(PharmaNewsWire.Com, January 30, 2021 ) The report “Medical Gas and Equipment Market by Type (Oxygen, Nitrous Oxide, Carbon Dioxide, Gas Mixture, Vacuum System, Manifold, VIPR, Hose) Application (Respiratory, Anesthesia, Medical Imaging, Cryosurgery) End User (Hospital, Home Healthcare) – Global Forecast“, the medical gas market to grow from USD 14.83 billion in 2018 to USD 20.04 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period.
The medical equipment market has evolved significantly owing to various technological advancements. Factors such as increasing prevalence of chronic diseases, increasing incidence of respiratory diseases as a result of the high prevalence of tobacco use and rising pollution levels, rapid growth in the geriatric population, rising incidence of preterm births, and growing demand for home healthcare are expected to drive market growth in the coming years.
Recent Developments in Medical Gas Market:
# In 2018, Air Liquide acquired EOVE (France) to increase its presence in the home healthcare market. EOVE is a startup company specialized in the manufacturing of ventilators for home-based patients suffering from chronic respiratory failure.
# In 2018, GCE introduced MediVitop, a new One-Knob Cylinder Valve with Integrated Pressure Regulator.
# In 2018, Ceodeux Meditec launched ALPIFLOW, a next-generation flow meter with over ten years lifetime without additional maintenance. The product is attached directly to the Ceodeux Meditec ALPICONNECT or ALPINOX and MINIOX to regulate oxygen-flow from the hospital pipeline system and from portable oxygen cylinders.
North America is expected to account for the largest share of the medical gases 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 medical gases market.
Leading Key Players in the Worldwide Industry:
The prominent players in the medical equipment 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 is the leading player in the medical gases and equipment market with a presence of more than 100 years in the gases and engineering industry. The company has a strong presence across the Americas, Asia-Pacific, and EMEA. The company focuses on improving its global presence through inorganic strategies such as acquisitions, agreements and partnerships with other small players and to strengthen its product portfolio in the market. The company has a well-balanced portfolio for both the hospital care and home healthcare markets. The company thus has a good growth opportunity, especially due to the rise in patient in home care settings rather than in hospitals. The company also focuses on strengthening its position by entering into emerging countries to capture untapped medical gasses and equipment market.
Air Liquide is the second-largest player in the global medical gas market in 2018. The healthcare division of the company caters to approximately 15,000 hospitals and clinics, and 1.5 million patients at home. Company’s leading position in this market is attributed to its wide product portfolio, which includes pure gases, specialty gases, and research gases which include cryobiology and hyperbaric oxygen solutions. The company has a wide geographic presence spanning Europe, North America, Latin America, Africa, the Middle East, and the Asia Pacific. In order to sustain its leading position in the market, the company focuses on partnerships and collaborations with other players in this market.
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