Oxygen Flow Meters Market Growth & Trends
The global oxygen flow meters market size is expected to reach USD 1.60 billion by 2028, according to the new report conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 5.9% from 2021 to 2028. The number of infectious and fatal diseases, including cancer and recent coronavirus, has witnessed a significant increase across the globe. This has forced pharmaceutical companies to deliver oxygen supplies, including oxygen flow meters, for such diseases continuously. This is leading to an increased demand for oxygen flow meters across the healthcare sector.
The ongoing COVID-19 pandemic has taken a severe toll on enterprises across every industry, drying up financial reserves and cash flows and curbing profits. However, the pandemic has positively impacted the healthcare sector and associated markets. The outbreak has increased the demand for a wide range of medical supplies, including oxygen cylinders and oxygen concentrators. Therefore, these medical supplies are expected to increase the adoption of oxygen flow meters across the globe as it measures the flow of oxygen from an oxygen-dispensing unit to the oxygen user.
North America held a significant market share in 2020 as it is home to several product manufacturers of oxygen flow meters. Asia Pacific is anticipated to witness the highest CAGR over the forecast period owing to the continuous developments in steelmaking and other manufacturing sectors. Furthermore, in the wake of the second wave of COVID-19, the countries such as the U.S., Russia, Ireland, Italy, and France contributed to India’s medical requirements by sending ventilators, oxygen flow meters, oxygen concentrators, medicines, rapid testing kits, and building oxygen plants across the country. Therefore, it boosted the market demand in the country.
Moreover, DZ Medicale; Dwyer Instruments LTD.; Ohio Medical; Precision Medical, Inc.; HERSILL; and Penlon are a few major providers and vendors of oxygen flow meters. Market players are constantly focusing on product innovation and enhancing their products and solutions.
Oxygen Flow Meters Market Report Highlights
- The market is anticipated to witness substantial growth during the forecast period due to the escalating demand for flow rate measurement in healthcare applications across the globe
- Leak resistance, precise flow measurements, reduced clogging, and improved signal stability in the industrial sector are few features creating lucrative opportunities for double flange oxygen flow meters
- The healthcare application segment held the largest share in 2020 and is anticipated to witness the highest growth during the forecast period owing to the increasing number of patients at hospitals suffering from Covid-19
- Asia Pacific is expected to grow at the fastest rate over the forecast period owing to substantial demand for and adoption of oxygen flow meters in various application sectors, particularly in China, India, and Southeast Asian countries