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Market Research Report
Product code
390818
Medical Gases and Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027) |
Medical Gases and Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027) |
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 111 Pages
Delivery time: 2-3 business days
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The major factors driving the growth of the medical gases and equipment market include the rising demand for home healthcare and point-of-care diagnostics, the increasing burden of respiratory diseases, and favorable initiatives undertaken by government organizations.
The pure medical gas sub-segment is expected to be the fastest-growing segment, owing to the large usage of oxygen gas, as the oxygen gas provides a base for all modern anesthetic techniques and life support for artificially ventilated patients. The rising incidence of chronic diseases and road accidents across the world are major factors boosting the growth of the market. The patients admitted to intensive care units and ambulatory care for various types of surgeries require oxygen gas for life support. The oxygen supply sources are divided into two categories, namely bulk oxygen systems and cylinder-manifold-supply systems. According to the estimates of the Insurance Institute for Highway Safety (IIHS) and Highway Loss Data Institute (HLDI), in 2017, there were 34,247 motor vehicle crashes in the United States, leading to around 37,133 deaths. Thus, owing to the increasing cases of road accidents, there may be a huge demand for oxygen in various life care settings. Thus, due to the aforementioned factors, the market is expected to witness a high growth rate over the forecast period.
North America held a major share in the medical gases and equipment market, and it is expected to show a similar trend over the forecast period, without significant fluctuations. This steady growth rate is majorly attributed to the increasing use of medical gases and equipment in the management of various respiratory diseases, such as COPD and asthma. The growing incidences of COPD, asthma, and other medical conditions, such as cardiovascular and lifestyle-related diseases, are expected to drive the demand for medical gases and equipment in the United States, during the forecast period. The presence of state-of-the-art healthcare facilities, especially intensive care units, a well-established medical gas market, a high prevalence of patients with respiratory disorders, and the growing geriatric population have contributed to the largest share of the US market. In the United States, the medical gas sector is in the middle of a shift in standards, analysis, and delivery procedures, which results from the current increase in the use of home oxygen therapy to the modernization of medical gas standards and the means of supply.
The market studied is moderately consolidated, owing to the presence of a few key players in the market. Some of the market players are Air Liquide, Air Products and Chemicals Inc., Amico Group of Companies, Atlas Copco, BeaconMedaes, the Linde Group, Flogas, Messer Group GmbH, Matheson Tri-Gas Inc., and Taiyo Nippon Sanso Corporation.