Medical Gases and Equipment Market: About the Report
The global medical gasses and equipment market will continue exhibiting a steady growth. The demand is poised to surge even as COVID-19 outbreak tightens its noose around the world. Till a pharmacological treatment is available for COVID-19, ventilators will remain a vital preference for patients requiring critical care. The market is therefore posed with the urgent need of accelerating manufacturing.
Fact MR’s study on the market offers an in-depth analysis, covering exhaustive information on growth drivers and restraints. It also provides insights into trajectory exhibited across key regional segments.
Medical Gases and Equipment Market Overview
The increasing demand for medical gases and various medical gas mixtures has been catering to the growth of the medical gases and equipment market since the past decade. Growth registered in the hospitals industry, coupled with the expanding home care settings sector, is projected to push the market value during the forecast period between 2020 and 2030.
In addition to this, the rising therapeutic and diagnostic applications is likely to fuel the demand for various medical gas mixtures and medical gases such as laser-gas mixtures, aerobic gas mixtures, nitrous oxide, and others, besides medical gas equipment.
The outbreak of COVID-19 has moderately affected the market and it is overcoming the restraints fast, creating growth opportunities for market players.
Rise in Demand from Hospitals Spurring Growth
Medical gases and equipment being an integral part of the hospitals industry are witnessing significant surge in demand with the increase in number of hospitals across the globe.
Various medical equipment such as cryogenic products, regulators, flowmeters, medical air compressors, and others, are often required to deliver treatment to patients requiring critical care. These equipment are therefore mainstay in Intensive Care Units (ICUs) to Operation Theatres (OTs) across hospitals.
Furthermore, the rising investment of government funds in healthcare is spurring the growth of the market. For instance, the healthcare sector in India is expanding at a brisk pace, especially since the government has allowed foreign direct investment (FDI) in the industry. According to the World Health Organization (WHO), in Vietnam for every 1% increase in per capita GDP, public spending on healthcare has surged by 1.7% since 2000.
These factors are indicative of the expansion of the healthcare sector and rising demand for advanced services. Fact MR identifies this trend as a chief driver of the market for medical gases and equipment.
Regional Outlook of Medical Gases and Equipment Market
North America is the largest market of medical gases and equipment in the world. Backed by the presence of a well-established healthcare and pharmaceutical sectors, growth witnessed in North America is poised to surge considerably in the coming years. According to Fact MR, high allocation of healthcare budget in the U.S, will seal the region’s dominance in the coming years.
Europe is the second leading region in global medical gases and equipment market. Rising number of hospitals coupled with the increase in adoption of home healthcare settings in the countries such as the U.K, France, Italy, and others are propelling the growth of Europe market.
According to the (WHO), life expectancy has risen in the region in the last few decades. The increasing rate of care-dependent old people is expected to drastically change the home care settings industry in Europe in the next few years, which will work in favor of the market.
East Asia is another lucrative region in the global market and is expected to register highest growth during the forecast period. Increasing number of highly developed manufacturing units, advancement in healthcare and diagnostics segments, and others are boosting the growth in East Asia. The outbreak of COVID-19 has further increased the demand for clinical diagnosis which is bolstering the growth of the East Asia market. According to Fact.MR, India, China, and others will play major roles in the East Asia market.
For deeper understanding of the sales prospects of different medical gases and equipment across regional markets, ask an expert analyst
Medical Gases and Equipment Market Insights by Product
Medical gases are presently leading in medical gases and equipment market in terms of product. Medical gases such as pure medical gases, oxygen, carbon dioxide, nitrous oxide, helium, and others are highly required by the healthcare segments, pharmaceutical companies, and others.
Oxygen, being used in anesthesia machines, ventilation, and others, is witnessing surge in demand. Carbon dioxide is used for insufflations purpose in open heart surgery and laparoscopy procedures. The rise in cases of cardiovascular diseases has been a major factor for fuelling the demand for medical gases.
According to the Centers for Disease Control and Prevention (CDC), heart diseases cost the United States about $219 billion each year from 2014 to 2015. This included expenditure incurred on medicines, healthcare services, and lost productivity on account of death.
Rising spending on effective treatment for cardiovascular diseases is expected to bode well for the oxygen segment within the market.
