Medical Oxygen Cylinders Market Recent Trends and Developments Analysis 2023 to 2030.

Medical Oxygen Cylinders Industry Overview

The global medical oxygen cylinders market size was valued at USD 4.0 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.40% from 2023 to 2030.

The increasing prevalence of chronic respiratory diseases and the severe impact of the COVID-19 pandemic have both been key factors in driving market growth. The increase in industrialization across the globe has adversely affected the overall quality of breathable air. The air quality index (AQI) has been high due to rapid development and increasing pollution, which has resulted in an increase in the prevalence of respiratory diseases. Patients suffering from chronic respiratory diseases (CRDs) such as COPD require oxygen supplementation to ease breathing, which can greatly enhance life quality. CRDs are caused due to pollution, tobacco smoke, occupational chemicals, and dust, etc.

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According to the WHO, 235 million people globally suffer from asthma, a common chronic respiratory disease. The dependence on medical oxygen supplementation has increased over the past few years, which has been a key driving force for the growth of the global market. The growing geriatric population with chronic illnesses needing continuous respiratory support has risen in recent years, which has been a notable factor in the growth of the market.

As per the WHO, for the population over 60 years, non-communicable diseases already account for 87% of the disease burden, which translates to more hospitalizations and greater dependence on life-support systems. At-home care for elderly patients needing continuous respiratory support has driven the market players to devise new technologies and devices for better management of these conditions, which has also contributed to the growth of the market for medical oxygen cylinders.

According to the WHO, chronic obstructive pulmonary disease (COPD) caused 3.23 million deaths in 2019, of which almost 80% were in developing countries. The rapid rate of urbanization, increasing pollution, and exposure to harmful industrial gases and particles were the leading causes identified for this disease. COPD patients often require hospitalizations and supplemental oxygen for easing symptoms, which has led to an increase in the uptake of medical oxygen cylinders in developing nations.

The COVID-19 pandemic saw a massive number of people, both old and young, in need of medical oxygen supplementation. The virus caused severe lung infections which created a need for respiratory support. The healthcare industry saw an unsurmountable increase in the demand for medical oxygen cylinders and other supporting equipment, thus increasing the pressure on the system to meet the demand for medical oxygen cylinders. Data from WHO suggests that more than half a million patients require it on a daily basis in developing countries

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Key Companies Profile

Some of the prominent players in the medical oxygen cylinders market include: