Medical Oxygen Concentrators & Oxygen Cylinders Market Size, Share, Growth, and Industry Analysis, By Type (Portable Oxygen Concentrators & Cylinders and Stationary Oxygen Concentrators & Cylinders), By Application (Home Care and Non-homecare), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Medical Oxygen Concentrators & Oxygen Cylinders Market Report Overview

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The global medical oxygen concentrators & oxygen cylinders market size is USD 3699.1 million in 2022 and is projected to touch USD 5298.4 million by 2031, exhibiting a CAGR of 4.1% during the forecast period.

The patient's oxygen needs are met using medical oxygen concentrators & oxygen cylinders. Both oxygen suppliers have completely distinct delivery strategies. If we look at the market in India, oxygen cylinders are used more frequently, but oxygen concentrator use has increased and is becoming more and more popular among medical professionals. It has been noted that oxygen cylinders can only hold a certain amount of the gas before it expires when the user breathes it in. When the oxygen supply runs out, it must be replenished or restored. The oxygen can also be continually delivered by a cylinder.

Medical oxygen gas cylinders are often used by healthcare practitioners for therapeutic and diagnostic purposes. Medical oxygen gas systems, such as oxygen concentrators and compressed oxygen gas cylinders, are typically favored by older patients who have mobility limitations and need a steady supply of oxygen. These systems are utilized extensively in homecare settings. Medical oxygen devices like concentrators and cylinders, which are used to treat respiratory conditions, are frequently favored by elderly patients who have restricted mobility and depend on a reliable market supply. Oxygen treatment or more oxygen is required for a few common chronic health problems, including chronic bronchitis, emphysema, and chronic obstructive pulmonary disease (COPD).

COVID-19 Impact: Rise in Chronic Disease Fostered Market Growth 

The global COVID-19 pandemic has been unprecedented and staggering, with medical oxygen concentrators & oxygen cylinders experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Growing chronic illness cases and the global prevalence of COVID-19 patients are contributing to the market's expansion. During the COVID-19 pandemic, optimal use of the medical infrastructure became a top priority for governments all around the world. Additionally, special attention is paid to medical oxygen gas imports and domestic production to guarantee a continuous supply to authorized COVID-19 institutions specified by the local administration. There was a growing need for oxygen gas cylinders from nursing homes, hospitals, and other facilities. Depending on the need, there are several sizes of oxygen concentrators.

LATEST TRENDS

"Growing Number of Patients Suffering From Respiratory Diseases to Foster Market Growth"

The primary factors driving the surge in demand for medical oxygen concentrators & oxygen cylinders are the increase in adventure sports participants and the increase in patients with respiratory diseases. Additionally, the global medical oxygen concentrators & oxygen cylinders market is being driven by an increase in the number of strict government regulations related to oxygen cylinders and an increase in the number of smokers. However, one of the things preventing the global market for oxygen cylinders and concentrators from expanding could be the lack of portable devices in poorer nations. These factors are anticipated to foster medical oxygen concentrators & oxygen cylinders market growth.

Medical Oxygen Concentrators & Oxygen Cylinders Market Segmentation

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• By Type Analysis

By type, the market is segmented into portable oxygen concentrators & cylinders and stationary oxygen concentrators & cylinders.

The portable oxygen concentrators and cylinders segment is forecasted to lead the market owing to the growing prevalence of respiratory illnesses such as COPD, pneumonia, and asthma. Additionally, the rising number of air travelers is expected to boost product adoption.

• By Application Analysis

Based on application, the market is classified into home care and non-homecare.

DRIVING FACTORS

"Rising Health Concern to Stimulate Product Demand in the Global Market"

Government health spending and out-of-pocket spending (OOPS) per capita have increased significantly in a number of countries around the world during the past ten years. The increase in out-of-pocket spending shows that patients' out-of-pocket costs are rising and that their medical insurance does not provide any financial assistance. Due to the existence of insurance companies and free healthcare, out-of-pocket spending has accounted for almost one-third of total health spending, excluding high-income countries. The demand for medical oxygen concentrators & oxygen cylinders in low- and middle-income nations with high pollution levels has been directly impacted by increased OOPS spending. The medical oxygen concentrators & oxygen cylinders market is expected to expand due to the rise in demand for oxygen cylinders.

"Growing Pollution to Cater Product Demand "

The rising number of vehicles coupled with the consistently growing pollution is leading to a rising number of respiratory disorders among the population. Moreover, the population is also susceptible to indoor air pollution caused by smoking, poor ventilation, pets, and dust. The rise in the number of active Smokers is also anticipated to surge the cases of respiratory disorders, which will further lead to an increase in the demand for medical oxygen concentrators & oxygen cylinders in the global market. These factors are forecasted to surge growth in the market of medical oxygen concentrators & oxygen cylinder.

RESTRAINING FACTORS

"Rising Cost of Oxygen Cylinder to Impede Growth in the Market"

The global market for medical oxygen concentrators is anticipated to experience a downfall owing to the high capital costs associated with CO2 capture. There is a significant need for the system or product and a strong demand for oxygen. CO2 capture is one of the many process cycles used in manufacturing, which is quite expensive. Furthermore, it is anticipated that the poor acceptability of non-portable and single-user equipment will restrain medical oxygen concentrators & oxygen cylinders market growth. 

Medical Oxygen Concentrators & Oxygen Cylinders Market Regional Insights

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"North America to Lead the Market Owing to the Rising Prevalence of Respiratory Disorders"

North America is estimated to hold a major part of the medical oxygen concentrators & oxygen cylinders market share due to the rising prevalence of respiratory diseases and the diagnosis of these diseases at an early stage. The presence of an enhanced healthcare system in the region is also forecasted to propel regional growth.

Asia Pacific is anticipated to show significant growth in the global market owing to the strong presence of the geriatric population susceptible to various respiratory disorders. Additionally, the rising pollution in the region owing to the burning of biomass fuels is also forecasted to surge growth in the market.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Developing Smaller Portable Devices to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. The key companies are trying to develop portable devices with smaller sizes to gain traction in the global market.

List of Market Players Profiled

• Yuyue Medical (China)
• Teijin Pharma (Japan)
• SysMed (India)
• Shenyang Canta (China)
• ResMed (U.S.)
• Precision Medical (U.S.)
• Philips Healthcare (Netherlands)
• OxyGo, LLC (U.S.)
• Omron (Japan)
• O2 Concepts, LLC (U.S.)
• Nidek Medical (India)
• NGK Spark Plug (Japan)
• Longfei Group (China)
• Linde (Ireland)
• Invacare Corporation (U.S.)
• Inogen, Inc. (U.S.)
• GF Health Products (U.S.)
• GCE Group (GCE Healthcare) (Sweden)
• Drive DeVilbiss Healthcare, Inc. (U.K.)
• Daikin (Japan)
• Cramer Decker Medical, Inc. (U.S.)
• CAIRE Inc. (U.S.)
• Beijing Shenlu (China)
• AirSep Corporation (U.S.)
• Air Water Group (Japan)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research.

• The pandemic's aftereffects and the subsequent lockdown.
• The market's most recent trend is currently fueling expansion.
• The factors are most likely to stimulate market growth.
• The reasons the market is expected to grow more slowly.
• A comprehensive regional analysis of the market is conducted.
• Significant players and their business offices are also covered in the article.