(PharmaNewsWire.Com, October 09, 2021 ) MarketsandMarkets Research Report's View on Revenue Impact?
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.
Factors Responsible for Growth and In-Depth Analysis?
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. Market expansion in emerging countries across APAC and technological advancements are also expected to present a wide range of opportunities for players in the Medical Gases Market.
The prominent players in the medical gases 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).
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 gas and equipment market.
Geographical Analysis in Detailed?
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 equipment market.
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.
The lung diffusion mixtures segment to accounted for the largest share of the Medical Gas Market.
Based on applications, the therapeutic applications segment accounted for the highest share of the medical gases and equipment market in 2017. This is mainly due to the high prevalence of respiratory and cardiovascular diseases, which has resulted in increased consumption of medical gases and equipment.
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