Oxygen Flow Meters Market Size, Share & Trends Analysis Report By Type (Plug-in Type, Double Flange Type), By Application (Healthcare, Industrial, Aerospace, Chemical), By Region, And Segment Forecasts, 2021 - 2028

Report 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.

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.

Type Insights

The plug-in type segment held the largest revenue share of over 50.0% in 2020 and is anticipated to witness growth over the forecast period. Plug-in type O₂ flow meters are majorly used in the healthcare sector, including hospitals, surgical facilities, and clinics. These O₂ flow meters are used to monitor or control high-pressurized oxygen delivered from the O₂ cylinder. The surge in oxygen demand from the healthcare sector in 2020 due to the recent COVID-19 outbreak has heightened the need for plug-in-type oxygen flow meters.

Double flange type flow meters are ideal for measurement applications in sectors, such as industrial, petrochemical, and chemical, owing to the reliability, accuracy, and cost-effectiveness of these meters. Features such as leak resistance, precise flow measurements, reduced clogging, and improved signal stability have created additional opportunities to adopt double flange oxygen flow meters in these industries. As a result, the double flange segment is expected to gain a significant market share through 2028.

Application Insights

The healthcare segment accounted for the largest share of over 60.0% in 2020 and is anticipated to witness considerable growth over the forecast period owing to the industry's rapid growth. Flow meters are needed in O₂ therapy, wherein numerous machines are used to manage O₂. Firstly, the O₂ passes through a pressure regulator, which controls the high-pressurized O₂ supplied from the cylinder. It is administered at low pressure. This lowered pressure is controlled or monitored by a flow meter.

Moreover, in Asia Pacific, demand for oxygen keeps cropping up in various sectors, including pharmaceutical and biotechnology, providing an added advantage to manufacturers looking to reach newer consumer bases. In addition, in regions such as the Middle East and Africa, the rise in demand for medical oxygen to treat COVID-19 worsens preexisting gaps in medical oxygen supplies, leading to the increasing demand for ventilators, concentrators, and flow meters.

The industrial segment accounted for the second-largest revenue share in 2020. Countries such as India, China, and Southeast Asian countries are witnessing rapid industrial development and urbanization. Industrial oxygen generally needs purity and has no special requirements for other sanitary conditions. With the rapid growth in steel production to fulfill the demand from forthcoming infrastructural projects, industrial oxygen manufacturers are forced to adopt advanced technologies to improve their production capacities. The need for high-grade industrial oxygen is further rapidly increasing the demand for O₂ flow meters.

Regional Insights

Asia Pacific dominated the market and accounted for over 33.0% share in 2020, followed by North America. In Asia Pacific, the adoption of oxygen flow meters is high in the healthcare segment, contributing to the regional market growth. As a result, the demand for plug-in and clamp-type oxygen flow meters for pharmaceutical and biotechnology management is expected to increase in the region. Besides, the market in India and China is expected to witness significant growth over the forecast period due to continuous developments in steelmaking and other manufacturing sectors.

North American countries, specifically the U.S., are home to numerous manufacturers and providers of oxygen flow rate measurement products and solutions, such as Ohio Medical; Precision Medical, Inc.; and Dwyer Instruments LTD. Therefore, the region holds a significant revenue share, and this trend is expected to continue over the forecast period. Since the start of the Covid-19 outbreak, CGA member companies have been taking significant measures. It includes converting containers and cylinders to medical oxygen use, sourcing additional medical gas cylinders, increasing production and supply capacity, and, if required, prioritizing oxygen allocation to medical help to fulfill the increasing requirements in Canada and the U.S.

Key Companies & Market Share Insights

Key companies are focusing on new product development, which helps in strengthening their market presence. For instance, in 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. Additionally, market players are continually investing in R&D to develop differentiated products and stay ahead of the competition. 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

Oxygen Flow Meters Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global oxygen flow meters market report based on type, application, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2028)

  • Double Flange Type

  • Plug-in Type

  • Others

• Application Outlook (Revenue, USD Million, 2017 - 2028)

  • Healthcare

  • Industrial

  • Aerospace

  • Chemical

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • South America

    • Brazil

  • Middle East & Africa