Medical Oxygen Cylinders - Global Market Insights, Competitive Landscape, and Market Forecast - 2028

Medical Oxygen Cylinders - Global Market Insights, Competitive Landscape, and Market Forecast - 2028

Medical Oxygen Cylinders Market By Product Type (Fixed And Portable), Technology (Pulse Flow And Continuous Flow), Application (Home-Care Settings And Non Home-Care Settings), and geography is expected to grow at a steady CAGR forecast till 2028 owing to surge in the prevalence of respiratory illnessess and the rising geriatric population, among others

The global Medical Oxygen Cylinders market was valued at USD XX million in 2022, growing at a CAGR of XX% during the forecast period from 2023 to 2028 to reach USD XX million by 2028. The demand for Medical Oxygen Cylinders is primarily being boosted owing to key factors such as the growing prevalence of respiratory illnesses such as COVID-19, pneumonia, asthma, chronic obstructive pulmonary disorder (COPD), and others, the increasing geriatric population, rising hospital admissions and surgical procedures, and the growing focus on improving the safety, portability, and usability of medical oxygen cylinders with new product offerings, among others in the medical oxygen cylinders market during the forecast period from 2023-2028.

Medical Oxygen Cylinders Market Dynamics:

One of the major factors influencing the growth of the medical oxygen cylinders market is the rising prevalence of respiratory disorders. As per statistics by the World Health Organization (2023), asthma affected approximately 262 million people in 2019, causing 455,000 deaths in the same year, globally. Also, according to data by the Global Burden of Disease Study (2019), there were 212.3 million prevalent cases of COPD reported globally, accounting for 3.3 million deaths in the year 2019. In addition to asthma and COPD, the numbers for cystic fibrosis are constantly on the rise. As per data by the March of Dimes Organization (2019), about 70,000 to 100,000 people had cystic fibrosis in the year 2019 globally, affecting males and females at the same rate.

Further, increasing geriatric population prone to various chronic disorders requiring oxygen supply is likely to increase the demand for medical oxygen cylinders. For instance, according to the World Health Organization 2021, it is expected that by 2030, out of 6 at least 1 person will have his/her age 60 years or above. As per the same source, by 2050, the number of people aged 60 years or above will be around 2.1 billion.

Also, as per the above-mentioned source, the number of people aged 80 years or above is expected to reach 426 million between 2020 and 2050.

Another key factor responsible for the growth of the medical oxygen cylinders market is the continuous rise in chronic diseases including cardiovascular, lung, and other diseases where surgeries are often performed and medical oxygen cylinders are utilized for assisting the patient's breathing during surgery.

Hence, due to the growing awareness of medical oxygen cylinders, the demand for them is likely to increase which is likely to propel the growth of the overall medical oxygen cylinders market during the forecast period from 2023-2028.

However, the high cost of medical oxygen cylinders, maintenance issues along with technical precautions, among others may restrict the growth of the medical oxygen cylinders market.

Medical Oxygen Cylinders Market Segment Analysis:

Medical oxygen cylinders’ market by Product Type (Fixed and Portable), Technology (Pulse Flow And Continuous Flow), Application (Home-Care Settings And Non Home-Care Settings), And Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the product type segment of the medical oxygen cylinders market, the portable medical oxygen cylinders category is expected to hold the largest share in the year 2022. This can be attributed to the wide applications and advantages associated with portable oxygen cylinders during the given forecast period.

The foremost advantage of portable oxygen cylinders is that they are comparatively lightweight and easy to carry unlike heavy-weight fixed medical oxygen cylinders. In case of medical emergencies such as obstructed breathing and other general breathing difficulties, the portable medical oxygen cylinders are very useful and assist in saving the life of a patient. Moreover, with the less availability of hospital beds with the increasing hospitalizations during the pandemic, portable oxygen cylinders have witnessed a substantial rise in their demand due to their increased use in home care settings.

Therefore, considering the growing demand for this product type, numerous new products are being launched in the market. For instance, in May 2021, Kollam-based Bharat Aerosol Industries launched Oxy Secure Booster, a portable oxygen cylinder which acts as a first aid care and provides immediate relief to patients in emergencies. The product provides 99 percent pure oxygen – has a shelf-life of two years and is light-weight at 150 gm.

Thus, owing to the applications and advantages of portable medical oxygen cylinders, along with the rising product launches, the interplay of all the above factors are expected to drive the growth of the portable medical oxygen cylinders category, thereby propelling the overall growth of the medical oxygen cylinders market during the forecast period from 2023–2028.

North America is expected to dominate the overall Medical Oxygen Cylinders Market:

Among all the regions, North America is expected to hold the largest share of the global medical oxygen cylinders market in 2022. Some of the factors responsible for the growth of North America’s Medical Oxygen Cylinders market is the presence of a large patient pool associated with cancer and other diseases, increasing respiratory illnesses such as COVID- 19, pneumonia, and a highly potent market in terms of product development and launches, and the local presence of key market players among other factors in the region.

One of the prominent factors supporting the growth of the North America medical oxygen cylinders market is the wide use of medical oxygen cylinders by end users, majorly in the United States during surgical procedures for patients suffering from various chronic diseases. The rise in the prevalence of different cancer types where surgeries are often performed may require oxygen therapy. For instance, as per Centers for Disease Control and Prevention 2022, around 57,000 men and 18,000 women suffer from bladder cancer each year in the United States. Also, as per the same source 142,462 colorectal cancer cases were reported in the year 2019. Surgical procedures for the removal of cancer are regularly performed in case of bladder, colorectal, and other cancer cases, and oxygen is supplied for saving the patient’s life.

