Medical Oxygen Cylinders Market Worth $5.9 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, May 11, 2022 /PRNewswire/ -- 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 4.9% from 2022 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.

Key Insights & Findings from the report:

• In terms of product, the portable cylinders' segment accounted for the largest share of 58.4% in 2021, due to the rapid increase in the geriatric population.
• The non-home care application segment had the largest revenue share in 2021, due to an increase in the rate of hospitalizations during the COVID-19 outbreak.
• The pulse flow technology segment is poised to witness the fastest growth, due to its benefits over continuous flow technology for active patients.
• APAC region witnessed the highest consumption of medical oxygen cylinders, due to the rapidly growing regional population and high disease burden.

Read 150 page market research report, "Medical Oxygen Cylinders Market Size, Share & Trends Analysis Report By Product Type (Fixed, Portable), By Application (Home-care, Non Home-care), By Technology, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Medical Oxygen Cylinders Market Growth & Trends

In terms of product, the portable cylinders segment had the largest market share of 58.4% in 2021. The rising geriatric population in need of critical care and oxygen supplementation has been a key factor driving the growth of this product type. This has also been recorded as the fastest growing sub-segment due to increasing prevalence of chronic diseases and the need for respiratory support by patients outside medical facilities.

Based on the application, the market for medical oxygen cylinders for non-home care accounted for the largest revenue share in 2021, owing to initiatives by governments to boost the capacity of hospitals and clinics to meet hospitalization demands during COVID-19. An increase in the number of CRD patients in need of respiratory support has driven the growth of medical oxygen cylinders industry.

The home-care segment is poised to show the fastest growth in the coming years, owing to elderly patients preferring oxygen support in the comfort of their homes, who do not require additional medical support. Patients with respiratory diseases are preferring at-home support in fear of contracting additional infections during the COVID-19 pandemic.

The continuous flow technology segment had the largest market share in 2021, owing to the population of severely dependent patients being on a rise during COVID. Furthermore, the increasing burden of chronic diseases in the geriatric population has led them to use this technology more often than pulse technology due to high oxygen demand. The fastest-growing segment is pulse flow, due to its benefits over continuous flow. The increase in the number of active patients with respiratory diseases in recent years has resulted in the growth of the segment.

The APAC region had the largest market share owing to its huge population and larger burden of respiratory diseases. The region was severely affected during the pandemic, and thus had the largest demand for medical oxygen cylinders. Europe was the fastest-growing region in this regard; according to Eurostat, the region has more than 20% of its population over 65 years of age, which has inadvertently increased the number of patients suffering from chronic conditions. This has been a key driver for growth in this market.

The COVID-19 pandemic had a positive impact on the market, with a registered growth of more than 84% from 2019 to 2021. The pandemic created a massive need for medical oxygen across the globe, especially in low- and middle-income countries. The virus caused severe lung infections and other respiratory symptoms, creating a huge market for medical oxygen. Governments shifted their industrial capacity to medical capacity to meet this growing demand for medical oxygen. In developing countries, more than 1.1 million cylinders were estimated to be needed on a day-to-day basis. Thus, the pandemic has been a key propellant for the growth of the 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:

Medical Oxygen Cylinders Market - Product Type Outlook (Revenue, USD Million, 2017 - 2030)

• Fixed
• Portable

Medical Oxygen Cylinders Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Home-care
• Non Home-care

Medical Oxygen Cylinders Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)

• Continuous Flow
• Pulse Flow

Medical Oxygen Cylinders Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• Japan
• China
• India
• South Korea
• Singapore
• Australia
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East and Africa
• South Africa
• UAE
• Saudi Arabia
• Rest of Middle East and Africa

List of Key Players in the Medical Oxygen Cylinders Market

• Drive DeVilbiss Healthcare, Inc.
• Philips Healthcare
• Invacare Corporation
• Nidek Medical
• AirSep Corporation
• Linde Group
• Air Liquide

Check out more related studies published by Grand View Research:

• Medical Oxygen Concentrators & Oxygen Cylinders Market - The global medical oxygen concentrators & oxygen cylinders market size is expected to reach USD 3.7 billion by 2026, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.2% over the forecast period. Technological improvements in oxygen concentrators, such as lesser weight, greater efficiency, high oxygen output, are anticipated to raise demand for portable concentrators, thereby aiding the growth of the market. These concentrators allow patients to adopt an active lifestyle. They can easily carry out their day-to-day activities while using these medical devices. Hence, manufacturers are trying to miniaturize these medical devices as smaller sizes are always preferred by patients.
• Membrane Oxygenators Market - The global membrane oxygenators market size is expected to reach USD 141.5 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 1.5% from 2021 to 2028. Key factors expected to boost the market include the growing prevalence of respiratory failures and cardiopulmonary diseases. Furthermore, there has been a rise in the number of patients suffering from COVID-19 and chronic obstructive pulmonary disease, which can require membrane oxygenators for treatment, enhancing their adoption. Technological advancements in medical devices are expected to further propel their demand in hospitals.
• North America Oxygen Concentrators Market - The North America oxygen concentrators market size is expected to reach USD 2.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.7% from 2021 to 2028. The growing prevalence of Chronic Obstructive Pulmonary Disease (COPD) along with other lung diseases is a major parameter driving the market. According to the Centers for Disease Control and Prevention, 9 million people suffered from chronic bronchitis and 3.8 million from emphysema in 2018 in the U.S. Moreover, 3.8 million people in Canada had asthma and 2.0 million people had COPD in 2018, according to the Government of Canada. The use of supplemental oxygen increases the survival rate of COPD patients. Thus, the increasing dependence of COPD patients on O2 concentrators is driving the market.

Browse through Grand View Research's Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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