Medical Oxygen Gas Cylinders Market Size

Medical Oxygen Gas Cylinders Market Analysis

The medical oxygen gas cylinders market is expected to register a CAGR of 5.4% during the forecast period.

The COVID-19 pandemic led to increased demand for medical oxygen gas cylinders as COVID-19-affected people experienced oxygen deficiency and breathing difficulties. So, oxygen cylinders and concentrators supported patients in normal breathing. High-flow nasal oxygen was considered an efficient and safe treatment for COVID-19 patients. According to the WHO February 2021 update, during the initial phases of the pandemic, more than half a million COVID-19 patients in low and middle-income countries required 1.1 million cylinders of oxygen per day. The supply of medical oxygen gas cylinders became a high priority for governments during the pandemic. Several countries, such as India, Brazil, and Jordan, reported oxygen shortages during the peak of the pandemic.

Furthermore, as per the article published in NLM in January 2022, medical oxygen became a critical lifesaving resource during the COVID-19 pandemic. Hypoxemia triggered by COVID-19 pneumonia was a potentially fatal complication that required oxygen supplementation to manage. During the second wave of COVID-19 in India, oxygen demand increased, resulting in an oxygen crisis. However, market growth is expected to slow down with the decreasing need for medical oxygen in the post-pandemic scenario.

The medical oxygen market is anticipated to grow during the forecast period owing to the factors such as the rise in the prevalence of chronic respiratory diseases, like asthma, chronic obstructive pulmonary disease (COPD), lung cancer, cystic fibrosis, sleep apnoea and occupational lung diseases, the availability of technologically advanced products, and an increase in the geriatric population. Medical oxygen gas cylinders are majorly used in the hospital ICU unit and home care settings. They are used by geriatric people with respiratory diseases having mobility issues. Oxygen cylinders are also required in chronic bronchitis and obstructive pulmonary diseases.

For instance, according to the WHO 2022 update, asthma is a major noncommunicable disease (NCD) affecting children and adults. It is the most common chronic disease among children. In such a scenario, oxygen cylinders are utilized to stabilize patients, hence boosting market growth. Additionally, an increase in the geriatric population is one of the major factors for market growth. The geriatric population in homecare settings and ICU hospitals needs oxygen cylinders or ventilators as external support for breathing due to age-related difficulties or other comorbidities. Moreover, awareness regarding respiratory health drives market growth as the public and health can understand the importance of utilizing oxygen masks and cylinders in respiratory health.

For instance, WHO and FIRS designated '25th September 2022' as World Lung Day 2022 to raise global awareness and action toward better lung health.

Furthermore, technological advancements in the field of oxygen gas cylinders are one of the major driving factors for market growth. In July 2021, IIT Ropar developed an oxygen rationing device named 'AMLEX' that supplies a required volume of oxygen to the patient during inhalation and trips when the patient exhales CO2. This process saves oxygen which otherwise unnecessarily gets wasted. The device can operate on a portable power supply (battery) and a line supply (220V-50Hz). Furthermore, in February 2021, INOX-Air Products Inc. invested an amount of INR 2,000 (USD 243 million) crore in expanding the medical oxygen capacity of the company by 50%, with eight new air separation units across India over the next 36 months. It provides a critical boost to the medical infrastructure in India.

Hence, as per the factors mentioned above, the medical oxygen gas cylinder market is anticipated to witness growth during the forecast period. However, stringent regulatory scenarios are likely to restrain the market growth.