Another factor contributing in the growth of medical oxygen cylinders is the continuous rise in the respiratory illnesses. For instance, as per the Centers for Disease Control and Prevention 2022, there were around 1.5 million emergency department visitations due to pneumonia in the United States, in 2020.

Along with this, the presence of key market players such as Invacare Corporation, CAIRE Inc., Inogen Inc., among others have created a strong market presence in North America, which is also expected to drive the demand for medical oxygen cylinders in the region.

Therefore, along with the presence of large patient pool in the country, the increasing focus of manufacturers on launching new products in the market, among others is expected to bolster the growth of the medical oxygen cylinders market in the North American region during the forecast period from 2023-2028.

Medical Oxygen Cylinders Market Key Players:

Some of the key market players operating in the Medical Oxygen Cylinders market include Invacare Corporation, Koninklijke Philips N.V., Medical Depot,Inc., NIDEK MEDICAL INDIA, Inogen Inc., Caire Inc., O2 Concepts LLC, OxyGo, LLC, Precision Medical Inc., Linde plc, Chart Industries, GCE Group, Drive DeVilbiss Healthcare, Airgas Inc., Messer SE & Co. KGaA, AirSep Corporation, Air Liquide, B.N.O.S Meditech Ltd., Catalina Cylinders, Desco Medical India, and others.

Recent Developmental Activities in the Medical Oxygen Cylinders Market:

In December 2022, French company Air Liquide opened its new oxygen plant and cylinder filling station in India with its new oxygen plant-air separation unit (ASU) and cylinder filling station (CFS) in Maharashtra, having a production capacity of 70 tonnes per day and filling 3,000 cylinders per day. The plant supported small and medium-sized customers of liquid and packaged gases, including healthcare facilities and other industries in the region.

In June 2021, the government of India launched 'Project O2 for India' to step up the production of medical oxygen to meet the potential increase in demand due to further waves of the pandemic. It is an initiative of the Office of Principal Scientific Adviser, Government of India, which aimed to help stakeholders working to augment the country's ability to meet the rise in demand for medical oxygen.

In October 2020, Luxfer Gas Cylinders launched its first Non-Limited Life (NLL) medical cylinders to support the healthcare industry. The new cylinders from Luxfer helped patients affected by conditions making breathing difficult, including coronavirus but also Chronic Obstructive Pulmonary Disease (COPD), which affects 65 million people globally and results in over 3 million deaths worldwide each year.

Key Takeaways from the Medical Oxygen Cylinders Market Report Study

Market size analysis for current medical oxygen cylinders market size (2022), and market forecast for 5 years (2023-2028)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global medical oxygen cylinders market.

Various opportunities available for the other competitor in the medical oxygen cylinders market space.

What are the top-performing segments in 2022? How these segments will perform in 2028?

Which are the top-performing regions and countries in the current medical oxygen cylinders market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for medical oxygen cylinders Market growth in the coming future?

Target Audience who can be benefited from this Medical Oxygen Cylinders Market Report Study

Medical oxygen cylinders products providers

Research organizations and consulting companies

Medical oxygen cylinders-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in medical oxygen cylinders

Various end-users who want to know more about the medical oxygen cylinders market and the latest technological developments in the medical oxygen cylinders market.

Frequently Asked Questions for the Medical Oxygen Cylinders Market:

1. What are medical oxygen cylinders?

Medical oxygen cylinders provided by the oxygen generator/suppliers are pressurized containers used to supply oxygen. They are meant to provide supplemental oxygen to patients facing respiratory issues or those who have low blood oxygen levels.

2. What is the market for global Medical Oxygen Cylinders?

The global Medical Oxygen Cylinders market was valued at USD XX million in 2022 and is likely to register a CAGR of XX% during the forecast period from 2023 to 2028 to reach USD XX million by 2028.

3. What are the drivers for the global Medical Oxygen Cylinders market?

The demand for Medical Oxygen Cylinders is primarily being boosted owing to key factors such as the growing prevalence of respiratory illnesses such as COVID-19, pneumonia, asthma, chronic obstructive pulmonary disorder (COPD), and others, the increasing geriatric population, rising hospital admissions and surgical procedures, and the growing focus on improving the safety, portability of medical oxygen cylinders with new product offerings, among others in the medical oxygen cylinders market during the forecast period from 2023-2028.

4. Who are the key players operating in the global Medical Oxygen Cylinders market?

Some of the key market players operating in the Medical Oxygen Cylinders market include Invacare Corporation, Koninklijke Philips N.V., Medical Depot,Inc., NIDEK MEDICAL INDIA, Inogen Inc., Caire Inc., O2 Concepts LLC, OxyGo, LLC, Precision Medical Inc., Linde plc, Chart Industries, GCE Group, Drive DeVilbiss Healthcare, Airgas Inc., Messer SE & Co. KGaA, AirSep Corporation, Air Liquide, B.N.O.S Meditech Ltd., Catalina Cylinders, Desco Medical India, and others.

5. Which region has the highest share in the Medical Oxygen Cylinders market?

North America is expected to dominate the overall Medical Oxygen Cylinders market during the forecast period from 2023-2028. The factors responsible for the growth of North America’s medical oxygen cylinders market are the presence of a large patient pool associated with cancer and other diseases, increasing respiratory illnesses such as COVID-19, pneumonia, and a highly potent market in terms of product development and launches, and the local presence of key market players among other factors in the region.

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