Medical Oxygen Gas Cylinder Market
Number of pages: 100 | Report Format: PDF | Published date: March 29, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 3.8 billion |
|
Revenue Forecast in 2031 |
US$ 5.45 billion |
|
CAGR |
4.1% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Application, Technology, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global medical oxygen gas cylinder market was valued at US$ 3.8 billion in 2022 and is expected to register a revenue CAGR of 4.1% to reach US$ 5.45 billion by 2031.
Medical Oxygen Gas Cylinder Market Fundamentals
Medical oxygen gas cylinders are containers designed to store and transport compressed oxygen gas used for medical purposes, such as oxygen therapy, which treats various respiratory and other medical conditions, including chronic obstructive pulmonary disease (COPD), pneumonia, asthma, and heart failure. Medical oxygen gas cylinders are typically made of aluminum or steel. They are available in different sizes, ranging from small portable cylinders for use at or outside the home to large cylinders used in hospitals and other healthcare settings. Medical oxygen cylinders are an important component of the healthcare system and are used by healthcare professionals and patients receiving oxygen therapy in their homes. The demand for medical oxygen cylinders has increased significantly during the COVID-19 pandemic, as oxygen therapy has been a critical treatment for patients with severe cases of the disease.
[67867]
Medical Oxygen Gas Cylinder Market Dynamics
The rising prevalence of respiratory diseases such as COPD, asthma, and pneumonia is a primary driving factor for the revenue growth of the global medical oxygen cylinders market. For instance, according to the WHO’s factsheet of March 2023, COPD is the world’s third greatest cause of mortality, accounting for 3.23 million fatalities in 2019. As the global population ages, the incidence of respiratory diseases and other conditions that require oxygen therapy is expected to increase, leading to higher demand for medical oxygen cylinders, thus boosting the global medical oxygen cylinders market revenue growth. Government initiatives to improve healthcare infrastructure and provide better access to medical oxygen cylinders in developing countries are also expected to drive global medical oxygen cylinders market revenue growth. Furthermore, the development of advanced medical oxygen cylinder technologies, such as portable oxygen concentrators, is fueling the revenue growth of the medical oxygen gas cylinder market.
However, medical oxygen cylinders are relatively expensive, which can be a significant barrier for patients, particularly in developing countries with limited healthcare resources. Medical oxygen cylinders are pressurized and can pose a safety risk if handled incorrectly. This can lead to accidents or injuries, deterring patients from using them. Additionally, alternative therapies for respiratory diseases, such as non-invasive ventilation and oxygen concentrators, may be less expensive and more convenient for patients. Moreover, strict regulatory challenges and alternatives to medical oxygen cylinders impede the overall market revenue growth.
Medical Oxygen Gas Cylinder Market Ecosystem
The global medical oxygen gas cylinder market is analyzed from four perspectives: type, application, technology, and region.
Medical Oxygen Gas Cylinder Market by Type
[86785]
Based on the type, the global medical oxygen gas cylinder market is segmented into portable medical oxygen cylinders and fixed medical oxygen cylinders.
The fixed medical oxygen cylinders segment dominated the market with the principal revenue share in 2022, attributed to its surge in demand for medical oxygen cylinders during the pandemic and the growing geriatric population in need of hospitalization. Fixed medical oxygen cylinders are typically used in healthcare facilities such as hospitals and clinics, where a constant and reliable supply of medical oxygen is needed. These cylinders are permanently mounted in a fixed location, such as a wall or a stand. They are connected to a centralized oxygen supply system. These cylinders have multiple advantages, including a continuous and reliable supply of oxygen, greater safety due to reduced risk of accidental falls or damage, and lower maintenance requirements. They are also available in various sizes and configurations to meet the specific needs of different healthcare facilities. These factors contribute to the revenue growth of the fixed medical oxygen gas cylinders segment.
The portable medical oxygen gas cylinders segment is expected to register the fastest revenue growth throughout the forecast period, owing to the rising prevalence of chronic diseases. For instance, according to the WHO’s factsheet of September 2022, chronic diseases such as cancer, diabetes, kidney disease, and others claim around 41 million lives each year, equivalent to about 74% of deaths worldwide. Portable medical oxygen cylinders are designed for usage outside the healthcare facilities, such as in the home or during travel. They are typically smaller and lighter than fixed cylinders, making them more convenient for patients to use and transport. Portable medical oxygen cylinders come in various sizes and configurations, from small tanks that can be carried in a shoulder bag to larger tanks that are mounted on wheels for easy movement. They are typically filled with compressed oxygen gas or liquid oxygen and can provide oxygen therapy for several hours or days, depending on the size and flow rate. These factors contribute to the revenue growth of the portable medical oxygen cylinders segment.
