Based on a report published by Grand View Research, Inc.; the global medical gas market is anticipated to reach a valuation of around USD 12.7 billion by 2024. High prevalence of chronic diseases, rising geriatric population, increasing industry-friendly safety initiatives supported by government, and high demand for point-of-care (POC) products and home healthcare can propel the market over the forecast period (2012 to 2024).
Rising use of medical gases in biotechnology for cell structure studies and pharmaceutical industry for drug discovery and manufacturing can drive the market in near future. In addition, inactive lifestyle and unhealthy diet have increased the occurrence of chronic diseases such as diabetes, asthma, cardiovascular diseases, respiratory diseases, and other non-communicable diseases. This factor is anticipated to boost the market for medical gases in near future. Dementia Medical gases can be used in several oxygenations as well as anesthetic mixtures to manage conditions like chronic respiratory obstruction, cardio-pulmonary bypass surgery, and renal dialysis. High usage in diagnostic and therapeutic settings for treating chronic diseases can boost the market over the forecast period. Additionally, geriatric population is more vulnerable to chronic conditions, which is likely to impel demand for technologically advanced equipment for the treatment of these diseases. Geriatrics are more susceptible to respiratory diseases, a condition that is generally treated by administering specific medical gases. This is a key factor driving growth.
Full research report on medical gas market analysis: https://www.grandviewresearch.com/industry-analysis/medical-gases-market
The worldwide medical gas market can be segmented on the basis of product, equipment, application, and regions. As per products, the market can be categorized into medical pure gases and medical gas mixtures. Based on equipment, the market can be classified into manifolds, vacuum systems, alarm systems, flowmeters, medical air compressors, cylinders, hose assemblies and valves, outlets, regulators, and masks. On the basis of application, the market can be bifurcated into therapeutic, diagnostic, and others. Geographically, the market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).
In 2015, North America acquired largest market share due to growing elderly population and high prevalence of chronic diseases. It is expected to show significant growth on account of rising awareness about chronic diseases and high adoption of technologically advanced therapeutic and diagnostic products. The U.S. is likely to hold the largest market share in terms of revenue. Seven out of ten deaths in the region are caused by chronic diseases, says the American Public Health Association. In addition, implementation of the Food and Drug Safety and Innovation Act can boost regional growth. This act can develop a standard certification procedure for medical gases and equipment. It can also eliminate the drug user fees for the manufacturers of medical gases.
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Europe is closely followed by North America in terms of market share. The regional growth is mostly driven by ethe xistence of several associations including the Medical Gas Association (MGA) and the European Industrial Gases Association (EIGA). These associations play an important role in providing standard policies for medical gas producers.
Asia Pacific, on the other hand, is likely to register the fastest growth over the forecast period due to high healthcare spending in countries like China and India. The region has ha igh prevalence of chronic diseases in developing countries. For instance, in India, around 142.1 out of one lakh individuals die because of lung diseases. Demand for technologically advanced diagnostics and therapeutics to treat respiratory complaints is likely to further spur the regional growth in near future.
Prominent players operating in the medical gas market include Airgas, Inc.; Air Products and Chemicals; Praxair, Inc.; The Linde Group; and Medical Gas Solutions Ltd. The market looks highly competitive due to pthe resence of numerous international and regional participants. Most companies are following business strategies such as mergers and acquisitions (M&A) and collaborations with small regional companies. Innovation, development, and launch of new products is also likely to help the companies sustain the competition.
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