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Medical Gases and Equipment Market Share, Growth Drivers and Future Scope

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The global medical gases and equipment market is expected to attain a value of $21.6 billion, advancing at a CAGR of 8%, in future.

NEW YORK - eTradeWire -- According to a study conducted by the P&S Intelligence, the global medical gases and equipment market is expected to attain a value of $21.6 billion, advancing at a CAGR of 8.0%, in the coming years. The primary applications of medical gases and equipment include diagnostics, pharmaceutical manufacturing & research, and therapeutics. During 2012–2015, the largest demand for medical gases and equipment was created by therapeutic applications. Medical gases are used for various therapeutic purposes including treatment of cardiovascular and respiratory diseases, acute hypoxia, pain, resuscitation, and pulmonary arterial hypertension, cryosurgery, in neurobiology, and for anesthetization. The demand for medical gases and equipment will remain the highest for therapeutic applications in the near future due to the surging prevalence of chronic and respiratory diseases.

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Different end users of medical gases and equipment include pharmaceutical industry, hospital, academic & research institute, emergency service, and home healthcare. The highest demand for these gases and devices was created by hospitals during 2012–2015. The fastest growth in demand is projected to be witnessed by home healthcare. The need for home healthcare is rising due to the growing geriatric population. Because of home healthcare, older patients are provided with better-quality life in their homes, continuous monitoring for greater efficacy, limited duration of hospitalization, and more effective treatment. The development of technologies, such as infusion system, external insulin pump systems, and respiratory assistance solutions, has been made possible due to advancements in remote medical assistance, pharmacology, and home automation. These factors are then expected to drive the demand for medical gases and equipment (https://www.psmarketresearch.com/market-analysis/medical-gases-and-equipment-market) for home healthcare settings.

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There are two types of medical gases, namely medical gas mixture and pure medical gas. During 2012–2015, the requirement for pure medial gas was higher. This gas comprises nitrogen, oxygen, carbon dioxide, helium, nitrous oxide, medical air, argon, xenon, and carbon monoxide. Types of medical gas equipment include oxygen concentrator, medical gas equipment accessories, and gas delivery system. Out of these, medical gas equipment accessories are expected to be demanded the most in the coming years. Medical gas equipment accessories are further divided into flow meters, regulators, vacuum systems, hoses, masks, outlets, manifolds, alarm systems, and others.

Hence, the adoption of medical gases and equipment is growing across the globe due to the rising prevalence of diseases and increasing geriatric population.

Vijay Kumar

Source: P&S Intelligence
Filed Under: Business

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