The Global Oxygen Flow Meters Market size is expected to reach $1.5 billion by 2027, rising at a market growth of 5.4% CAGR during the forecast period. An Oxygen flow meter estimates the flow of oxygen from an oxygen-dispensing device to oxygen. It could be standalone equipment or fixed to some part of an O2 tank that calculates the flow from a gas concentrator or a gas tank. In addition, these meters are also capable of displaying whether the oxygen is not suitable for the utilization or there is some blockage in a line. One of the major spending in a large number of hospitals is the price of producing or buying different kinds of medical gases like oxygen, nitrous oxide, medical air, and nitrogen.
Various medical facilities have been deploying traditional procedures of consuming gases like cylinders (through which the supply of gas occurs), which resulted in a huge operational cost and minimized tracking of utilization and consumption of gases. The growth of the global oxygen flow meters market is expected to be boosted by the surge in demand for oxygen flow rate measurement in healthcare applications around the world.
There has been a substantial increment in the number of fatal & infectious diseases such as cancer and recent COVID-19 cases. This has compelled pharmaceutical organizations to constantly provide oxygen supplies, such as oxygen flow meters for these diseases. As a result, the demand for oxygen flow meters has been increased significantly across the healthcare industry. Moreover, the growth of the oxygen flow meters market is expected to witness bright prospects due to the surge in the number of patients with chronic respiratory diseases along with the increasing awareness regarding their respective treatment methods.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has issued a positive impact on the global oxygen flow meters market. The pandemic has created a massive demand for oxygen, particularly during the surge in patients admitted at the hospitals due to COVID-19 pandemic. In addition, pressure on oxygen supplies at hospitals has created massive demand for oxygen flow meters. In addition, there was a huge pressure on oxygen supplies at hospitals due to the increased COVID-19 cases in various nations such as India and the U.S. Hence, oxygen flow meters have witnessed an increased demand during the pandemic and are expected to witness a higher demand over the upcoming years.
Oxygen acts as essential fuel for the proper functioning of different organs of human beings. However, oxygen supply can become unstable at times, thereby causing failure to organs and resulting in a deadly ending. Oxygen flow meter is considered extremely useful equipment that has the capability to control the flow of oxygen inside the human body. Hence, the COVID-19 pandemic has accelerated the demand & growth of the global oxygen flow meters market and a similar trend is likely to prevail even during the forecast period.
Market Growth Factors:
COVID-19 boosted the demand for Oxygen flow meter
Oxygen flow meters have witnessed a high demand due to the outbreak of the COVID-19 pandemic. The pandemic has increased the demand for oxygen as the corona virus directly impacts the respiratory system of human beings, hence causing low supply of oxygen. Considering this scenario, various companies have come forward in designing oxygen flow meters in order to cater to the increased demand during the pandemic period.
Booming global healthcare industry is likely to boost the product demand
The healthcare industry of various countries such as the US, UK, Singapore, and among others has become highly advanced in the last couple of years. In addition, people choose medical tourism to travel to other countries in order to get better treatment. Oxygen flow meters play a major role in various critical conditions, thereby propelling the product demand significantly. Due to this, many pharmaceutical organizations faced a high pressure to provide oxygen supplies, like oxygen flow meters for these diseases.
Market Restraining Factor:
Technical glitches
Oxygen flow meters face various types of technical glitches, hence hindering the growth of the overall oxygen flow meters market. In addition, these meters require regular maintenance which could add to the overall cost, thereby slowing down the penetration of the product in the healthcare facilities facing budget constraints. These technical glitches could lead to product recalls which may impact the companies' image in a negative manner.
Type Outlook
Based on Type, the market is segmented into Plug-in Type, Double Flange Type and Others. Due to the precision, reliability, and cost-efficiency of Double flange type flow meters, they are suitable for measurement applications in sectors, like chemical, petrochemical, and industrial. The double flange oxygen flow meters in these industries have witnessed a massive adoption due to their features like accurate flow measurements, higher signal stability, decreased clogging, and leak resistance. Due to these factors, the double flange segment is expected to obtain a prominent revenue share of the market over the forecast years.
