Medical Gas Equipment Market size worth over $3.7bn by 2027
Published Date: November 9, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Medical Gas Equipment Market size is set to surpass USD 3.7 billion by 2027, according to a new research report by Global Market Insights Inc.
The medical gas equipment market growth is attributed to the introduction of technological advanced products. Furthermore, medical gas equipment is used for applications such as medical procedures, treatments as well as for driving medical devices and tools, thereby augmenting the market expansion of medical gas equipment.
Growing geriatric population coupled with introduction of novel medical gas equipment to propel the market progression
Rising geriatric population and increasing adoption of lifestyle habits such as smoking & lack of exercise are triggering incidence rates of respiratory disorders. Additionally, the risk factor increases for young adults and aging population. The disease burden among geriatric population is anticipated to rise, as they are relatively more susceptible to various disorders requiring immediate medical attention. In addition, oxygen is one of the most widely used gases for life support as well as respiratory therapies.
Complex regulatory guidelines virtually limit the market value
Medical gas equipment market is expected to represent slightly sluggish growth owing to stringent or complex regulatory processes. The manufacturers of medical gas and equipment are required to comply with various current good manufacturing practice (cGMP) requirements issued by national and regional regulatory bodies. Inadequately trained personnel could inadvertently fill the wrong gas into a storage tank or connect the wrong gas to a gas supply system, which can result in serious injury or death. Such high regulatory compliances to manufacture and distribute medical gas and equipment involves costs, thereby limiting the scale of profitability. Also, medical gases and equipment that are not manufactured, processed, packaged according to applicable cGMP requirements can cause serious injury or death.
Rrise in the acceptance of vacuum systems due to its various benefits will boost the demand for medical gas equipment
The vacuum systems segment accounted for 15% of the market share in 2020 led by the technological advancements in developing novel vacuum systems. The advanced designs such as medical claw enclosed, open system, lubricated vane open system and oil-less vane open system enables efficient working of medical gas delivery systems. Furthermore, reduced noise level system and effective cleaning system provides low maintenance, thereby allowing installation of vacuum systems at point of utilization and saving cost.
Browse key industry insights spread across 100 pages with 127 market data tables & 14 figures & charts from the report, ‘Medical Gas Equipment Market Size By Product (Manifolds, Outlets, Hose Assemblies and Valves, Alarm Systems, Cylinders, Flowmeters, Regulators, Medical Air Compressors, Vacuum Systems), By End-use (Hospitals, Clinics, Ambulatory Surgical Centers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast,2021 – 2027” in detail along with the table of contents:
Clinics segment to showcase lucrative growth
Clinics segment in the medical gas equipment market is predicted to register 6.1% growth rate and will reach USD 590 million by 2027. Clinics offers expert care as well as consultation for various chronic conditions such as respiratory disease, chronic obstructive pulmonary disease and asthma among others. Also, the clinics are well equipped with ultra-modern technologies and advanced medical gas equipment for treating patients. Treatment include nitric oxide therapy, oxygen therapy and other medical gas administration for various respiratory diseases. Further, with increasing number of patient pool seeking advanced medical care for respiratory disease, the usage rate medical gas equipment in clinics is poised to increase during the forecast period.
Rise in government funding during the COVID-19 outbreak in the European region has spurred the market demand
Europe medical gas equipment market is estimated to attain a CAGR of 5.7% till 2027 impelled by the availability of advanced healthcare infrastructure coupled with the presence of key industry participants in the region. Further, the increasing industry-hospital collaboration is also anticipated to favor the regional growth. High adoption of technologically advanced products along with increased funding on the medical products during the COVID-19 pandemic has escalated the regional expansion.
Market leaders are focusing on acquiring other companies to expand its product portfolio and geographical presence
Some of the key players in the market are Air Liquide S.A., Allied Healthcare Products Inc., Amico Group of Companies, Atlas Copco Group, Coflax Corporation (GCE Group AB), GENTEC (Shanghai) Corporation, Linde plc, Ohio Medical, Rotarex S.A., Silbermann Medical Gas Systems, and Taiyo Nippon Sanso Corporation. The market leaders are focusing on launching innovative and technologically advanced products as well as are focused in acquiring other companies.
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