Global Medical Gases and Equipment Market is expected to grow at a CAGR of 8.5% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Medical Gases and Equipment Market by Type (Medical Gas, Medical Gas Equipment), Application (Diagnostics, Therapeutics, Pharmaceutical Manufacturing & Research, Others), End-User (Diagnostic & Research Laboratories, Pharmaceutical & Biopharmaceutical Companies, Academic Institutes & Research Institutes, Hospitals, Home Healthcare), Regions, and Global Forecast 2020-2027.
The global medical gases and equipment market is expected to grow from USD 11.12 billion in 2019 to USD 21.01 billion by 2027, at a CAGR of 8.5% during the forecast period 2020-2027. The North-America region stands as a promising market for medical gases and equipment as it is projected to hold the majority of the global market share during the forecast period. Some of the key factors responsible for this are the rising elderly population, high healthcare expenditure, increasing prevalence of chronic, cardiovascular & respiratory diseases, presence of modern healthcare infrastructure and the presence of major manufacturers in the region. The APAC region is forecasted to register the highest growth over the years. This thanks to expanding healthcare industry, the incidence of respiratory diseases, and increasing healthcare expenditure. The markets in China and India are proliferating, commanding significant shares in the regional market.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the global medical gases and equipment market are Praxair, Inc., Atlas Copco, Messer Group GmbH, Taiyo Nippon Sanso Corp., Air Products and Chemicals, Inc., Air Liquide, Linde Group, SOL SpA, Airgas, Matheson Tri-Gas, BeaconMedaes, and GCE Holding AB, among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global medical gases and equipment market.
For example, Praxair expanded its helium supply in Europe in by signing an agreement with PGNiG. This agreement was signed in July 2016, which stated that Praxair would purchase helium from PGNiG, the sole European producer of helium.
On the basis of type, the market has been segmented into medical gas and medical gas equipment. On the basis of application, the market has been segmented into diagnostics, therapeutics, pharmaceutical manufacturing & research, and others. In 2019, the therapeutic segment accounted for the largest share and is expected to continue doing so, primarily due to the increasing incidence of cardiovascular and respiratory diseases caused by smoking tobacco, rising pollution and lifestyle changes. On the basis of end-user, the market has been segmented into diagnostic & research laboratories, pharmaceutical & biopharmaceutical companies, academic institutes & research institutes, hospitals, home healthcare. In, 2019, the hospitals segment held the majority share of the global market chiefly due to fairly high usage of medical gasses and equipment in hospitals.
About the report:
The global medical gases and equipment market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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