According to FutureWise analysis the market for medical oxygen gas cylinders in 2023 is US$ 3.45 billion, and is expected to reach US$ 5.46 billion by 2031 at a CAGR of 5.92%.
Rising prevalence of chronic diseases, increase in the FDA approvals for medical gas equipment, rising geriatric population and increasing insistence for home healthcare setting are some of the important factors responsible for the growth of the market. Medical oxygen cylinders are often required by healthcare personnel for treatment and diagnostic purposes. Appalling disorders like diabetes, asthma, cardiovascular diseases have severely affected the world. As per the CDC, over 50% of adults in the United States are diagnosed with a chronic disease while over 25% of adults are diagnosed with over two appalling diseases. These are the factors that reinforce the growth of the market.
The Medical Oxygen Gas Cylinders market is projected to achieve significant growth by the end of the forecast period as per the research study conducted by FutureWise research analysts. The report explains that this business is predicted to record a remarkable growth rate over the forecast period. This report provides important information regarding the total valuation that this industry holds presently and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.
The government of India and the All India Industrial Gases Manufacturer’s Association (AIIGMA) have collaborated for fulfilling the demand for medical oxygen. The inter-ministerial task force that has been set up by Petroleum and Explosives Safety Organization, Department for Promotion of Industry and Internal Trade Explosives Section (DPIIT) and The Ministry of Commerce and Industry has made sure that there is ample supply of medical oxygen. Medical authorities are setting up emergency hospitals across Europe. The Air Liquid and Air Products are making efforts in installing over 7 kms of pipelines in the IFEMA Convention Centre located in Madrid which can supply medical oxygen to each hospital bed through liquid storage tanks. All these factors tend to positively influence the market growth.