Medical Gases and Equipment Market Insights by Application
Therapeutic application of medical gases and equipment is gaining traction due to the high demand from healthcare facilities. Medical gases are used in burn therapy, respiratory therapy, cardio vascular therapy, and others.
Nitric oxide, for instance, is used together with a mechanical ventilator to treat respiratory failure in premature infants. Pharmaceutical manufacturing & research and diagnostic are some of the other key segments in terms of application.
Medical Gases and Equipment Market Insights by End User
Hospitals have emerged dominant among end users, followed by home care settings, pharmaceutical & biotechnology companies, academic & research institutes, and emergency services.
The emergency services industry, covering emergency ambulatory services, ICU services, and others are expected to grow further which in turn will fuel the demand for medical gases and equipment.
Medical Gases and Equipment Market: Competitive Landscape
Because of the prevalence of high competition, key players in the global medical gases and equipment market are focusing on launching of extensive ranges of cost-effective products.
- For instance, GCE Group AB launched its new medical equipment along with the installation standard ISO 7396 which includes high pressure manifolds, stabilizers, accessories, ball valves, shut off valve boxes, and others in the recent year
- Atlas Copco AB launched its new wide range of medical gas equipment such as Medical Air Purifier- MED (+), Oil-Free Scroll Compressor- SF- MED, Oil-Free Rotary Tooth Compressor- ZT- MED, and others in the current year
Key companies operating in the medical gases and equipment market are-
- Airgas Inc.
- Atlas Copco AB
- GCE Group AB
- Matheson Tri-Gas Inc.
- Messer Group GmbH
- Praxair Inc.
The Analyst’s Viewpoint
“The steady growth in the healthcare sector is projected to fuel the demand for medical gas and equipment. The post-pandemic healthcare industry is expected to continue witnessing higher number of patients in the diagnostics segment due to increase in awareness. This in turn is expected to fuel the sales of medical gases and equipment. With the key market players observing the market trends closely, the companies operating in the market is anticipated to experience tougher competition in the coming years.”
COVID-19 Impact on Medical Gases and Equipment Market
COVID-19 pandemic has slowed down the manufacturing activities earlier in this year due to long lock down followed by economic crisis. On the other hand, the pandemic has resulted in higher number of patients in the diagnostics, hospitals, and emergency services segments which has resulted in high demand for medical gases and equipment.
As the world is recovering from pandemic-related restraints and hurdles, the medical gases and equipment market is expected to exhibit smoother growth driven by the post-pandemic awareness among the people.
Medical Gases and Equipment Market - Scope of the Report
A recent study by Fact.MR on the medical gases and equipment market offers a 10-year forecast from 2020 to 2030. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with the manufacturing of medical gases and equipment. The study also provides the dynamics that are responsible for influencing the future status of the medical gases and equipment market over the forecast period.
A detailed assessment of the medical gases and equipment value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the medical gases and equipment market, along with their product portfolios, enhances the reliability of this comprehensive research study.
Medical Gases and Equipment Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the medical gases and equipment market across the globe.
A comprehensive estimate on the medical gases and equipment market has been provided through an optimistic as well as a conservative scenario, taking into account sales during the forecast period. Price point comparison by region with global average price is also considered in the study.
Medical Gases and Equipment Market – Segmentation
Fact.MR’s research study assesses the global medical gases and equipment market in terms of application, resin, and region. This report presents extensive market dynamics and trends associated with different segments of the market, and their influence on the growth prospects of the global medical gases and equipment market.
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Key Questions Answered in Fact.MR’s Medical Gases and Equipment Market Report
- Which are the most lucrative markets for medical gases and equipment?
- Which factors will impact medical gases and equipment market growth?
- How will changing trends impact the strategy of market players?
- How can market players capture the low-hanging opportunities?
- Which companies are leading the medical gases and equipment market?
- What are the winning strategies of stakeholders in the medical gases and equipment market?
Medical Gases and Equipment Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the medical gases and equipment market report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the medical gases and equipment market during the forecast period.
Country-specific valuation on demand for medical gases and equipment has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Medical Gases and Equipment Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the medical gases and equipment market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the medical gases and equipment market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the medical gases and equipment market report as a primary resource.
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Medical Gases and Equipment Market Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2020 to 2030