Medical Oxygen Cylinders Market Expected to Grow at a CAGR of 5% by 2031 | Persistence Market Research Report

The global medical oxygen cylinders market has experienced a substantial surge in demand over the past few years, with a steady increase expected through 2031. Rising incidences of respiratory disorders, the effects of the COVID-19 pandemic, and growing awareness about the importance of oxygen therapy have all contributed to this growth. The market is projected to reach a valuation of US$6 billion by 2031, reflecting a CAGR of 5% during the forecast period from 2024 to 2031. With advancements in technology, expanding healthcare services, and an aging global population, the market for medical oxygen cylinders is poised for continued growth.

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Overview of the Market

The medical oxygen cylinders market has grown exponentially due to multiple factors. The increasing prevalence of respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and pneumonia are significant drivers. These conditions require continuous oxygen supplementation, driving demand for both portable and fixed oxygen cylinders. Additionally, the COVID-19 pandemic played a critical role in amplifying the need for medical oxygen cylinders, as the global health crisis placed unprecedented pressure on healthcare systems, highlighting the importance of oxygen therapy in critical care.

Asia Pacific dominates the medical oxygen cylinders market, holding approximately 33% of the market share. This region's growth can be attributed to its rapidly expanding population, high disease burden, and healthcare infrastructure improvements. Additionally, Europe is expected to show rapid growth in the coming years due to its aging population and an increasing number of chronic respiratory conditions among the elderly. Non-home care applications account for 60% of the market share, largely driven by the demand from hospitals, clinics, and emergency medical services (EMS).

Key Highlights from the Report

• The global market is projected to exhibit a CAGR of 5% from 2024 to 2031.
• The increasing prevalence of respiratory diseases and growing demand for emergency medical services are key market growth drivers.
• Asia Pacific holds the largest market share, around 33%, due to its large population and healthcare needs.
• The non-home care application segment accounts for 60% of the global medical oxygen cylinders market share.
• Technological advancements in oxygen cylinder design and materials are fueling market growth.
• The market size is expected to grow from US$4.8 billion in 2024 to US$6 billion in 2031.

Market Segmentation

The medical oxygen cylinders market is segmented based on product type, application, and technology. By product type, the market is divided into fixed and portable oxygen cylinders. The fixed cylinders dominate the market with a share of 58%, primarily due to their use in hospital settings. These cylinders are often stationary and used for long-term oxygen therapy. The portable oxygen cylinders segment, however, is growing at the fastest rate, driven by the increasing demand for at-home healthcare services and the rise in chronic respiratory diseases. The portable oxygen cylinders segment is expected to grow at a rate of 4.7%, reflecting the shift towards home-based care.

In terms of application, the medical oxygen cylinders market is categorized into home-care and non-home care applications. The non-home care segment leads with 60% market share, as hospitals and emergency services use a large volume of medical oxygen. The home-care segment, however, is anticipated to witness the fastest growth, driven by the rising preference for at-home treatments to manage chronic respiratory conditions. This segment is expected to grow at a rate of 5.0%.

Regional Insights

Asia Pacific

The Asia Pacific region is projected to maintain its dominance in the medical oxygen cylinders market, holding approximately 33% of the global market share. This dominance can be attributed to the region's high population, rapid urbanization, and increasing healthcare needs. The COVID-19 pandemic particularly exacerbated the need for medical oxygen in countries like India, where healthcare systems faced significant shortages. Moreover, the aging population in countries such as Japan and China is expected to further drive the demand for medical oxygen.

Europe

Europe is anticipated to experience the most rapid growth in the medical oxygen cylinders market during the forecast period. The aging population, which comprises over 20% of the EU population, is a key factor contributing to the demand for medical oxygen. As the elderly population grows, so does the prevalence of chronic respiratory diseases, leading to an increased need for oxygen therapy. Additionally, healthcare infrastructure improvements and the rise in home healthcare services are expected to propel market growth across Europe.

