Oxygen Flow Meters Market Share, Trends, Size And Forecast Research Report To 2028

Posted on 2022-09-01 by researchinsights in Industrial // 0 Comments

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 O₂flow 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 O₂flow 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 O₂flow 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 demandforO₂flow 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 O₂and O₂flow meters is expected to increase substantially.

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