The Medical Gas Market has evolved significantly owing to various technological advancements. Factors such as increasing prevalence of chronic diseases, increasing incidence of respiratory diseases as a result of the high prevalence of tobacco use and rising pollution levels, rapid growth in the geriatric population, rising incidence of preterm births, and growing demand for home healthcare are expected to drive market growth in the coming years.
Revenue Growth Opportunities:
Medical Gas and Equipment Market is projected to reach $20.04 billion by 2023 from $14.83 billion in 2018, at a CAGR of 6.2%
By medical gas mixtures type, the therapeutic applications segment to accounted for the largest share of the market
On the basis of type, the lung diffusion mixtures segment accounted for the largest share of the medical gas mixtures market in 2017. This can primarily be attributed to the increase in the number of chronic diseases, the high proportion of untreated patients, and the growing aging population.
By application, the lung diffusion mixtures segment to accounted for the largest share of the market
Based on applications, the therapeutic applications segment accounted for the highest share of the medical gases and equipment market in 2017. This is mainly due to the high prevalence of respiratory and cardiovascular diseases, which has resulted in increased consumption of medical gases and equipment.
Driver: Increasing prevalence of chronic diseases;
With changes in lifestyle and eating habits, the number of people suffering from obesity and related disorders across the globe has increased significantly in the last few years. The global prevalence of obesity nearly tripled between 1975 and 2016 According to the WHO, in 2016, more than 1.9 billion adults (18 years and older) were reportedly overweight, globally. Of these, over 650 million were found to be obese. Additionally, in 2016, ~340 million children and adolescents aged 5–19 were found to be overweight/obese across the globe.
Obesity is regarded as one of the major factors responsible for the increasing prevalence of chronic disorders, including heart disorders and diabetes. The WHO has stated that in the last two decades, there has been a significant increase in the prevalence of diabetes, heart diseases, and other non-communicable diseases, globally. According to the American Hospital Association, in 2015, ~149 million individuals in the US suffered from at least one chronic illness, such as hypertension, heart disease, and respiratory diseases. By 2030, this number is expected to reach 171 million. Since medical gases form a critical component of various long-term care treatments for several chronic conditions, including cardiovascular diseases, chronic respiratory diseases, and cancer, the rising prevalence of lifestyle diseases is expected to play a pivotal role in the growth of the medical gases and equipment market in the coming years.
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Worldwide Geographical Segmentation in-detailed:
The Medical Gas therapy market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to hold the largest market size in the medical gases and equipment market during the forecast period, followed by the European region. On the other hand, the Asia Pacific market is expected to witness the highest growth during the forecast period.
The rapid growth in the developing healthcare industry across China and India is expected to offer significant growth opportunities for players operating in this market during the forecast period. In addition, factors such as increasing incidence of respiratory diseases as well as growth in the healthcare infrastructure and the per capita income in this region is also expected to drive the growth of the medical gas market in this region.
Leading Key Players in the Worldwide Industry:
The Linde Group (Germany) dominated the global medical gases market in 2017. The company has a diversified product portfolio, which includes a wide range of medical gases and equipment such as medical oxygen, nitrous oxide, medical nitrous oxide/oxygen mixtures, hospital equipment for hospitals, and home care and emergency care services. Linde Group has a strong presence in more than 100 countries through its strong manufacturing and distribution facilities, which enables it to cater to a large customer base across the globe.
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