Medical Oxygen Gas Cylinder Market by Application
Based on the application, the global medical oxygen gas cylinder market is segmented into homecare and non-homecare applications.
The non-homecare applications segment dominated the market with the largest revenue share in 2022. The non-homecare segment in the medical oxygen cylinders market refers to using oxygen therapy in healthcare facilities, such as hospitals, clinics, and ambulatory surgery centers. These facilities require a constant and reliable supply of medical oxygen, typically provided through fixed medical oxygen cylinders. Non-homecare medical oxygen cylinders may also be used in emergency medical services settings, such as ambulances and other transport vehicles, to provide oxygen therapy to patients in transit. These cylinders are designed to be portable and durable, with features such as shock-resistant casing and easy-to-read pressure gauges. These factors contribute to the revenue growth of the non-homecare applications segment.
The homecare applications segment is expected to register revenue growth at the fastest CAGR throughout the forecast period. The homecare segment in the medical oxygen cylinders market refers to using oxygen therapy in the home setting, typically for patients with chronic respiratory conditions such as COPD, cystic fibrosis, and pulmonary fibrosis. Oxygen therapy in the home setting can help improve patient outcomes, reduce hospital admissions, and increase patient comfort and quality of life. Homecare medical oxygen cylinders are designed to be portable and easy to use, allowing patients to receive oxygen therapy in the comfort of their own homes. These cylinders may be fixed or portable, depending on the specific needs of the patient and the healthcare provider. Homecare medical oxygen cylinders are typically smaller and lighter than those used in healthcare facilities, making them more convenient for patients to use and transport. These factors contribute to the revenue growth of the homecare applications segment.
Medical Oxygen Gas Cylinder Market by Technology
Based on the technology, the global medical oxygen gas cylinder market is segmented into continuous flow and pulse flow.
The continuous flow segment occupies the larger revenue share in the medical oxygen gas cylinder market. The continuous flow cylinders refer to a type of oxygen delivery system that provides a constant flow of oxygen to the patient, regardless of their breathing pattern or rate. This delivery system is typically used in patients with chronic respiratory conditions requiring a consistent oxygen supply, such as during sleep or exercise. The continuous flow medical oxygen cylinders are designed to provide a steady oxygen supply to the patient, regardless of their breathing pattern or rate. These cylinders typically use a regulator to control the flow of oxygen, which can be adjusted to meet the patient’s specific needs. Continuous flow systems may be used in fixed and portable medical oxygen cylinders. These factors contribute to the revenue growth of the continuous flow segment.
The pulse flow segment is expected to register revenue growth at the fastest CAGR throughout the forecast period. The pulse flow segment in the medical oxygen cylinder market refers to a type of oxygen delivery system that provides oxygen to the patient only when inhaled. This delivery system is typically used in patients who require oxygen therapy during activity or exertion, such as during exercise or ambulation. Pulse flow medical oxygen cylinders are designed to conserve oxygen by delivering it only when the patient inhales rather than providing a constant oxygen flow. These cylinders typically use a demand valve to detect the patient’s breathing and deliver oxygen only during inhalation. Pulse flow systems may be used in fixed and portable medical oxygen cylinders. These factors contribute to the revenue growth of the pulse flow segment.
Medical Oxygen Gas Cylinder Market by Region
Geographically, the global medical oxygen gas cylinder market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global medical oxygen gas cylinder market with the largest revenue share in 2022, attributed to major players’ presence and the rise in the number of surgeries and medical procedures. Additionally, companies offer various medical oxygen cylinders for different applications, including hospitals, home healthcare, emergency services, and others.
The Asia Pacific region is expected to register revenue growth at a significant pace in the medical oxygen gas cylinder market. The increasing focus on developing the healthcare sector in emerging economies, such as India and China, is expected to drive the revenue growth of the medical oxygen cylinder market in the Asia Pacific region. In addition, the growing awareness about the benefits of oxygen therapy and the increasing adoption of home healthcare services are also expected to boost the market revenue growth in the region.
Medical Oxygen Gas Cylinder Market Competitive Landscape
The prominent players operating in the global medical oxygen gas cylinder market are:
Medical oxygen cylinders are containers designed to store and transport compressed oxygen gas used for medical purposes, such as oxygen therapy.
The global medical oxygen gas cylinder market is expected to reach US$ 5.4 billion by 2031.
The medical oxygen gas cylinder market is expected to register a revenue CAGR of 4.1% during the forecast period from 2023 to 2031.
The strict regulatory challenges and availability of alternatives to medical oxygen cylinders restrict global market revenue growth to its full potential.
The prominent players operating in the global medical oxygen gas cylinder market are Messer SE & Co. KGaA, Nidek Medical Products Inc., Luxfer Gas Cylinders,
*Insights on financial performance are subject to the availability of information in the public domain