Medical Oxygen Cylinders Market Value to Exceed US$ 4.2 Billion by 2031: Transparency Market Research Inc.

Transparency Market Research
Transparency Market Research

Rise in prevalence of chronic respiratory diseases and increase in emergency hospitalizations are propelling demand for medical oxygen therapies

Wilmington, Delaware, United States, , Jan. 31, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc.The medical oxygen cylinder industry presents significant opportunities in the next few years owing to the significant utilization of medical oxygen in patients with chronic respiratory diseases such as COPD, asthma, pneumonia, and ARDS. An increase in awareness about oxygen ventilation modalities in emergency care settings is a key market trend likely to present lucrative opportunities for vendors. The medical oxygen cylinders market size is projected to surpass US$ 4.2 Bn by 2031.

An increase in the usage of medical oxygen in operating rooms (OTs) and intensive care units has generated substantial revenue for manufacturers. According to the TMR study, the hospital segment held the leading market share in 2021. The trend is expected to continue during the forecast period. Emergency use of medical oxygen cylinders gained popularity across the globe during the COVID-19 pandemic outbreak. Portable oxygen cylinders witnessed widespread adoption due to portability and accessibility.

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Key Drivers

  • A rise in the prevalence of chronic respiratory diseases is a major driver of the global medical oxygen cylinders industry

  • Increase in government spending on healthcare infrastructure in developing countries and growth in demand for oxygen delivery and therapy systems in emergency care at hospitals are key medical oxygen cylinders market trends

  • A surge in the elderly population is likely to fuel demand for noninvasive oxygenation strategies both at home and in hospitals

Key Findings of Study

  • Rise in Demand for Medical Oxygen in Home Healthcare: Demand for medical oxygen therapies in home healthcare is likely to rise among healthcare providers, patients, and caregivers. The surge in demand for home healthcare in developed countries is propelling the medical oxygen cylinders market growth. Governments have made efforts to increase access to medical oxygen cylinders for home usage in developing regions. For instance, governments in India and the U.S. are updating oxygen production, distribution, and storage regulations, which has broadened the market outlook.

  • Increase in Adoption of Noninvasive Oxygen Ventilation: The surge in the adoption of noninvasive oxygen ventilation modalities in hospitals can be ascribed to a growing preference for invasive modalities. Utilization of these modalities has risen to owe to the rise in demand for ventilation therapies in emergency care settings.

  • Sales of Cylinders to Propel Revenues of Manufacturers: Cylinders are expected to gain preference as these are portable, conveniently stored, and can be easily transported to the site where required. Additionally, cylinders are compact and durable. Healthcare providers, therefore, prefer portable oxygen tanks to accessories for medical ventilation therapies. The cylinders segment accounted for the largest share of the global market in 2021.

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Regional Growth Dynamics

  • North America and Europe are projected to be lucrative markets during the forecast period. The rapidly aging population has led to a rise in the incidence of chronic respiratory diseases. This is likely to augment the market in the regions in the next few years.

  • Asia Pacific is expected to witness significant revenue growth during the forecast period. A surge in the adoption of medical oxygen in-home care can be ascribed to an increase in access to oxygen therapies. A rise in presence of manufacturers and suppliers of medical oxygen is expected to propel market growth in the region in the near future.

Competition Landscape

The market landscape is fragmented, with the presence of a large number of regional and international players. A significant number of leading companies accounted for a significant share of the market in 2021.

Prominent companies in the medical oxygen cylinders market are

  • Drive DeVilbiss Healthcare, Inc.,

  • OxyGo,

  • Inogen, Inc.,

  • CAIRE, Inc.,

  • Nidek Medical Products, Inc.,

  • Linde plc,

  • Invacare Corporation,

  • Koninklijke Philips N.V., and Air Liquide Healthcare.

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Medical Oxygen Cylinders Market Segmentation

  • Product Type

    • Cylinders

      • Portable

      • Fixed

    • Accessories

  • End-user

    • Hospitals

    • Home Healthcare

    • Others

Regions Covered

  • North America

  • Latin America

  • Europe

  • Asia Pacific

  • Middle East & Africa

Countries Covered

  • U.S.

  • Canada

  • Germany

  • U.K.

  • France

  • Italy

  • Spain

  • China

  • India

  • Japan

  • Australia & New Zealand

  • Brazil

  • Mexico

  • GCC Countries

  • South Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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