The Life-Support Pressure Vessels Market is Segmented by Application Type (SCBA and Medical Oxygen), by Pressure Vessel Type (Type I, Type II, Type III, and Type IV), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
According to the report, the life-support pressure vessels market reached a landmark figure of US$ 465.9 million in 2020, surpassing all its previous year’s market values from 2015-2019.
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Market Segment Analysis
Based on the application type as SCBA and medical oxygen pressure vessels. Medical oxygen pressure vessels governed the market in 2020 and will be the fastest-growing segment during the forecast period, owing to the sudden increase in the demand for medical oxygen pressure vessels to treat the enormous numbers of the COVID-19 patients.
Based on the pressure vessel type, the market is segmented into type-I, type-II, type-III, and type-IV pressure vessels. Type-I led the life-support pressure vessels market in 2020. However, Type-III is expected to grow at the fastest pace during the forecast period, driven by the increasing demand for lightweight pressure vessels in SCBA application and the gradual shift to paramedics who need portable and lightweight pressure vessels for treatment of patients.
In terms of regions, Asia-Pacific not only dominated the life-support pressure vessels market in 2020, but it is also expected to grow at an excellent rate during the forecast period, driven by the increasing adoption of more modern SCBA equipment by Asian economies, increase in healthcare expenditure, and the increasing cases of respiratory diseases in the region.
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