Medical Gas and Equipment Market Worth $20.04 billion – Shows Impressive Growth in North American Medical Industry

PUNE, India, 2020-Oct-23 — /EPR Network/ —

According to the new market research report “Medical Gas and Equipment Market by Type (Oxygen, Nitrous Oxide, Carbon Dioxide, Gas Mixture, Vacuum System, Manifold, VIPR, Hose) Application (Respiratory, Anesthesia, Medical Imaging, Cryosurgery) End User (Hospital, Home Healthcare) – Forecast” published by MarketsandMarkets™.

Revenue Growth Opportunities and Growth Drivers?

The Medical Gas Market to reach $ 20.04 billion, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period.

Growth Boosting Factors:

• Increasing Prevalence of Chronic Diseases
• Increasing Incidence of Respiratory Diseases as A Result of the High Prevalence of Tobacco Use and Rising Pollution Levels
• Growing Demand for Home Healthcare
• Market Expansion in Emerging Countries Across APAC

Recent Developments in Medical Gases Market:

• In 2018, Air Liquide acquired EOVE (France) to increase its presence in the home healthcare market. EOVE is a startup company specialized in the manufacturing of ventilators for home-based patients suffering from chronic respiratory failure.
• In 2018, GCE introduced MediVitop, a new One-Knob Cylinder Valve with Integrated Pressure Regulator.
• In 2018, Atlas Copco opened an expanded innovation center in Bretten, Germany to meet growing customer demand for testing and developing innovative joining technologies.

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Market Segmentation in Depth:

On the basis of type, the lung diffusion mixtures segment accounted for the largest share of the medical gas mixtures market. 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.

Based on applications, the therapeutic applications segment accounted for the highest share of the medical equipment market. This is mainly due to the high prevalence of respiratory and cardiovascular diseases, which has resulted in increased consumption of medical gases and equipment.

Based on end users, the hospitals segment accounted for the largest share of the medical gas and equipment market. This is mainly due to the high utilization of medical gases and equipment by hospitals due to the large patient pool.

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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 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).