Oxygen Cylinders and Concentrators Market size is set to exceed USD 5.0 billion by 2025; according to a new research report by Global Market Insights, Inc. Powered by a rather humongous application spectrum in the healthcare fraternity, oxygen cylinders and concentrators industry has witnessed a dramatic proceed over the recent years. Testament of the fact is the billion-dollar valuation attained by this market in 2016. Estimates suggest the global oxygen cylinders and concentrators market to have crossed a revenue of USD 2 billion in the yesteryear. A large credit of this growth goes to the healthcare and medical sector, which indeed is regarded as one of the major application segments of this business space. A rapid rise in the number of patients with respiratory disorders has fueled the demand for oxygen cylinders substantially. As per AAAAI, approximately, 300 million people globally are diagnosed with Asthma out of which almost 250,000 people are succumbed to the disease. Estimates further claim that the number of Asthma patients will further grow by above 100 million by the end of 2025 – another data backing the lucrative roadmap projected for oxygen cylinders and concentrators market.
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Another vital trend that is fueling the growth of oxygen cylinders and concentrators industry is the increasing life expectancy of the elderly population. The drift is quite commendable across the U.S., where the overall geriatric population base is expected to surpass 98 million by 2060. Reportedly, the geriatric population then will represent 24% of the overall regional population. This surge will overtly leave a perpetual impact on oxygen cylinders and concentrators industry, as the elderly population is more prone to respiratory disorders such as COPD and Asthma. Asthma has further registered a high occurrence rate in the younger population (10-24 years) with a prevalence of 3%-18%. Allegedly, in the U.S., people aged 65 years and above have also recorded a high prevalence of Asthma – between 4%-10%, predominantly in the females. Speaking along similar lines, these trends also portray the United States as one of the profound growth avenues of oxygen cylinders and concentrators market. In fact, as per the estimates, in the year 2016, U.S. procured 85% of the regional industry share, backed by the huge patient pool suffering from respiratory ailments. As per reliable estimates, more than 10 million of the U.S. population suffer from COPD (Chronic Obstructive Pulmonary Disease).
Elaborating further about the geographical trends with regards to oxygen cylinders and concentrators market, Asia Pacific will also emerge as one of the prominent growth grounds in the ensuing years. A large geriatric population base prone to respiratory disorder, increasing pollution leading to lung ailments, and rising popularity of adventure water sports are few of the major drivers fueling APAC oxygen cylinders and concentrators market size. As per the estimates, China and India will be the major revenue pockets fueling APAC industry trends.
Speaking of the competitive landscape, the oxygen cylinders and concentrators market is intensely fragmented with a plethora of new entrants sharing the business space. Amidst the intense market share battle, product innovation is projected to be one of the major parameters underlining the sustainability quotient of the industry players. In this regard, the developing economies can prove to be an opportunistic investment spot for the industry players, owing to the huge product demand-supply gap in these regions. Some of the renowned names contending a strong portfolio in oxygen cylinders and concentrators market include Chart Industries, Invacare, Inogen, Catalina Cylinders, Philips, HERSILL, Air Liquide, and Cramer Decker Industries.
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However, one of the impeding parameters for the oxygen cylinders and concentrators industry remains the high cost of these devices. In addition, some of the claimed operational hazards associated with improper storage of these devices are also impacting the industry growth trends. Nonetheless, the incessant efforts by the industry players with regards to combating these restraints is set to fuel the market expansion in the coming years. Moreover, the increasing population suffering from respiratory disorders further validates that the oxygen cylinders and concentrators market demand will continue to witness commendable gains, in turn establishing a phenomenal profitability landscape. In terms of revenue, Global Market Insights, Inc. projects the oxygen cylinders and concentrators market size to surpass USD 4.5 billion by 2024.
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