Global Oxygen Cylinders and Concentrators Market to Generate $6,658.5 Million by 2031, Owing to Rapid Growth in Healthcare Sector Across the Globe

Oxygen cylinders and concentrators are medical devices which are specifically used in such cases where the patient is suffering from breathlessness or is facing problems retaining the oxygen that is being inhaled. In such cases, oxygen concentrators help in providing a consistent, steady, and purified form of oxygen to the patient, thus aiding the patient’s ability to inhale oxygen. For this, oxygen concentrators filter out oxygen from the surrounding atmosphere, thereby leaving out nitrogen and other gases, and through a pipe offers it to the patient.

Forecast Analysis of the Oxygen Cylinders and Concentrators Market

In recent years, there has been an increase in the expanse of global healthcare sector which has increased the demand for oxygen cylinders and concentrators. This surge in demand is predicted to be the primary growth driver of the global oxygen cylinders and concentrators market in the forecast period. Additionally, growing research and development activities in the field of oxygen concentrators manufacturing is anticipated to push the market forward. Along with this, advantages offered by oxygen cylinders such as portability have increased their demand in the medical industry which is projected to offer numerous growth and investment opportunities to the market in the analysis timeframe. However, lack of infrastructure to manufacture these devices is estimated to create hurdles in the full-fledged growth of the oxygen cylinders and concentrators market in the coming period.

Regionally, the oxygen cylinders and concentrators market in the Asia-Pacific region is expected to be highly dominant by 2031. Growing demand for oxygen concentrators due to overall deteriorating air quality of this region caused by industrial effluents is expected to be the leading factor behind the growth of the market.

According to the report published by Research Dive, the global oxygen cylinders and concentrators market is expected to gather a revenue of $6,658.5 million by 2031 and grow at 4.6% CAGR in the 2022–2031 timeframe. Some prominent market players include Teijin Limited Company, Worthington Industries, Inc., Invacare Corporation, Inova Labs Inc. (ResMed), Inogen Inc., Koninklijke O2 Concepts, NIDEK Medical Products, Chart Industries (AirSep), De Vilbiss Healthcare (Drive DeVilbiss Healthcare), Philips N.V (Philips Healthcare), and many others.

Covid-19 Impact on the Oxygen Cylinders and Concentrators Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The oxygen cylinders and concentrators market, however, faced a positive impact of the pandemic due to obvious reasons. Since the SARS-CoV-2 virus primarily infects the lungs of the patient and reduces the ability to inhale oxygen, external support in the form of oxygen cylinders and concentrators becomes necessary. As a result, during the pandemic, the demand for oxygen cylinders and concentrators grew rapidly which helped the market grow.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the oxygen cylinders and concentrators market to flourish. For instance:

• In June 2021, Servotech Power Systems, a technological solutions provider, announced that it would be launching medical oxygen cylinders in a bid to meet the exponentially rising demand for oxygen cylinders and concentrators during the pandemic. This establishment of a new facility and the subsequent launch is expected to help the company to increase its presence in the market in the near future.
   
• In January 2022, NOVAIR, a leading on-site gas production systems manufacturer, announced the acquisition of Oxygen Generating Systems Intl., a leading manufacturer of oxygen generators and concentrators. This acquisition is predicted to offer huge growth and expansion opportunities to NOVAIR in the next few years.
   
• In March 2022, GRS India, a medical devices startup, announced the launch of a portable and easy-to-handle smartphone-based oxygen kit that can supply consistent oxygen supply to the patients. The launch of this innovation medical device is expected to help GRS India to increase its footprint in the market in the coming period.