(PharmaNewsWire.Com, April 06, 2021 ) Expected Revenue Surge: The Medical Gas and Equipment 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
Growth Driver: Increasing prevalence of chronic diseases;
With changes in lifestyle and eating habits, the number of people suffering from obesity and related disorders across the globe has increased significantly in the last few years. The global prevalence of obesity nearly tripled between 1975 and 2016 According to the WHO, in 2016, more than 1.9 billion adults (18 years and older) were reportedly overweight, globally. Of these, over 650 million were found to be obese. Additionally, in 2016, ~340 million children and adolescents aged 5–19 were found to be overweight/obese across the globe.
Obesity is regarded as one of the major factors responsible for the increasing prevalence of chronic disorders, including heart disorders and diabetes. The WHO has stated that in the last two decades, there has been a significant increase in the prevalence of diabetes, heart diseases, and other non-communicable diseases, globally. According to the American Hospital Association, in 2015, ~149 million individuals in the US suffered from at least one chronic illness, such as hypertension, heart disease, and respiratory diseases. By 2030, this number is expected to reach 171 million. Since medical gases form a critical component of various long-term care treatments for several chronic conditions, including cardiovascular diseases, chronic respiratory diseases, and cancer, the rising prevalence of lifestyle diseases is expected to play a pivotal role in the growth of the medical gases and equipment market in the coming years.
The oxygen segment is expected to grow at the highest growth rate during the forecast period
Among the type of pure gases used in the medical gas and equipment market, the oxygen segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment can mainly be attributed to the presence of a large patient base suffering from respiratory diseases and the increasing number of patients undergoing emergency medical care.
The pure gases in high-pressure cylinders segment to record the highest CAGR during the forecast period
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.
The therapeutic applications segment to accounted for the largest share of the medical gas market
On the basis of 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.
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 equipment 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).
The Linde Group (Germany) dominated the global medical gases and equipment market in 2017. The company has a diversified product portfolio, which includes a wide range of medical gases and equipment such as medical oxygen, nitrous oxide, medical nitrous oxide/oxygen mixtures, hospital equipment for hospitals, and home care and emergency care services. Linde Group has a strong presence in more than 100 countries through its strong manufacturing and distribution facilities, which enables it to cater to a large customer base across the globe. Furthermore, in order to gain a competitive edge over other players in this market, the company focuses on acquisitions of similar players and in strengthening and streamlining its product portfolio for the healthcare industry.
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