The
research report “Oxygen Cylinders and
Concentrators Market Size By Product
(Portable, Fixed), By Application (Healthcare, Pharmaceutical &
Biotechnology, Manufacturing, Aerospace & Automotive, Others), Industry
Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy,
Spain, China, India, Japan, South Korea, Australia, Brazil, Mexico, South
Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market
Share & Forecast, 2017 – 2024” by Global Market Insights, Inc. says, Oxygen
Cylinders and Concentrators Market size is set to exceed USD 4.5 billion by
2024.
Powered
by a rather humongous application spectrum in the healthcare fraternity, oxygen
cylinders and concentrators industry has witnessed a dramatic proceed over the
recent years. Testament of the fact is the billion-dollar valuation attained by
this market in 2016. Estimates suggest the global oxygen cylinders and
concentrators market to have crossed a revenue of USD 2 billion in the
yesteryear. A large credit of this growth goes to the healthcare and medical
sector, which indeed is regarded as one of the major application segments of
this business space. A rapid rise in the number of patients with respiratory
disorders has fueled the demand for oxygen cylinders substantially. As per
AAAAI, approximately, 300 million people globally are diagnosed with Asthma out
of which almost 250,000 people are succumbed to the disease. Estimates further
claim that the number of Asthma patients will further grow by above 100 million
by the end of 2025 – another data backing the lucrative roadmap projected for
oxygen cylinders and concentrators market.
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Another
vital trend that is fueling the growth of oxygen cylinders and concentrators
industry is the increasing life expectancy of the elderly population. The drift
is quite commendable across the U.S., where the overall geriatric population
base is expected to surpass 98 million by 2060. Reportedly, the geriatric
population then will represent 24% of the overall regional population. This
surge will overtly leave a perpetual impact on oxygen cylinders and
concentrators industry, as the elderly population is more prone to respiratory
disorders such as COPD and Asthma. Asthma has further registered a high
occurrence rate in the younger population (10-24 years) with a prevalence of
3%-18%. Allegedly, in the U.S., people aged 65 years and above have also
recorded a high prevalence of Asthma – between 4%-10%, predominantly in the
females. Speaking along similar lines,
these trends also portray the United States as one of the profound growth
avenues of oxygen cylinders and concentrators market. In fact, as per the
estimates, in the year 2016, U.S. procured 85% of the regional industry share,
backed by the huge patient pool suffering from respiratory ailments. As per
reliable estimates, more than 10 million of the U.S. population suffer from
COPD (Chronic Obstructive Pulmonary Disease).
Elaborating
further about the geographical trends with regards to oxygen cylinders and
concentrators market, Asia Pacific will also emerge as one of the prominent
growth grounds in the ensuing years. A large geriatric population base prone to
respiratory disorder, increasing pollution leading to lung ailments, and rising
popularity of adventure water sports are few of the major drivers fueling APAC
oxygen cylinders and concentrators market size. As per the estimates, China and
India will be the major revenue pockets fueling APAC industry trends.
Browse key
industry insights spread across 150 pages with 60 market data tables & 12
figures & charts from this 2017 report Oxygen
Cylinders and Concentrators Market in detail along with the table of
contents at:
Speaking
of the competitive landscape, the oxygen cylinders and concentrators market is
intensely fragmented with a plethora of new entrants sharing the business
space. Amidst the intense market share battle, product innovation is projected
to be one of the major parameters underlining the sustainability quotient of
the industry players. In this regard, the developing economies can prove to be
an opportunistic investment spot for the industry players, owing to the huge
product demand-supply gap in these regions. Some of the renowned names
contending a strong portfolio in oxygen cylinders and concentrators market
include Chart Industries, Invacare, Inogen, Catalina Cylinders, Philips,
HERSILL, Air Liquide, and Cramer Decker Industries.
However,
one of the impeding parameters for the oxygen cylinders and concentrators
industry remains the high cost of these devices. In addition, some of the
claimed operational hazards associated with improper storage of these devices
are also impacting the industry growth trends. Nonetheless, the incessant
efforts by the industry players with regards to combating these restraints is
set to fuel the market expansion in the coming years. Moreover, the increasing
population suffering from respiratory disorders further validates that the
oxygen cylinders and concentrators market demand will continue to witness
commendable gains, in turn establishing a phenomenal profitability landscape.
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& Forecast, 2016 – 2023
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