Medical Gases and Equipment Market worth USD 5315 million by 2020 | Hexa Research
Increasing geriatric population base coupled with increasing demand for global home healthcare devices are expected to propel the growth of the global medical gases and equipment market in coming five years.
The Global Medical Gases and Equipment Market is poised to reach nearly USD 5315 million by 2020. Factors that fuel product demand are growing geriatric population and high incidence of respiratory disorders and emphysema & cystic fibrosis. Rising awareness among consumers & manufacturers about usage & safety of medical gases may augment industry growth over the forecast period (2012 to 2020). Also, popularity of home healthcare devices could positively impact the market.
Medical gases are used for medical treatment and diagnostics purposes. Devices that facilitate medical gases into the human body are known as medical gas equipment. Medical gases and equipment are also employed in biotechnology and pharmaceutical industries for drug discovery, cell culture studies, pharmaceutical manufacturing, and drug development.
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Varying requirements of medical practitioners propel the need for technologically sophisticated products, such as integrated multifunctional medical gas cylinders. This could significantly contribute to market growth. Owing to wide gaps in demand and supply of medical gases, emerging economies are expected to be the most lucrative regions in the overall industry. Other market drivers are medical reimbursement facilities and rising disposable incomes.
The global medical gases and equipment market is segmented as per products and geographies. On the basis of products, the classifications are masks, flow meters, vacuum systems/pumps, regulators, manifolds, medical air compressors, cylinders and accessories, alarm systems, outlets, and hose assemblies and valves. The market for medical air compressors is poised to witness remarkable growth during the forecast period. These devices are used in a host of applications. Popularity of lightweight cylinders with visible & audible alert mechanisms may drive the cylinders market.
Geographically, the worldwide medical gases and equipment market are divided into Asia Pacific, Europe, North America, and Rest of the World (RoW). Sophisticated healthcare infrastructure, high prevalence of respiratory diseases, obesity, and unhealthy dietary patterns make North America the largest regional market. In 2013, this region dominated the overall industry in terms of revenue. However, ongoing market trends suggest that Asia Pacific may register a CAGR approximately 10% till 2020. Regional drivers are high incidence of asthma & chronic obstructive pulmonary disorder (COPD), improved medical infrastructure, and demand for point-of-care based treatments & home healthcare.
Major competitors in the Medical Gases And Equipment Market are Medical Gas Solutions, Air Products Continental, Linde Group, Air Liquide Healthcare, and Matheson Tri-Gas Inc. With a market share above 20%, Air Liquide Healthcare dominated the worldwide industry in 2013. In order to gain higher market shares, companies often engage in business ventures, such as mergers & acquisitions and geographical expansions. New product development is another key area of focus for business success in the long run.
In November 2016, Ceodeux Meditec launched ALPI-CONNECT, a sophisticated terminal unit meant for medical gas pipelines in clinics & hospitals. Equipped with a revolutionary cartridge technology, this gas terminal unit minimizes maintenance costs and saves time. Unlike conventional terminal units which need to be dismantled for maintenance operations, the front cartridge design in ALPI-CONNECT ensures that maintenance tasks are a lot easier. Ceodeux Meditec is a global supplier of medical gas equipment & medical cylinder valves.
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Medical Devices Market Research Report
Feb 07, 2017