Analysis of Medical Gas Cylinders market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Medical gas cylinders consist of high pressurized gas used for various medical purposes. In order to cater to the varying requirements of the end-users, medical gas cylinders are available in various formats and sizes. Continuous demand for the life-essential gases at the hospital propelling a significant increase in the sales of medical gas cylinders.
Besides this, the consumption of portable gas cylinders is expected to increase at a high pace, as most people prefer to have such cylinders at home for an emergency situation, especially during rising pandemic situations. To fulfill increased demand many key players across the globe are planning to increase their production capabilities and expansion of distribution services. The global outlook for the medical gas cylinder is anticipated to remain positive throughout the forecasted period due to the evergreen medical sector.
Rapidly rising cases of COVID in various regions demand oxygen gas to treat patient. Every day rising requirement of oxygen gas cylinder is supplementing the sales for medical gas cylinder. Also, the set-up of temporarily medical facilities to treat the COVID patients pushes the requirement for medical gas cylinder to cater for the demand for oxygen gas cylinders.
The portable medical gas cylinders are gaining significant traction among people attributing to have safety measures at home. The non-availability of space in hospital lead towards homecare setting which ultimately bolsters the market for medical gas cylinder. Further, as these type of cylinders is lightweight and easy to handle, many of the hospitals used this in the ambulance or emergency vehicles. Therefore, these cylinders creating revenue generating opportunities for the key players as well as opens a new door for applications.
The entry of new players in the market for manufacturing medical cylinders to cater for the need during the current scenario is augmenting the market growth for medical gas cylinders. The players are introducing a new product line of a medical gas cylinder in their product portfolio which is expected to push the market growth for medical gas cylinder.
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The factor challenging for the medical gas cylinder market is the high cost of raw material as well as its availability. Also, the precaution needed to be taken will manufacturing and storing the same may hamper the medical gas cylinder market.
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To achieve leading position and to deal with the market competition, manufacturers of medical gas cylinders are strategically planning for expansion of the business line. Some of the key players are focussing on product and technology level innovations and therefore investing two fold amount in the research activities.
Further, to cater increasing demand gas cylinders during COVID_19 pandemic situations, manufacturers are planning to have strong distribution network in the international market.
Rapidly rising chronic diseases and infectious diseases create demand for oxygen and other medical gases in hospitals. This lead to the demand for medical gas cylinder to provide a continuous supply of required medical gases in hospital. Recently, Indian government has decided to provide funds for 151 PSA and 162 PSA medical oxygen generating plants in public health facilities and increasing production of oxygen cylinders. Attributing to this, India is expected to gain new horizon in the global medical gas cylinders market.
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The impact of the COVID-19 pandemic on the medical gas cylinder market was and is significantly positive as during COVID-19 there was a tremendous increase in the use of gas cylinders in hospitals and ambulances. Also, various medical facilities were immediately started along with a homecare setting which augments the sales for medical gas cylinder. On the back of these statements, the market for medical gas cylinder bolstered during COVID-19.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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Medical gas cylinders market is estimated to grow at a CAGR of 5.65% during the forecast period.
The hospital's ongoing need for life-sustaining gases is what is driving a sharp rise in the sale of medical gas cylinders.
The U.S. is likely to be a region with lucrative opportunities for the medical gas cylinders manufacturers.
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