Market Research Future (MRFR) projects the global medical gases and equipment market to exhibit a robust 7.5% CAGR over the forecast period, according to a new report. The global medical gases and equipment market was valued at USD 13 bn in 2017 and is expected to exhibit stable growth over the forecast period due to the growing demand for medical gases in various medical and research institutions.
Medical gases are provided for particular medical reasons during surgery, during rehabilitation, or during emergencies. Due to the crucial nature of medical emergencies, it is important to have medical gases and equipment in place in medical establishments. The increasing use of medical gases in surgical procedures is also likely to be a major driver for the global medical gases and equipment market over the forecast period.
The growing geriatric population and the growing prevalence of chronic respiratory diseases is also likely to be a major driver for the global medical gases and equipment market over the forecast period, as medical gases are majorly used in the treatment and management of chronic respiratory diseases. The rising demand for home healthcare is also likely to be a major driver for the global medical gases and equipment market over the forecast period. Increasing government support to initiatives enhancing the healthcare sector’s operations is also likely to be a major driver for the global medical gases and equipment market over the forecast period.
Segmentation:
The global medical gases and equipment market has been segmented on the basis of product, application, end user, and region.
By product, the global medical gases and equipment market has been segmented into medical gases, medical gas mixtures, and medical gas equipment. The medical gases segment led the market in 2017 owing to increasing patient hospitalization and the increasing number of patients suffering from respiratory diseases. The medical gases segment has been further categorized as nitrogen gas, nitrous oxide gas, oxygen gas, carbon dioxide gas, helium gas, and medical air. The medical gas mixtures segment is further categorized into medical laser gas mixtures, medical drug gas mixtures, sterilant gas mixtures, lung diffusion mixtures, blood gas mixtures, aerobic gas mixtures, anaerobic gas mixtures, and breathing zone monitoring calibration standard. The medical gas equipment segment is further categorized into air compressors, vacuum systems, flow meters, cylinders, alarm systems, masks, and others (manifolds, regulators, and outlets).
On the basis of application, the global medical gases and equipment market is segmented into therapeutic applications, diagnostic applications, pharmaceutical manufacturing & research, and others. The therapeutic applications segment is further categorized into respiratory therapies, cardiovascular therapies, anesthesia delivery, and others.
On the basis of end use, the global medical gases and equipment market is segmented into hospitals and clinics, academic and research institutes, pharmaceutical and biotechnology companies, and home healthcare.
Regional Analysis:
The global medical gases and equipment market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas, followed closely by Europe, is likely to emerge as the dominant segment within the global medical gases and equipment market over the forecast period, due to the widespread awareness about the importance of medical gases and the rising demand for medical gases from the medical community in North America. The growing geriatric population in the U.S., Canada, and Western European economies such as Germany and the UK is also likely to be a major driver for the medical gases and equipment market over the forecast period. The growing prevalence of chronic diseases such as diabetes, chronic cardiovascular diseases, cancer, asthma, and other non-communicable chronic diseases is likely to be a major driver for the global medical gases and equipment market over the forecast period.
Browse Related Reports at:
Chronic Lymphocytic Leukemia Treatment Market to Witness Immense Growth amid COVID-19 Pandemic |