Medical Gas Equipment Market size to exceed $8 Bn by 2026
Published Date: March 31, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Medical Gas Equipment Market size is poised to surpass USD 8 billion by 2026; according to a new research report by Global Market Insights, Inc.
The introduction of novel products owing to the recent technological advancements will significantly boost the medical gas equipment market expansion. Medical gas equipment is used in healthcare settings such as hospitals, clinics and ambulatory surgical centers among others. Medical gases are used for applications such as medical procedures, treatments as well as for driving medical devices and tools. Major types of gases utilized in the healthcare industry includes helium, oxygen, carbon dioxide, nitrous oxide and others.
Introduction of novel medical gas equipment is expected to propel the market growth
The introduction of technologically advanced medical gas equipment such as valves and alarm systems will help in driving the growth of the market during the analysis period. For instance, GCE Group launched MediVitop in the market, that comprised an integrated pressure regulator with cylinder valve. The Medivitop also includes a technologically advanced shock resistant gauge. Also, Rotarex introduced ALPIFLOW in the market in 2018 which could withstand 10,000 endurance cycles. Thus, introductions of such novel technologically advanced products in this market will augment the growth of the medical gas equipment industry.
Get more details on this report - Request Free Sample PDF
Rise in the adoption of medical gas systems due to the increase in hospital facilities globally will boost the demand
Vacuum systems accounted for a major share of the global market in 2019. This is due to the technological advancements in developing novel vacuum systems. Additionally, advanced designs such as open system and medical claw enclosed, oil-less vane open system and lubricated vane open system enables efficient working of medical gas delivery systems. Reduced noise level system and effective cleaning system provides low maintenance, thereby allowing installation of vacuum systems at point of utilization and saving cost. Thus, the aforementioned factors will be responsible for increasing adoption, thereby propelling the medical gas equipment market growth.
Masks segment was valued at USD 5.7 million in 2019 and is expected to grow with a higher CAGR during the forecast period. The rising prevalence of respiratory disorders such as chronic obstructive pulmonary diseases and asthma due to changing lifestyle habits will spur the demand for medical masks in the market. Also, the spread of other respiratory illnesses such as such as COVID-19 (coronavirus) has also aided in the increased adoption of masks. The rapid spread of COVID-19 globally has spurred the need for medical masks in the market and thus few companies are already manufacturing double volume of masks. For instance, for meeting the growing demand in the market, Medic (Medical Clothes Company) has more than doubled the manufacture of medical masks amid the spread of coronavirus.
Browse key industry insights spread across 145 pages with 156 market data tables & 9 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, Masks), By End-use (Hospitals, Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020– 2026” in detail along with the table of contents:
Rise in anesthesia procedures in various healthcare settings will spur the medical gas equipment market demand
Clinics segment is expected to register a growth rate of 6.7% during 2020 to 2026. Clinics offers expert care as well as consultation for various chronic conditions such as respiratory disease, chronic obstructive pulmonary disease and asthma among others. Clinics are 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. With increasing number of patient pool seeking advanced medical care for respiratory disease, the adoption rate medical gas equipment in clinics is expected to increase over the forecast timeframe. Furthermore, various advantages associated with clinics such as better patient outreach will spur medical gas equipment market growth in the coming years.
Rise in respiratory diseases in Asia Pacific countries will create lucrative opportunities in the market
Growing number of respiratory diseases will drive the pneumatic nebulizers market in Asian countries such as China, Japan, and India. Pneumatic nebulizers convert the sample solution into inert gas or aerosol and can be inhaled via an atomizer. According to a study published in Journal of Asia Pacific Family Medicine, the overall prevalence of chronic obstructive pulmonary disease was about 6.2% across the region. With increasing number of COPD cases, the demand for medical gases will escalate throughout the projected timeframe.
Moreover, developments in healthcare infrastructure will have a positive impact on the medical gas equipment market demand. For instance, in Japan, due to increasing income levels and healthcare expenditures, the primary healthcare services have improved. Also, the healthcare policy providers introduce reimbursement for various procedures that has augmented the business growth. Also, majority of the hospitals in Asia Pacific offer technologically advanced treatments with employment of cutting-edge and sophisticated equipment, thereby leading to regional growth. Furthermore, implementation of current good manufacturing practices (CGMP) for the manufacturing of medical gases by Institute of Good Manufacturing Practices India (IGMPI) will boost industrial expansion.
Market leaders are focusing on acquiring other companies to expand its product portfolio and geographical presence
Some of the key players in the global medical gas equipment market share are Amico Corporation, Atlas Copco Group (BEACONMEDAES), Gentec Corporation and Linde Group among others. The market players are focusing on launching innovative and technologically advanced products as well as are focused in acquiring other companies. For instance, in July 2019, Atlas Copco acquired MGES Inc. (supplier of medical gas solutions). This acquisition helped the company in expanding its local support in laboratories and healthcare settings in the Texas area.
Explore More on Related Topics: