Medical Gas and Equipment Market Worth $20.04 billion | Increasing Incidence of Respiratory Diseases

PUNE, India, 2020-Aug-21 — /EPR Network/ —

The 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.

According MarketsandMarkets Research – 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.

Medical Equipment Market Growth Opportunity: Technological advancements;

Technological advancements have provided a growing range of functionality options for various medical gas handling equipment used in hospital care and home care. As opposed to earlier equipment, the latest technologically advanced equipment provides a complementary system of monitoring and therapy delivery, coupled with educational content and communication flow between patients and healthcare providers. In addition, currently, various associated medical gas equipment are gradually being improved to offer a better quality of care.

The development of lightweight and portable medical gas handling equipment has emerged as a boon to the growing home healthcare market. Currently, several companies offering medical gas equipment are focusing on developing smaller and portable gas delivery systems that can be carried by patients. The nature of the medical gas equipment market for home care, in particular, is continuously changing owing to the availability of smaller and less-expensive equipment in the market.

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The oxygen segment is expected to grow at the highest growth rate.

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 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 is expected to account for the largest share of the medical gases 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).