Asia-Pacific will reach up to $1,475.2 million by the end of 2026. North America has dominated the global market size and is projected to continue its dominance over the market in the forecast time. Growing prevalence of respiratory related issues and chronic disorders in the aged people are significantly enhancing the market growth in the forecast time.
Prominent participants
The prominent players in the global oxygen cylinder and concentrators market are Inogen, Inc., Chart Industries, DeVilbiss Healthcare LLC, Nidek Medical Products, Inc., WORTHINGTON INDUSTRIES, Invacare Corporation, Koninklijke Philips N.V., Inova Labs Inc., O2 CONCEPTS, LLC and Teijin Aramid.
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