Medical Gases and Equipment Market Overview
The increasing demand for medical gases and various medical gas mixtures has been catering to the growth of the medical gases and equipment market since the past decade. Growth registered in the hospitals industry, coupled with the expanding home care settings sector, is projected to push the market value during the forecast period between 2020 and 2030.
In addition to this, the rising therapeutic and diagnostic applications is likely to fuel the demand for various medical gas mixtures and medical gases such as laser-gas mixtures, aerobic gas mixtures, nitrous oxide, and others, besides medical gas equipment.
The outbreak of COVID-19 has moderately affected the market and it is overcoming the restraints fast, creating growth opportunities for market players.
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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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