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New Study Predicts Growth in Oxygen Cylinders and Concentrators Market| $4.5 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-04 

Global Oxygen Cylinders and Concentrators Market to exceed USD 4.5 billion by 2024; according to a new research study published by Global Market Insights, Inc. Global market is poised to witness robust growth over the forecast period. Increasing geriatric population base will serve as a high impact rendering factor. The elderly population is at a greater risk of acquiring respiratory disorders such as COPD. Aging leads to decline in effectiveness of defense mechanism of the lung along with weakening of respiratory muscles. Moreover, there is a decrease in peak airflow and the maximum amount of air that can be breathed out after a maximum inhalation.
 
Rising number of smokers and growing exposure to dust particles will further fuel business growth. Cigarette smoke releases chemicals which are absorbed by lungs leading to tissue and cell damage. Inhalation of dust particles and their consequent settling in the airways may lead to inflammation of the trachea or bronchitis. These factors increase the risk of acquiring respiratory diseases.
 
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Unveiling oxygen cylinders and concentrators industry trends from the healthcare domain
 
The healthcare sector is unquestionably, one of the most lucrative application arenas for oxygen cylinders and concentrators market. The rising percentage of a geriatric population base vulnerable to potential respiratory disorders such as asthma and COPD is bound to generate a considerably massive demand for these products, which would most certainly push oxygen cylinders and concentrators industry growth. As per a report by the WHO, close to 65 million people suffer from COPD (chronic obstructive pulmonary disease) currently. In 2005 alone, more than 3 million people were reported to have died due to COPD. WHO also reports that an astonishing 90% of COPD deaths are prevalent in the low-income and middle-income countries. The astoundingly mammoth prevalence of COPD has prompted manufacturers to come up with state-of-the-art oxygen systems, thus creating a lucrative avenue for oxygen cylinders and concentrators market. As per estimates, COPD is likely to emerge as the third leading cause of deaths globally by 2030, thus validating the claims that market from healthcare applications is slated to witness dynamic transformations in terms of sales and volume.

Healthcare applications, as per reports, accounted for the largest share of the overall oxygen cylinders and concentrators market revenue in 2016, driven by the escalating patient pool suffering from chronic hypoxemia, sleep apnea, pulmonary edema, and COPD. Besides being deployed for these diseases, oxygen concentrators also find massive applications in surgical procedures, especially in cases of severe fatalities that require prompt hospitalization. Often times, in such unfortunate situations, there have been instances where oxygen cylinder supply has ceased to be delivered. The recent Gorakhpur tragedy in India is an apt instance of the same. The precedent served as a pivotal lesson for the entire healthcare fraternity, pressurizing regional manufacturers to increase oxygen cylinder production. It is expected that manufacturers at the global level would also take cue from the incident, which would substantially increase the sales graph of oxygen cylinders and concentrators market from healthcare applications.

Unveiling oxygen cylinders and concentrators industry trends from the aerospace sector
 
The aerospace domain has surprisingly evolved as a rather pivotal application segment for oxygen cylinders and concentrators market. According to the Federal Aviation Regulations Part 91.211, using supplemental oxygen at a cabin pressure altitude of more than 12,500 feet while flying for more than 30 minutes, is a mandate. Pilots at a cabin altitude of over 14,000 feet in fact, have to use oxygen at all times, while beyond, 15,000 feet, every passenger in the plane must be provided with supplementary oxygen. In the light of this scenario, companies have been attempting to launch unique products that can be used in commercial and military aircraft. For instance, Philips Respironics, a division of Royal Philips, recently declared the launch of its SimplyGo Mini portable oxygen concentrator (POC) that adheres to all the FAA (Federal Aviation Administration) requirements for in-flight usage of POCs.

Of late, there has been a considerable rise in the number of aircrafts that are designed to accommodate exclusive, all-round ICU facilities, which have consequently necessitated the requirement of POCs. Experts claim that a broader spectrum of airline options have emerged lately, in a scenario where in-flight medical care facilities are prioritized. In effect, this has led to a substantially escalating demand for compatible oxygen systems, which would certainly augment oxygen cylinders and concentrators market share from aerospace applications. Furthermore, this paradigm shift would challenge companies to bring about a change in their product landscape, which would further stimulate oxygen cylinders and concentrators market trends from the aerospace domain. For instance, Inogen, one of pivotal participants of oxygen cylinders and concentrators market, recently received the EC Certificate for its novel POC – the Inogen One G4. The product has been approved for sale, pronto, and has been suitably designed to be used for long-distance travel as well, apart from home therapy.

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Prominent industry participants include Inogen, Tecno Gaz, Koninklijke Philips N.V., Cramer Decker, Air Liquide, Chart Industries, HERSILL, Catalina Cylinders, MeBer, and Invacare. The industry players resort to various strategies such as partnerships, developing new products and acquisitions for broadening their product portfolio and strengthening industry presence.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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