Application Outlook
Based on Application, the market is segmented into Healthcare, Industrial, Aerospace, Chemical, and Others. The healthcare segment acquired the highest revenue share of the oxygen flow meters in 2020. Moreover, the segment is likely to exhibit a promising growth rate during the forecast period because of the booming healthcare industry around the globe. Flow meters are required in oxygen therapy, in which several machines are utilized to manage oxygen. Firstly, the oxygen passes through a pressure regulator, which regulates the high-pressurized oxygen supplied from the cylinder. It is given at low pressure.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North American nations, particularly the US, have the presence of various makers and vendors of oxygen flow rate measurement solutions and products, like Precision Medical, Inc.; Ohio Medical; and Dwyer Instruments LTD. Thus, the region currently obtains a prominent market share and the region is likely to exhibit similar kind of trend even during the forecast period. Since the onset of the COVID-19 pandemic, the Canadian Gas Association (CGA) member companies have undertaken different steps.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dwyer Instruments LTD. (Arcline Investment Management), HERSILL Ohio Medical (Tenex Capital Management), Precision Medical, Inc., Penlon (BPL Medical Technologies), DZ Medicale, Burak Metering, Megasan Medical, SHANGHAI AMCAREMED TECHNOLOGY Co., LIMITED, and Heyer Medical (AEONMED Group).
Recent Strategies Deployed in Oxygen Flow Meters Market
- Aug-2021: Precision Medical Products signed an agreement to acquire two companies Vena Group and Innovamed Health LLC. The acquisition is expected to greatly benefit Precision Medical Products as the company currently owned VenaPro, the industry's first single patient use mobile compression device on the market, and VenaOne, the first portable compression device for the hospital market.
- Apr-2021: Amcaremed expanded its geographical footprints by deploying 9 sets of medical oxygen generators in Myanmar. As this was the biggest generator project in Myanmar of the company which is expected to assist it to enter the Myanmar market, build its brand position and enhance the competitiveness of its products.
- Feb-2021: HERSILL introduced its OXYLL 70 L/min Oxygen Flowmeter. The product is suitable for use during high slow oxygen therapy, along with active humidification equipment. Therefore, it is beneficial for treating patients with COVID-19.
- Apr-2020: HERSILL teamed up with Escribano Mechanical & Engineering, a company specialized in Mechanical Systems and Components for Aerospace and Defense markets. The collaboration aimed to expand the existing production scale in a record time of 2 weeks, going from 10 VITAE40 lung ventilators to 100 units per day.
- Nov-2019: Dwyer Instruments formed a partnership with Thermostat Recycling Corporation. The partnership aimed to support the objective of TRC to encouraging the secure collection and appropriate disposal of mercury-containing thermostats.
- Jul-2018: Dwyer Instruments rolled out Series DAFA Air Flow Indicator and Alarm. The product is developed to send notifications to users regarding the low or no airflow conditions in pipes.
Scope of the Study
Market Segments Covered in the Report:
By Type
- Plug-in Type
- Double Flange Type
- Others
By Application
- Healthcare
- Industrial
- Aerospace
- Chemical
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Dwyer Instruments LTD. (Arcline Investment Management)
- HERSILL
- Ohio Medical (Tenex Capital Management)
- Precision Medical, Inc.
- Penlon (BPL Medical Technologies)
- DZ Medicale
- Burak Metering
- Megasan Medical
- SHANGHAI AMCAREMED TECHNOLOGY Co., LIMITED
- Heyer Medical (AEONMED Group)
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Companies Mentioned
- Dwyer Instruments LTD. (Arcline Investment Management)
- HERSILL
- Ohio Medical (Tenex Capital Management)
- Precision Medical, Inc.
- Penlon (BPL Medical Technologies)
- DZ Medicale
- Burak Metering
- Megasan Medical
- SHANGHAI AMCAREMED TECHNOLOGY Co., LIMITED
- Heyer Medical (AEONMED Group)
Methodology
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