Medical Oxygen Cylinders Market to Exceed USD 4.2 billion by 2031, Garnering 3.8% CAGR Says, Transparency Market Research
The medical oxygen cylinders market is expanding due to the increased need for supplemental oxygen in healthcare settings, driven by aging populations and respiratory ailments.
Wilmington, Delaware, United States, Oct. 27, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The medical oxygen cylinders market was estimated to have acquired US$ 2.7 billion in 2021. It is anticipated to register a 3.8% CAGR from 2022 to 2031, and by 2031, the market is likely to gain US$ 4.2 billion.
With the growing trend towards home-based medical care, the demand for portable and reliable oxygen cylinders has surged. Patients with chronic respiratory conditions and those recovering from surgeries can now receive oxygen therapy in the comfort of their homes. As technology advances, telehealth and remote monitoring play a significant role in this transition.
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As the global population ages, the need for oxygen therapy increases. Elderly individuals are more prone to respiratory conditions, creating a substantial market for medical oxygen cylinders. Companies that provide specialized oxygen solutions for geriatric care may be at the forefront of this emerging opportunity.
Developing regions, particularly in Asia, are witnessing a burgeoning healthcare industry. With improved access to healthcare services, there is a growing demand for medical oxygen cylinders. Companies that enter these markets with affordable, high-quality solutions can tap into these significant opportunities.
The healthcare industry is becoming increasingly environmentally conscious. Manufacturers focusing on sustainable and eco-friendly oxygen cylinders, using recyclable materials or advanced production techniques, can meet the demand for greener solutions while reducing the carbon footprint of their products.
Key Findings of the Market Report
- Cylinders are the dominating product type in the medical oxygen cylinders market, serving as the core vessel for oxygen storage and distribution.
- Hospitals are the dominating end-users in the medical oxygen cylinders market, requiring oxygen for numerous medical treatments and procedures.
- North America dominates the medical oxygen cylinders market, driven by advanced healthcare infrastructure and a growing aging population.
Market Trends for Medical Oxygen Cylinders
- Advanced materials and design innovations in medical oxygen cylinders improve efficiency, enhance user experience, and ensure reliability.
- Telemedicine’s growing prominence drives the need for oxygen cylinders with remote monitoring and data transmission capabilities.
- Tailored oxygen cylinder options to meet individual patient needs and specific medical conditions gain attention in the market.
- Eco-friendly manufacturing processes and recyclable materials are becoming important to reduce the environmental footprint of medical oxygen cylinders.
- The market is witnessing expansion in emerging markets, creating opportunities for manufacturers to provide healthcare solutions to new regions.
Global Market for Medical Oxygen Cylinders: Regional Outlook
- The global medical oxygen cylinders market presents distinct regional trends. In North America, a well-established healthcare infrastructure and a high prevalence of respiratory diseases drive market growth. Europe, known for its aging population, has a substantial need for oxygen therapy, while stringent safety and quality regulations shape the market.
- In the Asia Pacific, increasing healthcare accessibility and the aging population create growing demand. The Asia Pacific market also benefits from the expansion of home healthcare. Each region caters to diverse healthcare needs, reflecting the global adaptability of the medical oxygen cylinders market, driven by patient demands and evolving healthcare landscapes.
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Global Medical Oxygen Cylinders Market: Key Players
A mix of established players and niche manufacturers characterizes the global competitive landscape of the medical oxygen cylinders market. Leaders like Air Liquide, Linde Group, and Luxfer Holdings hold significant market share, leveraging extensive networks and high-quality products. Smaller, specialized manufacturers cater to niche segments and innovate with advanced materials and designs.
With the increasing focus on sustainability, companies incorporating eco-friendly materials are gaining recognition. As healthcare infrastructure expands, new entrants can also make their mark, offering technological advancements like lightweight portable cylinders to meet the evolving needs of the healthcare industry. The market’s dynamism reflects the industry’s adaptability and commitment to patient care and safety. The following companies are well-known participants in the global medical oxygen cylinders market:
- Air Liquide Healthcare
- Koninklijke Philips N.V.
- Invacare Corporation
- Linde plc
- Nidek Medical Products Inc.
- CAIRE Inc.
- Inogen, Inc.
- Drive DeVilbiss Healthcare Inc.
- Air Liquide Healthcare provides a comprehensive portfolio of medical gases and equipment, including medical oxygen cylinders and a range of respiratory care solutions, serving healthcare providers worldwide.
- Philips offers a diverse product portfolio, including medical equipment and respiratory solutions, designed to improve patient care and support healthcare professionals.
- Invacare offers an array of healthcare products, including respiratory devices and mobility solutions, empowering individuals with greater independence and improved quality of life.
Global Medical Oxygen Cylinders Market Segmentation
- Home Healthcare
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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