The abrupt rise of COVID-19 disease has created a positive impact on the growth of the global oxygen cylinder and concentrator market. Growing demand for oxygen cylinders and concentrators from several parts of the world is fueling the growth of the market. Government bodies are encouraging the production of oxygen cylinders and concentrators to satisfy the growing demands. The market is expected to continue growth after the end of the COVID-19 pandemic.
The recent research report on the global oxygen cylinder and concentrator market by Research Dive deliberates the impact of COVID-19 pandemic on the current and future market growth. This report is a complete research formulated by evaluating the major regional market circumstances, key driving factors, and size & scope of the market during the COVID-19 crisis.
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• Key Stats of the Report
– The sudden outburst of COVID-19 pandemic has impacted the global oxygen cylinder and concentrator market in a positive manner.
– As per the report, the global oxygen cylinder and concentrator market was valued at $2,592.0 million in 2018 and is anticipated to hit $5,737.5 million by growing at a CAGR of 10.7% by 2026.
– The size of the market in the current scenario has reached $3,172.9 million due to the increased usage of oxygen cylinders and concentrators in hospitals, ambulances, and other healthcare sectors for the treatment of COVID-19 patients during this pandemic situation.
• Factors Augmenting the Market Growth amidst Covid-19 Pandemic
Currently, the global market is experiencing tremendous growth due to an increase in the demand for oxygen cylinders and concentrators for the treatment of patients with respiratory issues brought by COVID-19. However, the fluctuations in the prices and shortage of oxygen cylinders and concentrators are acting as a prime barrier to the growth of the market.
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• Current Market Transformation Due to Covid-19:
Several scientists are currently working on finding a vaccine to cure and prevent Coronavirus. However, unless an appropriate medical treatment or vaccine is invented to combat this life-threatening virus, artificial respiration equipment has to be used for treating COVID-19 affected patients. During this crisis period, many top companies involved in the delivery and manufacturing of healthcare products and services are providing safety kits such as oxygen cylinders and concentrators to the customers. For example, Harmony Home Medical, a well-known home medical equipment retailer, is delivering portable oxygen concentrators at affordable prices. Additionally, several government bodies as well as non-profit organizations are striving to offer reliable oxygen supply for COPD and cardiovascular patients. For example, the Indian Ministry of Health and Family Welfare has requested the top gas cylinder producers including the Gas Authority of India Limited (GAIL) to provide a constant supply of oxygen cylinders to healthcare centers and hospitals, based on their requirements. Moreover, the U.S. Food and Drug Administration (FDA) has committed to implement policies and strict protocols for ventilators and other respiratory equipment.
• Post-COVID Scenario of the Market:
According to the report the global oxygen cylinder and concentrator market is estimated to experience continuous growth even after the end of coronavirus pandemic. New entrants and some of the top players including DeVilbiss Healthcare LLC, Inogen, Inc., Nidek Medical Products, Inc., O2 CONCEPTS, LLC, Teijin Aramid, Invacare Corporation, Chart Industries, WORTHINGTON INDUSTRIES, Koninklijke Philips N.V., and Inova Labs Inc. are expected to unlock rewarding opportunities for the growth of the market by undertaking activities such as merges and acquisitions and new product developments in the coming years.
Look for more statistical information at: https://www.globenewswire.com/news-release/2020/06/22/2051164/0/en/Growing-demand-for-oxygen-concentrators-during-the-COVID-19-emergency-to-promote-the-development-of-Global-Oxygen-Cylinder-and-Concentrator-Marker.html
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