Westford, USA, Sept. 15, 2022 (GLOBE NEWSWIRE) -- With growing demand for medical gas market, there has been an increase in the production of this product. There are now several companies that produce medical gas in a variety of different formats, making it easy for doctors and patients to find what they need.
By providing patients with supplemental oxygen, medical gas can help them to stay more comfortable and improve their chances of survival. In addition, medical gas can also be used to reduce the amount of carbon dioxide in a patient's bloodstream. This can help to reduce the risk of stroke and other serious complications.
This growth of the global medical gas market is due to the increasing demand for medical gas in both developed and developing countries. Among the developed countries, the most significant demand for medical gas is in Europe, followed by North America. In the developing countries, the main markets are China and India. The most common medical gases are oxygen, helium, nitrogen, and carbon dioxide, and, argon, nitrous oxide, among others. Helium is used mainly for pulmonary treatment procedures such as bronchoscopy and nebulization. Nitrogen is used for medical treatments such as anesthetizing patients before surgery or during childbirth. Argon is used mainly for anesthesia purposes, including general anesthesia and neuromuscular blockade.
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SkyQuest has released a new market research report on the medical gas market. The report provides an overview of the medical gas market, including its history, key players, and current trends. It also includes forecasts for the future of the medical gas market.
Production and Consumption of Medical Gases Skyrocketed Due to Covid-19 Pandemic
The Covid-19 pandemic has had a profound impact on the demand for medical gas market. With hospitals and clinics around the world overwhelmed with patients, the need for oxygen, nitrous oxide, and other medical gases has skyrocketed. In some cases, supplies of medical gas have been completely depleted, leading to rationing and other measures being put into place. As of September 2022, more than 600 million people had covid-19 infection and over 6.5 million died from the disease. Wherein, more than 16% people were admitted to hospitals, which translates to around 96 million people. As per SkyQuest findings, more than 11 million hospitalized patients were needed external supply of oxygen. As a result, the global medical gas market witnessed a sudden stress on existing healthcare resources and inventory, which compelled patients and hospitals to buy the oxygen cylinder at inflated cost.
As the global medical gas market growth skyrocketed in 2020 and 2021, governments around the globe started expanding production capacity. For instance, India had oxygen production capacity of 6,000MT in Early 2021, which increased by 50% in the same year. Moreover, Government of India funded over 1,222 oxygen production plant to meet the daily needs of 90 metric tons. As of December 2021, India had around 3,277 PSA plants. As of August 2022, India has total production capacity of 18,836 metric tons. Our study suggests that the demand for oxygen has reduced from 400 metric ton in second wave to only to 70 metric ton per day. But the government has prepared itself to meet the sudden rise in the demand for oxygen in the coming years.
The increased demand for medical gas market is expected to continue in the coming months as the pandemic continues to spread. Between early 2020 and 2021, hospitals and other healthcare facilities were scrambling to increase their supplies of oxygen, nitrous oxide, nitrogen, and other medical gases in order to meet the needs of their patients. The situation is exacerbated by the fact that many suppliers of medical gas are located in countries that have been hard-hit by the pandemic, such as India, US, and Italy.
It is important to note that the increased demand for medical gas is not just limited to hospitals. Clinics, nursing homes, and even home health care providers are also feeling the pinch.
SkyQuest has released a new market research report on medical gas production capacity, its impact on revenue, demand and supply gap, top producer of medical gas by providers and country. The report provides an in-depth analysis of the global medical gas market and its key drivers and restraints. It also profiles the leading players in the market and provides a detailed competitive landscape.
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Top Factors Driving Demand for Medical Gas Market
There are a number of factors that are driving the demand for medical gases. One of the most important factors is the aging population. As people age, they are more likely to need medical assistance and this includes the use of medical gases. Another factor is the rise in chronic diseases such as diabetes and asthma. These conditions often require the use of medical gases to help manage them. Additionally, there is an increasing trend for people to live healthier lifestyles and this includes seeking out medical assistance when needed which again drives up demand for medical gases.
Apart from this, SkyQuest has divided key factors behind the growth of the medical gas market into two main categories: those related to the production of medical gases, and those related to the consumption of medical gases.
Production-related factors include the cost of raw materials, the availability of production capacity, and regulatory restrictions. Raw material costs have been rising in recent years due to increased demand from China and other emerging markets. This has led to a shortage of supply, which has driven up prices. Production capacity has not kept pace with demand, leading to long lead times and high prices for finished products. Regulatory restrictions on the use of certain chemicals in medical gas production have also contributed to higher costs and reduced supply.
Consumption-related factors behind the growth of the medical gas market include population growth, changes in disease incidence and prevalence, advances in medicine, and shifts in demographics. The world's population is growing rapidly, especially in developing countries where the birth rate is high and life expectancy is increasing. This increase in potential patients creates additional demand for medical gases. Changes in disease incidence can also lead to increased or decreased demand depending on whether more or fewer people are affected by a particular condition. For example, an outbreak of influenza would likely lead to increased demand for oxygen as patients seek treatment for respiratory distress.
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Top Players in Global Medical Gas Market
- VYAIRE MEDICAL, INC. (United States)
- KARL STORZ SE and Co. KG (Germany)
- PRODOL MEDITEC (Spain)
- Marshall Products (United Kingdom)
- Ambu A/S (Denmark)
- Intersurgical Ltd. (United Kingdom)
- Vivid Medical, Inc. (U.S)
- Salter Labs (United States)
- Verathon Inc. (United States)
- Medtronic (Ireland)
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