(PharmaNewsWire.Com, May 28, 2021 ) The report "Medical Gases 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) - Forecast to 2023", is projected to reach $20.04 billion by 2023, at a CAGR of 6.2% during the forecast period.
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.
The Rising aging population, increasing prevalence of respiratory diseases like asthma and chronic obstructive pulmonary disorder (COPD) due to changing lifestyles, rapid urbanization, high prevalence of tobacco smoking, and increasing incidences of preterm births are expected to drive the growth of the medical gases market across the globe. Technological advancements, increasing demand for home care therapeutics, and market expansion in emerging countries across APAC and Latin America have opened new avenues for the medical gases and equipment market.
Growth Opportunity: Technological advancements;
Technological advancements have provided a growing range of functionality options for various medical gas handling equipment used in hospital care and home care. As opposed to earlier equipment, the latest technologically advanced equipment provides a complementary system of monitoring and therapy delivery, coupled with educational content and communication flow between patients and healthcare providers. In addition, currently, various associated medical gas equipment are gradually being improved to offer a better quality of care. The development of lightweight and portable medical gas handling equipment has emerged as a boon to the growing home healthcare market. Currently, several companies offering medical gas equipment are focusing on developing smaller and portable gas delivery systems that can be carried by patients.
Therapeutic segment will witness the highest growth in the market.
Based on application, the medical gases 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 gases 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 prevalance.
North America is expected to account for the largest share of the medical 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 gas market.
Global Key Leaders:
The prominent players in the medical gas and 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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