The Medical Gas Market has evolved significantly owing to various technological advancements. Factors such as the increasing prevalence of chronic diseases, increasing incidence of respiratory diseases as a result of the high prevalence of tobacco use and rising pollution levels, rapid growth in the geriatric population, rising incidence of preterm births and growing demand for home healthcare is expected to drive market growth in the coming years. Market expansion in emerging countries across APAC and technological advancements are also expected to present a wide range of opportunities for players in the market.
According to the new market the 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 to 2023″, published by MarketsandMarkets™.
Revenue Growth Opportunities:
Medical Gas Market is projected to reach $20.04 billion by 2024 from $14.83 billion in 2018, at a CAGR of 6.2%
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Market Segmentation in-Detailed:-
Based on the product, the 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 for medical gases during the forecast period.
Based on the application, the medical gas 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 market during the forecast period of 2018 to 2023.
Based on end-users, the hospital’s segment accounted for the largest share of the medical gases 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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Worldwide Geographical Segmentation in-detailed:
The Medical Gas market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. 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 is also expected to drive the growth of the medical gas market in this region.
Leading Key Players in the Worldwide Industry:
The Linde Group (Germany)
Air Liquide (France)
Praxair, Inc. (US) ……and more
The Linde Group (Germany) dominated the global medical gases 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.