Market Drivers

Increasing Prevalence of Respiratory Diseases

The growing number of individuals suffering from chronic respiratory diseases (CRDs) such as COPD and asthma is one of the most significant drivers for the medical oxygen cylinders market. As respiratory conditions require supplemental oxygen to improve breathing and quality of life, the demand for oxygen cylinders is rising, especially among the elderly and those living with chronic conditions.

Growing Demand for Emergency Medical Services

Medical oxygen cylinders are essential for emergency medical services (EMS), where they provide vital life-saving oxygen therapy in critical situations such as cardiac arrest, trauma injuries, or respiratory failure. The increasing number of ambulance services and emergency response units globally is driving the demand for portable and reliable oxygen delivery systems. Furthermore, advancements in EMS infrastructure are making medical oxygen more accessible, enhancing its usage and adoption.

Technological Advancements

Technological innovations in medical oxygen cylinders are improving their efficiency, safety, and portability. Lightweight materials such as aluminium and composite alloys are being used to manufacture cylinders, making them easier to transport without compromising oxygen storage. Additionally, digital pressure gauges and integrated valve systems are improving monitoring and usability, making oxygen delivery more accurate and efficient.

Market Restraints

Regulatory Compliance and Safety Standards

One of the significant challenges in the medical oxygen cylinders market is the need to comply with stringent safety regulations. Medical oxygen cylinders are highly pressurized, and any mishandling or failure to meet safety standards can lead to dangerous accidents. Manufacturers must adhere to strict regulations for the production, storage, and transportation of medical oxygen, which can increase costs and complexity.

High Initial Investment and Operational Costs

The high capital required to set up manufacturing facilities, acquire raw materials, and invest in specialized equipment for oxygen cylinder production can be a barrier to entry for some manufacturers. Additionally, ongoing maintenance, quality control, and compliance with regulatory standards contribute to the high operational costs of producing medical oxygen cylinders.

Market Opportunities

Technological Advancements in Materials

Innovative materials, such as carbon fiber and titanium, present an opportunity for growth in the market. These materials offer advantages like reduced weight, increased durability, and corrosion resistance, addressing the challenges of handling and transporting oxygen cylinders. Manufacturers investing in these materials can differentiate their products and cater to the growing need for portable, lightweight oxygen cylinders.

Rising Demand for Home Healthcare

With the shift towards home healthcare services, the demand for portable oxygen cylinders is expected to grow rapidly. Patients with chronic respiratory conditions increasingly prefer receiving oxygen therapy at home, which reduces the need for hospitalization and lowers healthcare costs. As a result, there is a significant opportunity for manufacturers to develop user-friendly and cost-effective portable oxygen systems suitable for home use.

Reasons to Buy the Report

✔ In-depth market analysis covering historical and forecast data
✔ Comprehensive segmentation of the market by product type, application, and technology
✔ Detailed regional insights, including the growth outlook for each key region
✔ Key drivers, restraints, and opportunities affecting market growth
✔ Competitive landscape analysis featuring top players and their strategies

Frequently Asked Questions (FAQs)

1. How Big is the Medical Oxygen Cylinders Market?
2. Who are the Key Players in the Global Market for Medical Oxygen Cylinders?
3. What is the Projected Growth Rate of the Medical Oxygen Cylinders Market?
4. What is the Market Forecast for Medical Oxygen Cylinders in 2032?
5. Which Region is Estimated to Dominate the Medical Oxygen Cylinders Industry through the Forecast Period?

Company Insights

Key players in the medical oxygen cylinders market include:

1. Koninklijke Philips N.V.
2. Invacare Corporation
3. Nidek Medical Products, Inc.
4. Inogen, Inc.
5. Messe Düsseldorf GmbH
6. ResMed
7. DeVilbiss Healthcare LLC
8. Airgas Inc.
9. Messer Group GmbH
10. OrientMed International

Recent Developments

• April 2023: Praxair and Linde signed a merger and acquisition deal to expand their business operations in the medical oxygen cylinder market.

• March 2024: Air Liquide partnered with a leading medical device manufacturer to develop a new, portable oxygen concentrator system.

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