Demand for Medical Gases and Equipment Market to Grow at Over 8% CAGR Through 2030
The global medical gases and equipment market is exhibiting steady growth with the surge in demand from hospitals, home care settings, pharmaceutical companies, and other healthcare facilities. A recent study by Fact.MR states that the medical gases and equipment market is anticipated to grow at over 8% CAGR during the forecast period between 2020 and 2030.
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Rising cases of chronic ailments such as diabetes, cancer, asthma, cardiovascular and respiratory diseases, and communicable diseases have been creating scope for expansion. According to the Centers for Disease Control and Prevention, one out of two adults in the U.S. suffer from chronic diseases.
Data obtained from same source revealed that 86% of national expenditure, accounting for US$ 2.7 trillion, were incurred on the treatment of mental health conditions and chronic ailments in the U.S. These facts and figures indicate the surge in incidence of chronic ailments, which is expected to fuel the demand for medical gases and equipment in the coming years.
Though the outbreak of COVID-19 pandemic has impacted production process across manufacturing units in the first half of this year, the market is forecast to recover soon owing to the rush of patients across healthcare facilities.
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Key Takeaways from Medical Gases and Equipment Market Report
- The increase in therapeutic application of medical gases and equipment is forecast to fuel the sales through the forecast period
- Hospitals will continue exhibiting surging demand in the coming years
- North America will dominate in the global medical gases and equipment market, with the U.S at the forefront. The demand from East Asia too is expected to rise in the coming years
- With the on-set of COVID-19 pandemic, the market has been experiencing surge in demand which tends to persist over the next couple of years
Medical Gases and Equipment Market – Segmentation
- Pharmaceutical Manufacturing & Research
- Other Applications
- Home Care Settings
- Pharmaceutical & Biotechnology Companies
- Academic & Research Institutes
- Emergency Services
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Some of the companies profiled in the medical gases and equipment market report are Airgas Inc., Atlas Copco AB, GCE Group AB, Matheson Tri-Gas Inc., Messer Group GmbH, and Praxair Inc.
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