New York, USA, December 2, 2020 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global market for oxygen cylinders and concentrators accounted for $ 2,592.0 million in 2018 and is expected to bring in $ 5,052.1 million by 2026, growing at a CAGR of 8.7% over the forecast period from 2019 to 2026. The global market is segmented by product, end use and region. The report provides detailed insights into drivers, opportunities, limitations, challenges and key market players.
Our analysts stated that the global oxygen cylinder and concentrator market is primarily driven by the growing demand from the healthcare, manufacturing and manufacturing industries around the world. In addition, the proliferation of adventure sports and respiratory patients is expected to create lucrative growth opportunities for the global market in the coming future. Conversely, the injuries caused by improper use and the price volatility of oxygen concentrators are predicted to stunt market growth by 2026.
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Portable segment to be the most profitable
For each product, the world market is divided into fixed and portable. These are estimated to dominate and exceed the portable oxygen concentrator segment of the market $ 2,875.5 million by the end of 2026. The dominance of this segment is mainly attributed to the user-friendly operation and mobility of portable oxygen concentrators and the growing demand from residential areas and healthcare.
Healthcare segment gains significant market share
By end use, the total market is divided into healthcare, pharmaceuticals and biotechnology, manufacturing, aerospace and automotive, and others. Of this, the healthcare segment is expected to reach $ 2,347.5 million by 2027, due to the presence of a large number of patients who depend on oxygen.
Asia-Pacific region offers tremendous growth opportunities
By region, the world market is divided into Asia-Pacific, North America, LAMEA and Europe. The Asia-Pacific oxygen cylinder and concentrator market is expected to surpass $ 1,475.2 million by 2026, mainly due to the growing demand for pharmaceutical and biotechnology and healthcare in the region.
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Prominent market players
The main players operating in the global oxygen cylinder and concentrator industry are:
- NIDEK Medical Product, Inc.
- Koninklijke Philips NV
- Invacare Corporation
- De Vilbiss Healthcare (Drive DeVilbiss Healthcare)
- Chart Industries (AirSep)
- Inogen Inc.
- Worthington Industries
- Inova Labs Inc. (ResMed)
- Teijin Limited Company
- O2 concepts
Furthermore, the report presents and outlines various aspects of these key players, such as SWOT analysis, business performance, recent strategic movements and developments, and product portfolio. Quick download Summary of top companies’ development strategies
Mergers and acquisitions, partnerships, collaborations and new product launches are some of the growth strategies being followed by these key players to gain leadership positions in the global industry. For example, in January 2019, ResMed launched a premium portable oxygen concentrator called ‘Mobi’ in the U.S. This portable oxygen concentrator delivers an optimal balance of oxygen production, weight and battery life for effective therapy wherever people go.
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