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.
Recent Developments in Medical Gas Market:
- In 2018, Air Liquide acquired EOVE (France) to increase their presence in home healthcare market. EOVE is a start-up company specialized in the manufacturing of ventilators for home-based patients suffering from chronic respiratory failure.
- In 2018, Air Liquide acquired the respiratory division of Thimar Al Jazirah Company (TAC) in Saudi Arabia. Air Liquide enters the Home Healthcare market in the Kingdom and expands its Healthcare activity in the Middle East.
- In 2018, Praxair and Taiyo Nippon Sanso Corporation (Japan) entered into an agreement to sell the majority of Praxair’s European gases business and to allow merger clearance of the business combination by European Commission.
- In 2018, Taiyo Nippon Sanso Corporation entered into an agreement with Praxair, Inc. and Linde AG to acquire the majority of their businesses in Europe.
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Key questions addressed by the report:
- Where will all these developments take the industry in the medium to long-term?
- What are the major end users of medical gases and equipment applications?
- What are the application areas of the medical gases and equipment?
- Which are the major medical gases and equipment products?
- Which gases and equipment are mainly used for the healthcare sector?
Key Industry Drivers:
- Increasing Prevalence of Chronic Diseases
- Increasing Incidence of Respiratory Diseases as A Result of the High Prevalence of Tobacco Use and Rising Pollution Levels
- Rising Incidence of Preterm Births
- Growing Demand for Home Healthcare
Market’s Revenue Growth Expectations:
The Medical Gas Market is projected to reach USD 20.0 billion by 2023 from USD 14.0 billion in 2018, at a CAGR of 6.2 %.
Geographical Growth Scenario:
The APAC region is expected to grow at the highest CAGR during the forecast period
The medical gas market in the APAC is expected to grow at the highest CAGR during the forecast period. This regional market is expected to grow at the highest rate during the forecast period as emerging markets have become an integral part of the global economy and growth has slowed in developed markets. The large populations in China and India, increasing incidence of chronic diseases, improving healthcare infrastructure, and growing healthcare awareness are driving the demand for medical gases and equipment in the Asia Pacific.
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Leading Major Key Players in Global Industry:
- Linde Group (Germany)
- Air Liquide (France)
- Air Products and Chemicals, Inc. (US)
- Taiyo Nippon Sanso Corporation (Japan)…and More
Linde Group is the leading player in the market with a presence of more than 100 years in the gases and engineering industry. The company operates across the Americas, Asia-Pacific, and EMEA. The Linde Group company has also been expanding into the high-growth markets of Russia and the Asia PacificAsia-Pacific and Russia. The company has a well-balanced portfolio for both the hospital care and home healthcare markets. New product launches have further enabled the company to maintain its position as an innovator in these categories of products.