The Medical Gases and Equipment Market size is predicted to grow at a reasonable pace of compound annual growth rate during the projected period
Medical Gases and Equipment Market overview
The Medical Gases and Equipment Market is projected to reach USD 18.9 Billion by 2030 at 6.30% CAGR during the forecast period 2022-2030. It is meant for delivery to a person during diagnostic procedures, anesthesia, and treatment, and medical gas is made and packed specifically for this purpose. Medical gases are the life-sustaining factor that directly impacts the patient's ability to preserve or save their existence.
In the pipe system, medical gas and equipment market trends refers to the distribution system used by end-users to furnish, generate, or distribute medicinal gases to patients. The expanding elderly population throughout the globe, an increase in the incidence of chronic illnesses, the availability of favorable government programs like industry-friendly security, and the increasing need for home health are all factors contributing to the market's expansion. Asthma, diabetes, respiratory disorders, cancer, and cardiovascular diseases are all more common in the aging populations, which increases their risk of developing chronic diseases. The World Health Organization (WHO) predicts that the global population of people aged 60 and over will expand from 962.0 million in the year 2017 to even more than 2.0 billion by the end of the year 2050 and 3.1 billion by 2100 from 962.0 million in 2017.
This report contains all the information on the global Medical Gases and Equipment Market analysis and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the Medical Gases and Equipment Market forecast for 2027 is also included in the report.
Covid 19 Analysis
With the commencement of the COVID-19 outbreak in several countries, it was discovered that treatment centers were being employed to their utmost capacity while yet lacking in terms. The need for medical gases has grown, and a similar trend has been noticed in demand for medical gas and equipment market outlook. Several authorities were said to have sanctioned temporary medical facilities and upgraded the existing framework, among other things. Nevertheless, since supply networks were interrupted due to the restrictions on the mobility of persons and commodities, it was determined that the industry's development was only marginally affected. According to the prediction, the market is likely to progressively gain momentum throughout the short-term projection period as circumstances improve and global commerce shows signs of improvement.
Medical Gases and Equipment Market Dynamic
Since medical gases are an essential component of various long-term care therapies over several chronic health conditions, such as chronic lung diseases, cardiovascular problems, and cancer, the increasing prevalence of unhealthy lifestyles is supposed to play a significant role in the expansion of the medical gases and equipment market in coming years, according to industry analysts.
Technical advancements such as the creation of lighter and much more transportable technology for the home healthcare industry and the integration of different kinds of gas handling equipment are likely to present substantial growth potential for market participants in a competitive environment.
In the following years, it is projected that the price of helium will rise on the international markets. As a result of the scarcity of helium, MRI equipment makers are looking for other gases to cool their MRI systems. This has the potential to hurt the overall development of the medical gases and equipment market growth.
Although rules were introduced in 2012, they stressed the significance of regular servicing and periodic inspection of medical gas and vacuum equipment. Such regulatory changes increase the operational expenses of medical gas makers and distributors while also putting downward pressure on their pricing strategies. Medical gas and device producers and medical gas distributors are projected to suffer as a result of this, which will hurt their profit margins.
Cumulative Growth Analysis
In 2020, the sector of manifolds was expected to account for 25 percent of the medical gas equipment market. Manifolds for medical gases are used in medical institutions to maintain the consistent volume and pressure of medicinal gases delivered from cylinders or tanks. Manifolds are recognized for their ability to simplify the management of gas cylinders while also lowering the total expenses involved with the storage and transportation of gasses. Manifolds are expected to see a stable market development throughout the projection period, in part due to a growing focus on the smooth delivery of medical gases in clinics and also ambulatory surgery centers.
Value Chain Analysis
According to the reports, Medical Gases and Equipment Market has been broken down into three distinct sections: products, applications, and end-users. There are three product categories in the medical gas market: medical gas equipment, medical gas mixes, and medical gas gases. Carbon dioxide, nitrous oxide, oxygen, helium, and medical air are subdivided in the medical gases section. Due to an increase in global hospitalization and lung illness cases, the medicinal gases sector dominated the market in 2017. This category is further subdivided into sterilant gas mixes, lung diffusing mixtures, blood gases and respiratory zone monitor calibration normal gas blends, and other medical gas mixture subcategories. Compressors, cylinders, vacuum systems, masks, flowmeters, alarm systems, and other medical gas equipment are further subdivided into their respective categories (manifolds, regulators, and outlets).
The market has been divided into therapeutic, diagnostic, and pharmaceutical manufacturing & research segments based on Application. Respiratory, anesthetic, cardiovascular, and other therapeutic applications make up the therapeutic applications section. The market has been split into hospitals & clinics, pharmaceutical & biotechnology businesses, academic & research institutions, and home healthcare by end-user.
Medical Gases and Equipment Market Segmentation Overview
The market is segmented on the products, applications, end-users, and regions. The global Medical Medical Gases and Equipment Market value is expected to witness decent growth during the forecast period.
The Application is segmented into therapeutic, diagnostic, and pharmaceutical manufacturing & research.
The market is segmented into hospitals & clinics, pharmaceutical & biotechnology businesses, academic & research institutions, and home healthcare.
According to the reports, The Medical Gases and Equipment Market in the Americas, Europe, Asia-Pacific, and the Middle East & Africa has been split into four regions. More specifically, the Americas' medical gases and equipment market share is separated into North American and South American, with the North American market split into the United States and Canada. In terms of the medical gases and equipment market, the Americas will be the most dominant region attributed to the prevalence of major market players, a well-developed healthcare infrastructure, rising aging people and frequency of chronic conditions such as diabetes and cancer.
Market fragmentation results in reduced profitability and less product visibility due to the high degree of competition. Therefore, it has been seen that some multinational corporations are concentrating on artificial expansion via mergers and acquisitions to improve their geographical penetration.
Major Key Players
The following report comprises of –
Global Medical Gases and Equipment Market, by Product:
Global Medical Gases and Equipment Market, by Application:
Global Medical Gases and Equipment Market, by End User:
Global Medical Gases and Equipment Market, by Region
|Market Size||USD 18.9 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application, and End user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Atlas Copco, Air Liquide, Praxair Technology, Inc., Airgas, Inc., Messer Group GmbH, AB Matheson Tri-Gas, Inc., The Linde Group, TAIYO NIPPON SANSO CORPORATION, Amico Corporation, SCI Analytical, SOL S.p.A., Rotarex SA, GCE Holding AB, Air Products and Chemicals, Inc., and Matheson Tri-Gas, Inc|
|Key Market Opportunities||Improving healthcare infrastructure coupled with rising spending on healthcare|
|Key Market Drivers||
As per 2017, the Medical Gases and Equipment Market was valued at USD 13 billion.
Medical Gases and Equipment Market would have a CAGR of 6.30% during the forecast period covering 2022 to 2030.
Therapeutic application would lead to the Medical Gases and Equipment Market.
Medical gas segment has the charge of the Medical Gases and Equipment Market.
Americas has the maximum Medical Gases and Equipment Market share.