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Oxygen Flow Meters Industry Overview
The global oxygen flow meters market size was valued at USD 1.0 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2021 to 2028.
The escalating demand for oxygen flow rate measurement in healthcare applications across the globe is expected to propel the market growth in the forthcoming years. An O2 flow meter measures the flow of oxygen from an oxygen-dispensing unit to the oxygen user. It can be a standalone device or attached to a part of an oxygen tank that measures the flow from a gas concentrator or a gas tank. Besides, these meters indicate if the oxygen is unfit for use or a line has blockage. One of the most significant expenditures in most hospitals is the cost of producing or purchasing various medical gases, such as oxygen, medical air, nitrous oxide, and nitrogen. For a long time, several medical facilities have been using conventional methods for consuming gases such as cylinders (in which the gas is supplied), which has led to high operational costs and a lack of monitoring of usage and consumption of gases.
Gather more insights about the market drivers, restrains and growth of the Global Oxygen Flow Meters Market
Earlier, the use and consumption of these gases were neither monitored nor measured, and if done, it was often a vague estimation, inaccurate, and recorded manually on paper. Several hospitals depend on the rate at which the cylinders are empty to identify the amount and rate of gas used. This led to numerous issues such as the amount of gas in a particular sized cylinder can vary significantly, leaks can go undetected, and total gas consumption and highest points of consumption cannot be accurately determined. Thus, hospitals are in a difficult position to manage overall costs and give invoicing costs to individual sections and departments.
However, in the past few years, the demand for O2 flow meters to reduce operational costs has increased. These meters offer several advantages, including low risk of clogging and minimal obstruction to gas flow. It also provides leak detection within the gas line, safety vent, and medical gas resource. Therefore, the demand for O2 flow meters is escalating within the healthcare industry. Besides, the adoption of oxygen flow meters would gain more traction in other sectors, such as aerospace and chemical, over the forecast period.
Covid-19 Impact Analysis
The Covid-19 pandemic has positively impacted the market for O2 flow meters. Due to the outbreak, oxygen demand has increased significantly, especially during the spikes in patients at hospitals suffering from Covid-19. Additionally, pressure on oxygen supplies at hospitals has been caused by a large number of Covid-19 patients in certain countries, like India and the U.S. Therefore, the demandforO2 flow meters in the healthcare sector has increased and will continue to increase significantly in the near future. The governments of various countries are focusing on expanding the healthcare facilities in rural areas. With the upcoming infrastructural projects, the demand for medical O2 and O2 flow meters is expected to increase substantially.
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Oxygen Flow Meters Market Segmentation
Grand View Research has segmented the global oxygen flow meters market based on type, application, and region:
Oxygen Flow Meters Type Outlook (Revenue, USD Million, 2017 - 2028)
- Double Flange Type
- Plug-in Type
- Others
Oxygen Flow Meters Application Outlook (Revenue, USD Million, 2017 - 2028)
- Healthcare
- Industrial
- Aerospace
- Chemical
- Others
Oxygen Flow Meters Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- South America
- Middle East Africa
Market Share Insights
- February 2021: HERSILL introduced its OXYLL 70 L/min Oxygen Flow meter, ideal for use in high flow oxygen therapy, along with active humidification equipment. This product is helpful in the COVID-19 treatment.
Key Companies profiled:
Some prominent players in the global oxygen flow meters market include:
- Dwyer Instruments LTD.
- HERSILL
- Ohio Medical
- Precision Medical, Inc.
- Penlon
- DZ Medicale
- Burak Metering
- Megasan Medical
- SHANGHAI AMCAREMED TECHNOLOGY Co., LIMITED
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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