Medical Gases and Equipment Market is Anticipated to Grow at a CAGR of 7.5% During the Forecast Period (2018-2023)
Medical Gases and Equipment Market Research Report, Forecast Period 2018-2023. The Global Market is based on Industry Size, Share, Trend and Growth. Also, the industry insight includes regional and segmental shares, the report is published by MRFR.
Medical Gases and Equipment Market Analysis
The Global Medical Gases and Equipment Market held a market value of USD 13.0 billion in 2017 and is projected to grow at a CAGR of 7.5% over the forecast period. Medical gas is defined as the gas is manufactured, packaged, and used for administration to patients in diagnosis, anesthesia, and therapy. Medical gases are the life-saving element that provides direct influence in maintaining the life of patients. Medical gas equipment are the supply systems used by hospitals & clinics, academic & research institutions, pharmaceutical & biotechnology industries to create or distribute medical gases in the piping system. Few of the market growth factors are globally growing geriatric population coupled with increasing prevalence of chronic diseases, the presence of favorable government initiatives such as industry-friendly safety, and rising demand for point of care products & home healthcare. The Centers for Disease Control and Prevention (CDC) reported that, in the US, 6 in 10 adults have a chronic disease and 4 in 10 adults have two or more chronic diseases such as heart disease, cancer, chronic lung disease, stroke, diabetes, and chronic kidney disease (CKD)
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Medical gases are provided for particular medical reasons during surgery, during rehabilitation, or during emergencies. Due to the crucial nature of medical emergencies, it is important to have medical gases and equipment in place in medical establishments. The increasing use of medical gases in surgical procedures is also likely to be a major driver for the global medical gases and equipment market over the forecast period.
The growing geriatric population and the growing prevalence of chronic respiratory diseases is also likely to be a major driver for the global medical gases and equipment market over the forecast period, as medical gases are majorly used in the treatment and management of chronic respiratory diseases. The rising demand for home healthcare is also likely to be a major driver for the global medical gases and equipment market over the forecast period. Increasing government support to initiatives enhancing the healthcare sector’s operations is also likely to be a major driver for the global medical gases and equipment market over the forecast period.
Medical Gases and Equipment Market Competitive Analysis:
Some of the prominent players in the global medical gases and equipment market are Atlas Copco, Praxair Technology, Inc., Air Liquide, Airgas, Inc., Amico Corporation, Messer Group GmbH, AB Matheson Tri-Gas, Inc., The Linde Group, TAIYO NIPPON SANSO CORPORATION, SCI Analytical, SOL S.p.A., Rotarex SA, GCE Holding AB, Air Products and Chemicals, Inc., and Matheson Tri-Gas, Inc.
Medical Gases and Equipment Market Segmentation:
The global medical gases and equipment market has been segmented on the basis of product, application, end user, and region.
By product, the global medical gases and equipment market has been segmented into medical gases, medical gas mixtures, and medical gas equipment. The medical gases segment led the market in 2017 owing to increasing patient hospitalization and the increasing number of patients suffering from respiratory diseases.
The medical gases segment has been further categorized as nitrogen gas, nitrous oxide gas, oxygen gas, carbon dioxide gas, helium gas, and medical air. The medical gas mixtures segment is further categorized into medical laser gas mixtures, medical drug gas mixtures, sterilant gas mixtures, lung diffusion mixtures, blood gas mixtures, aerobic gas mixtures, anaerobic gas mixtures, and breathing zone monitoring calibration standard. The medical gas equipment segment is further categorized into air compressors, vacuum systems, flow meters, cylinders, alarm systems, masks, and others (manifolds, regulators, and outlets).
On the basis of application, the global medical gases and equipment market is segmented into therapeutic applications, diagnostic applications, pharmaceutical manufacturing & research, and others. The therapeutic applications segment is further categorized into respiratory therapies, cardiovascular therapies, anesthesia delivery, and others.
On the basis of end use, the global medical gases and equipment market is segmented into hospitals and clinics, academic and research institutes, pharmaceutical and biotechnology companies, and home healthcare.
Medical Gases and Equipment Market Regional Analysis:
The global medical gases and equipment market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas, followed closely by Europe, is likely to emerge as the dominant segment within the global medical gases and equipment market over the forecast period, due to the widespread awareness about the importance of medical gases and the rising demand for medical gases from the medical community in North America. The growing geriatric population in the U.S., Canada, and Western European economies such as Germany and the UK is also likely to be a major driver for the medical gases and equipment market over the forecast period. The growing prevalence of chronic diseases such as diabetes, chronic cardiovascular diseases, cancer, asthma, and other non-communicable chronic diseases is likely to be a major driver for the global medical gases and equipment market over the forecast period.
The Asia-Pacific is anticipated to witness comparatively higher CAGR during the forecast period owing to growing population in India and China, increasing awareness among patients, caregivers and healthcare professionals about medical gases, and developing healthcare infrastructure in the region. The Middle East & Africa has the least share of the global medical gases and equipment market. Additionally, the major market share of the region would be held by the Middle East region attributed to rising incidences of conventional diseases and increasing technological innovations in the UAE, Saudi Arabia and Qatar.
Medical Gases and Equipment Industry Updates:
In February 2019, Kitajima Sanso built a new medical oxygen filling plant in Myanmar. The plant is expected to begin operations in December 2019.
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