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

PUNE, India, 2020-Dec-17 — /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 and Equipment Market to reach $20.04 billion, at a 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
# Market Expansion in Emerging Countries Across APAC
# Technological Advancements

Recent Developments in Medical Gas 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, Ceodeux Meditec launched ALPIFLOW, a next-generation flow meter with over ten years lifetime without additional maintenance. The product is attached directly to the Ceodeux Meditec ALPICONNECT or ALPINOX and MINIOX to regulate oxygen-flow from the hospital pipeline system and from portable oxygen cylinders.

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Leading Key Players in the Worldwide Industry:

The prominent players in the medical 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).

The Linde Group (Germany) dominated the global medical gases and equipment market in 2017. The company has a diversified product portfolio, which includes a wide range of medical gases and equipment such as medical oxygen, nitrous oxide, medical nitrous oxide/oxygen mixtures, hospital equipment for hospitals, and home care and emergency care services. Linde Group has a strong presence in more than 100 countries through its strong manufacturing and distribution facilities, which enables it to cater to a large customer base across the globe.

Geographical Regions Mapped in Report:

North America is expected to account for the largest share of the medical gas 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 gases and equipment market.

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Market Segmentation in Detailed:

Based on application, the medical gas and equipment market is segmented into therapeutics, diagnostics, pharmaceutical manufacturing and research, and others. The therapeutic segment is expected to account for the largest share of the global medical gases and equipment market during the forecast period of 2018 to 2023. The large share of this segment can be attributed to rising incidences of cardiovascular diseases and increasing prevalence of respiratory disorders due to lifestyle changes, rising pollution levels, and growing smoking prevalance.

Based on product, the medical equipment market is broadly divided into medical gases and medical gas equipment. Increasing use of medical gases for the diagnosis and treatment of various respiratory diseases such as COPD, asthma, and other medical conditions such as cardiovascular and lifestyle diseases are further expected to drive the demand of medical gases during the forecast period.