Medical Oxygen Cylinders Market Growth & Trends
The global medical oxygen cylinders market size is expected to reach USD 5.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a revenue-based CAGR of 4.40% from 2023 to 2030. The increasing burden of chronic respiratory diseases, rapid industrialization, and growing geriatric population across the globe are the primary factors driving the growth of the global market.
Medical Oxygen Cylinders Market Segmentation
Grand View Research has segmented the global medical oxygen cylinders market report based on product type, application, technology, and region:
Based on the Product Type Insights, the market is segmented into Fixed and Portable.
- The fixed medical oxygen cylinders segment dominated the market with a share of 58.3% in 2022, in terms of product. This market share can be attributed to the increase in demand for medical oxygen cylinders during the pandemic, and the rising geriatric population in need of at-home care. As per UN data, 703 million people were aged above 65 in 2019, with the prevalence of COPD in the elderly being over 14%. Portable medical oxygen cylinders were in high demand due to at-home treatments being done during the pandemic, in light of the limited hospitalization capacities of hospitals.
- Portable medical oxygen cylinder segment is anticipated to grow at the fastest rate of 4.7%. The increase in the prevalence of chronic respiratory diseases has created a surge in the demand for portable medical oxygen cylinders and has been a primary factor in the growth of this market segment. The portable section has been in high demand due to its ease of use, and a majority of patients trying to avoid hospitalization to avert additional infections prefer this product.
Based on the Application Insights, the market is segmented into Home-care and Non Home-care.
- Non home care segment dominated the market with share of 61.1% in 2022. The substantial proportion of people requiring oxygen supplementation during the pandemic was the major cause of the non-home care segment's high market share. The number of patients being hospitalized also increased, resulting in the growth of this segment. The hospitals and clinics were driven to increase their medical oxygen capacities to meet the rising demand, which also resulted in the growth of this segment.
- Home care segment is anticipated to grow at the fastest rate of 5.0%. With the fear instilled by the pandemic, people have been reluctant in going to hospitals unless absolutely necessary; this has contributed to the growth of the at-home care segment. Limited hospitalization capacity has also been a major reason for the adoption of at-home medical oxygen cylinders. People suffering from CRDs requiring constant oxygen supplementation have been opting for home care systems to avoid additional infections due to hospitalizations, driving the segment growth.
Based on the Technology Insights, the market is segmented into Continuous Flow and Pulse Flow.
- Continuous flow segment dominated the market with share of 53.8% in 2022. The technology has been useful for patients who require constant support and its demand surged during the pandemic, acting as a key driver for the growth of this technology type. Continuous flow technology has been in use for COPD patients, with the increasing prevalence of the disease driving its demand, resulting in the segmental growth. The rising number of geriatrics and immobility patients who are incapable of activity has been another key factor for this growth.
- The pulse flow segment is anticipated to grow at the fastest rate of 4.6%, which is used for patients who are physically active and has been proven to be more effective in some cases for treating chronic respiratory diseases. An increase in demand for this technology by active users has been a key factor for growth in the sub-segment.
Medical Oxygen Cylinders Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Key Companies Profile & Market Share Insights
The market has both large players, as well as small regional players, due to which the market is highly fragmented. Governments across the globe have been collaborating with the healthcare industry to improve the medical oxygen capacities of the healthcare systems, which includes more oxygen production by local authorities and small private companies. Big hospitals have also been advised to maintain an oxygen production facility to meet any incumbent surge in demand for medical oxygen cylinders.
Some of the prominent players operating in the global medical oxygen cylinders market include,
- Drive DeVilbiss Healthcare, Inc.
- Philips Healthcare
- Invacare Corporation
- Nidek Medical
- AirSep Corporation
- Linde Group
- Air Liquide
Order a free sample PDF of the Medical Oxygen Cylinders Market Intelligence Study, published by Grand View Research.
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