(PharmaNewsWire.Com, February 09, 2021 ) Major Growth Boosting Factors: The Medical Gas and 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. Market expansion in emerging countries across APAC and technological advancements are also expected to present a wide range of opportunities for players in the market.
Revenue Growth Opportunities: MarketsandMarkets forecasts the medical gases 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.
Recent Developments;
# 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.
# In 2018, Atlas Copco opened an expanded innovation center in Bretten, Germany to meet growing customer demand for testing and developing innovative joining technologies.
# In 2018, Linde entered into an agreement with Messer Group and CVC Capital Partners Fund VII to sell the majority of Linde’s gases business in North America and certain business activities in South America.
The pure gases in high-pressure cylinders is expected to dominate the market in the coming years. This is mainly due to the widespread use of these devices in home healthcare setups and hospitals. Many of the major players in the medical gases and equipment market also offer products in high-pressure cylinders.
By medical gas mixtures type;
The lung diffusion mixtures segment accounted for the largest share of the medical gas mixtures market in 2017. This can primarily be attributed to the increase in the number of chronic diseases, the high proportion of untreated patients, and the growing aging population.
By application;
The medical gases and equipment 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 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 prevalance.
North America is expected to account for the largest share of the medical gas 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 and equipment market.
Global Leaders:
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).
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