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Medical Oxygen Gas Cylinders Market to Reach $5.33 Billion by 2030
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The Medical Oxygen Gas Cylinders market is set to grow from $2.97 billion in 2020 to $5.33 billion by 2030, driven by COVID-19 and aging populations.
According to a new report published by Allied Market Research, titled, “ Medical Oxygen Gas Cylinders Market by Product, Technology, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global medical oxygen gas cylinders market was valued at $2.97 billion in 2020, and is estimated to reach $5.33 billion by 2030, growing at a CAGR of 5.70% from 2021 to 2030.
Medical oxygen gas cylinders consist of high pressurized oxygen used for various medical purposes. In addition, to cater to the varying requirements of end users, medical oxygen gas cylinders are available in various formats and sizes. Continuous demand for essential gases in hospital propels significant increase in sales of medical oxygen gas cylinders.
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In addition, geriatric population is considered as one of the highest contributors in the medical oxygen gas cylinders market as elderly population is highly susceptible to chronic disorders such as cancer, asthma, diabetes, and heart attack. Furthermore, rise in prevalence of infectious disease such as COVID-19, boosts the market growth. According to the WHO in 2020, there has been a significant rise in deaths worldwide, owing to the corona virus. Till 29th June 2021, more than 4 million deaths have been noted with more than 180 million infected cases across the globe.
Hence, to combat such pandemic, medical oxygen cylinders are widely used for critical patients. Conversely, unmet medical needs in emerging nations are expected to provide lucrative opportunities for the market growth. Moreover, entry of numerous local manufacturers has affected product quality with the use of substandard materials. Inadequate quality checks for medical oxygen gas cylinders are responsible for use of such substandard quality of manufactured products. Proper inspection of these medical oxygen gas cylinders is required during their manufacturing and maintenance throughout their lifespan. Many medical oxygen gas cylinders have manufacturing defects that can result in various infections. Thus, such factors impede the market growth.
On the basis of technology, the global medical oxygen gas cylinders market is divided into pulse flow and continuous flow. The continuous flow segment was the major revenue contributor in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in burden of COVID-19, increase in target population, and launch of cost-effective medical oxygen gas cylinders are the major growth factors that propel the market. Moreover, rise in number of chronic diseases is also anticipated to drive the medical oxygen gas cylinders market growth.
By product, the global medical oxygen gas cylinders market is bifurcated into portable and fixed. The fixed segment dominated the market in 2020, and is anticipated to continue this trend during the forecast period. The consumption portable segment is expected to grow with a high pace as most people prefer to have such cylinders at home for emergencies, especially in the present pandemic situation.
Depending on end user, the global medical oxygen gas cylinders market is segregated into a hospital and home healthcare. The hospital segment led the market in 2020, and is anticipated to maintain its lead during the forecast period. Rise in focus on technological advancements using portable oxygen cylinders for home care settings create huge opportunities for the market.
North America was the largest shareholder in the global medical oxygen gas cylinders market in 2020, owing to increase in prevalence of COVID-19 cases and surge in geriatric population in this region followed by Europe. According to the U.S. Centers for Disease Control and Prevention, the U.S. needs more than seven billion respirators in the long run to combat worst-case spread of a severe respiratory outbreak such as COVID-19, which can be fulfilled by medical devices such as oxygen cylinders, are the major factors driving the growth of the global medical oxygen gas cylinders market in North America. However, Asia-Pacific is anticipated to register highest CAGR during the forecast period, owing to rapidly increasing prevalence of chronic diseases, infectious diseases, and cardiovascular diseases as well as surge in need for oxygen cylinders in this region due to higher population, development in health care infrastructure, and rise in number of hospital equipped with advanced medical facilities.
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Key Findings Of The Study
The article discusses the growth of the Medical Oxygen Gas Cylinders market, projected to reach $5.33 billion by 2030.
Market growth is driven by the COVID-19 pandemic, increasing geriatric population, and rising chronic diseases.
North America holds the largest market share, followed by Europe.
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