Oxygen Cylinders and Concentrators Industry Forecast
Oxygen Cylinders and Concentrators Market Showing 9.8% CAGR Growth to 2024: Company Profiles & Growth Analysis
This global Oxygen Cylinders and Concentrators market report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years.
Oxygen Cylinders and Concentrators Market is set to exceed USD 4.5 billion by 2024; according to a new research study.
Increasing prevalence of COPD, asthma and other respiratory disorders will drive market growth over the forecast years. Excessive smoking and exposure to industrial dust will deteriorate the air quality leading to respiratory illness. Climate change further poses a massive threat to respiratory health as it increases risk factors such as amounts of pollens, allergens and particulate matter.
Growing demand for adventure sports such as scuba diving and mountaineering will fuel industry growth. The lack of oxygen at higher altitudes and deep-sea levels stimulates the need for oxygen cylinders which ensures a regular and continuous supply. Absence of these devices can lead to headache, dizziness, suffocation and death.
However, risk of operational hazards associated with the devices impedes industry expansion. Oxygen is non-flammable but it supports combustion and its improper or unsafe use or storage may lead to serious injuries.
Portable devices dominated the oxygen cylinders and concentrators market in 2016. The compact nature and light weight of these devices provides increased mobility and ease of use. However, comparatively higher costs of these devices hampers adoption to some extent.
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Pharmaceutical and biotechnology is slated to grow at a rapid pace over the forecast period. Oxygen is critical for cell growth applications and is routinely used in fermenters and bioreactors. Furthermore, enrichment with the gas can enhance bioreactor performance and capacity.
U.S. oxygen cylinder and concentrators market held significant industry share. Increasing proportion of elderly population along with increased occurrence of respiratory disorders should drive industry growth. As per American Lung Association, COPD is the third leading cause of death in the country. Presence of a well-established industrial infrastructure in the country will further stimulate demand.
China oxygen cylinder and concentrators market is slated to witness robust growth over the forecast period. The economic boom and drastic rise in GDP has resulted in a surge in motorized vehicles as more number of individuals are now capable of buying them. Moreover, the increased production output from steel and cement industries and burning of coal in factories has worsened the quality of air and has given rise to the problem of smog. Exposure to the increasing pollution and dust has escalated incidence of various respiratory disorders in the region which will fuel industry growth.
Prominent industry participants include Inogen, Tecno Gaz, Koninklijke Philips N.V., Cramer Decker, Air Liquide, Chart Industries, HERSILL, Catalina Cylinders, MeBer, and Invacare. The industry players resort to various strategies such as partnerships, developing new products and acquisitions for broadening their product portfolio and strengthening industry presence.
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Table of Content:
Chapter 1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Market definition and forecast parameters
1.2. Data sources
Chapter 2. Executive Summary
2.1. Oxygen cylinders and concentrators industry 360 degree synopsis, 2013 – 2024 (USD Million)
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Regional trends
Chapter 3. Oxygen Cylinders and Concentrators Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024 (USD Million)
3.3. Industry ecosystem
3.3.1. Vendor matrix
3.4. Industry impact forces
3.4.1. Growth drivers
184.108.40.206. Increasing elderly population at risk
220.127.116.11. Increasing occurrence of COPD and other respiratory disorders
18.104.22.168. Growing demand for adventure sports
22.214.171.124. Exposure to dust particles and increased number of cigarette smokers
126.96.36.199. Increased demand during hypoxaemia
3.4.2. Industry pitfalls & challenges
188.8.131.52. Operational hazards
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