Medical Gas Market Worth $20.04 billion by 2023 | Growing Demand for Home Healthcare

PUNE, India, 2020-May-27 — /EPR Network/ —

[401 Pages Report] MarketsandMarkets forecasts 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.

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.

Secondary Research;

Secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Business, Factiva, and D&B Hoovers), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the medical gas market.

Primary Research;

In the primary research process, industry experts from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Industry experts from the supply side include CEOs, vice presidents, marketing and sales directors, business development managers, technology and innovation directors of companies manufacturing medical gases and gas equipment.

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By pure gases type, 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.

By form of delivery, 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.

By medical gas mixtures type, the therapeutic applications segment to accounted for the largest share of the medical gases 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.

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North America to account for the largest market size during the forecast period.

North America is expected to hold the largest market size in the medical gases and equipment market during the forecast period, followed by the European region. On the other hand, the Asia Pacific market is expected to witness the highest growth during the forecast period. The rapid growth in the developing healthcare industry across China and India is expected to offer significant growth opportunities for players operating in this market during the forecast period. In addition, factors such as increasing incidence of respiratory diseases as well as growth in the healthcare infrastructure and the per capita income in this region are also expected to drive the growth of the medical gases and equipment market in this region.

Key Market Players;

• The Linde Group (Germany)
• Air Liquide (France)
• Air Products and Chemicals, Inc. (US)
• Praxair, Inc. (US)