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(Health-NewsWire.Net, July 28, 2021 ) 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 and equipment market across the globe.
The 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. However, there are certain challenges and restraints for the growth of this market, such as changes in medical gas calibration standards, global shortage of helium, declining federal reimbursements for respiratory therapies, and lack of awareness and untreated population.
The Research Report on “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) – Forecast” published by MarketsandMarkets™, the market witnessed healthy growth during the last decade and is expected to grow at a CAGR of 6.2% will reach USD 20.04 billion.
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, Atlas Copco opened an expanded innovation center in Bretten, Germany to meet growing customer demand for testing and developing innovative joining technologies.
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Geographically; North America is expected to account for the largest share of the medical gases 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.
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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Market Segmentation in Detailed:
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.
Based on product, the medical equipment 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.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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