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An oxygen concentrator is a device that concentrates oxygen from a gas supply (generally ambient air) by selectively removing nitrogen to supply an oxygen-enriched product gas stream. An oxygen concentrator takes in air and removes nitrogen from it, leaving an oxygen enriched gas for use by people requiring medical oxygen due to low oxygen levels in their blood.
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Rising cases of chronic respiratory diseases among geriatric population is expected to drive the oxygen cylinders and concentrators market forecast time period. The old age population is increasing rapidly, due to which the prevalence of respiratory diseases like chronic obstructive pulmonary diseases and asthma are also growing. This growth in the diseases is due to the fact that as the age progresses, the lungs lose its capacity to intake and absorb oxygen during respiration which gives rise to various respiratory disorders.
Growing demand for oxygen cylinders from various industries such as adventure sports along with the rising incidences of respiratory issues in large number of patients is expected to contribute to the oxygen cylinder and concentrator market growth in the upcoming years.
The main reason was constantly increasing air pollution in the region. Oxygen cylinders and concentrators and cylinders have proven to be an integral part of the treatment for respiratory diseases. Oxygen concentrators are equipment that concentrate oxygen from ambient air by removing nitrogen. Oxygen cylinders supply oxygen to patients when they are unable to intake adequate amount of oxygen from air through respiration. Such benefits of the oxygen cylinders and concentrators are anticipated to increase the oxygen cylinders and concentrators market size in predicted time span.
Fixed Sub-segment to Generate the Highest Revenue by 2031
Based on type, the fixed sub-segment held the highest market size in 2021, as fixed oxygen concentrators & cylinders are immobile & heavy and produce more oxygen as compared to small portable concentrators. In addition, oxygen cylinders and concentrators are advised by doctors to patients who need a constant flow of oxygen during both inhalation and exhalation, which is predicted to boost the sub-segment's growth by 2031. On the other hand, the portable sub-segment of the oxygen cylinders and concentrators market is projected to manifest the highest CAGR of 5.0% from 2022 to 2031, mainly due to the increasing preference of patients for portable type oxygen cylinders as they are lightweight and easy to move from one place to another.
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Healthcare Sub-segment to Maintain its Leading Position by 2031
Based on end-use industry, the healthcare sub-segment held the highest market share in 2021 and is estimated to maintain its leadership status during the forecast period. This sub-segment of the global oxygen cylinders and concentrators market is predicted to grow at a CAGR of 4.7% during the estimated timeframe, owing to the rising need for rapid hospitalization & surgery and an increase in the number of accidents across the globe. Besides, the growth in the number of patients with respiratory diseases, particularly in the Asia-Pacific and the North America regions, is expected to drive the sub-segment's growth by 2031.
Asia-Pacific Region to be the Most Dominant by 2031
Based on region, Asia-Pacific held the significant market size in 2021 and is expected to grow at a the highest CAGR of 5.7% during the forecast period. The dominance of the region is majorly owing to the increasing population along with the rising number of patients with chronic respiratory diseases. Besides, the deteriorating air quality caused by industrial effluents in various countries of the region is predicted to boost the demand for oxygen concentrators. Moreover, the growing awareness among people related to the detection & treatment of diseases, and an increase in healthcare spending are some of the factors accelerating the Asia-Pacific oxygen cylinders and concentrators market growth.
The key market players analyzed in the global oxygen concentrators market report include Invacare Corporation, DeVilbiss Healthcare LLC, Inogen, Inc., Koninklijke Philips N.V., Chart Industries, Inc. (AirSep), Supera Anesthesia Innovations, GCE Group, Nidek Medical, O2 Concepts, Teijin Limited. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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