(PharmaNewsWire.Com, February 01, 2020 ) The major factors driving the growth of this Medical Gas Market include rising ageing population and sub sequent increase in chronic diseases like COPD and asthma, growing home healthcare market, and growing smoking prevalence.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.2% during the forecast period, the Global Medical Gas Market is estimated to reach $20.0 billion by the end of 2023.
Based on product, the market is broadly divided into medical gases and medical gas equipment. Increasing use of medical gases for the diagnosis and treatment of various respiratory diseases such as COPD, asthma, and other medical conditions such as cardiovascular and lifestyle diseases are further expected to drive the demand of medical gases during the forecast period.
Based on application, the Medical Gas Market is segmented into therapeutics, diagnostics, pharmaceutical manufacturing and research, and others. The therapeutic segment is expected to account for the largest share of the global Medical Gas and Equipment Market during the forecast period of 2018 to 2023. The large share of this segment can be attributed to rising incidences of cardiovascular diseases and increasing prevalence of respiratory disorders due to lifestyle changes, rising pollution levels, and growing smoking prevalence.
The growth of the Global Market for Medical Gas is primarily influenced by the following factors:
• Increasing Prevalence of Chronic Diseases • Rising Incidence of Preterm Births • Growing Demand for Home Healthcare • Increasing Incidence of Respiratory Diseases as A Result of the High Prevalence of Tobacco Use and Rising Pollution Levels
Geographical growth scenario of Medical Gas Market:
North America is expected to account for the largest share of the Medical Gas and Equipment Market in 2018, followed by Europe and the Asia Pacific. The increasing adoption of technologically advanced medical gases and equipment products, growing ageing population, the high healthcare expenditure, presence of advanced healthcare infrastructure, highly developed healthcare systems in the US and Canada, and the presence of a large number of leading medical gases and equipment manufacturers in the region, are responsible for the large share of the North American Market.
The prominent players in the Medical Gas Market include Air Products and Chemicals, Inc. (U.S.), The Linde Group (Germany), Taiyo Nippon Sanso Corp. (Japan), SOL-SpA (Italy), Air Liquide (France), Praxair, Inc. (U.S.), Atlas Copco (Sweden), Messer Group (Germany), and GCE Holding AB (Sweden).
Linde Group (Germany) is the leading player in the market with a presence of more than 100 years in the gases and engineering industry. The company operates across the Americas, Asia-Pacific, and EMEA. The Linde Group company has also been expanding into the high-growth markets of Russia and the Asia Pacific. The company has a well-balanced portfolio for both the hospital care and home healthcare markets. New product launches have further enabled the company to maintain its position as an innovator in these categories of products.
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