Albany, NY, Nov. 06, 2018 (GLOBE NEWSWIRE) -- The global medical gas analyzer market is characterized by the presence of few large-scale manufacturers who hold sizeable shares, finds Transparency Market Research (TMR). This accounts for an increasingly consolidated landscape. Top players in the medical gas analyzer market are ceaselessly focusing at research and development (R&D) activities to develop innovative offerings, including products with advanced data processing features. Several of them are also exploring mergers and acquisitions as strategic options to consolidate their positions in the medical gas analyzer market.
However, TMR observes that the positions of top players are constantly being challenged by the entry of manufacturers that are unveiling inexpensive products and technologies in the medical gas analyzer market, especially in emerging regions. Furthermore, a growing number of players in the global medical gas analyzer market have turned their attention to less developed economies. Prominent names in the medical gas analyzer market include Drägerwerk KGaA, Maxtec LLC, TSI Incorporated, Servomex Group Limited, and Fluke Corporation.
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The global medical gas analyzer market stood at US$136.91 million in 2015 and is projected to rise at a CAGR of 3.1% during the forecast period 2016–2024. By the end of this period, the global market is anticipated to touch valuation of US$179.24 million.
Of the key product types, single gas analyzer held the major revenue share of about 84.0% in the global medical gas analyzer market. The extensive demand for this product segment can be mainly attributed to their affordability and their ease of availability.
On the regional front, North America emerged to the top in the global medical gas analyzer market in 2015. The regional market for medical gas analyzers is anticipated to rise at CAGR of 2.8% during 2016–2024. The attractiveness is underpinned by stringent implementation of regulations pertaining to safety in the pharmaceutical industry and healthcare facilities across the region.
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Stringent Implementation of Safety Regulations in Food and Pharma Industries catalyzing Demand
The global medical gas analyzer market is driven primarily by the rising demand for gas sensing and monitoring technologies in various medical gas applications in the end-use industries. The rising use of medical gas analyzers in the healthcare industries, world over, is boosting the market. In this regard, the uptake of various variants of medical gas analyzers gained impetus from several regulations in place in numerous countries to maintain the safety of the environment in healthcare and diagnostics facilities. In addition, the growing focus of healthcare facilities on the safety of healthcare staff and patients is notably catalyzing the adoption of medical gas analyzers for sensing and monitoring medical gas. The medical gas analyzer market is also receiving constant thrust from the growing number of healthcare and diagnostic facilities in emerging economies who are keen to adopt these technologies for regulatory compliance.
Furthermore, stringent implementation of regulatory norms for maintaining quality standards of these controlled environments in food and pharmaceutical industries is also bolstering the expansion of the medical gas analyzer market. The rising need among research facilities for technology various medical gas analysis applications, notably for pressure and moisture analysis, is also propelling the demand for medical gas analyzer technologies.
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Demand for more Accurate Monitoring of Medical Gases to unlock Lucrative Avenues
Despite the vast prospective demand for medical gas analyzers in key end-use industries, new and advanced technologies that enabled end users to easily analyze medical gases aren’t cost-effective. This has dampened their sales, especially in emerging markets. One way increasingly adopted by end users to overcome this challenge in the medical gas analyzer market is availing the technologies on rental basis.
Moreover, the adoption of new equipment in healthcare facilities in developed economies will also impart momentum to the expansion of the medical gas analyzer market. Furthermore, companies in the medical gas analyzer market are also expected to witness lucrative gains from the rising demand for technologies for more accurate measurements in medical gas analysis.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Medical Gas Analyzer Market (Analyzer Type - Single Gas Analyzer, and Multiple Gas Analyzer; Technology - Electrochemical, Optical, and Infrared; End user - Hospitals, Ambulatory Surgery Centers, Pharma and Food, Diagnostics Centers, Research Institutes, and Laboratories) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024”.
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The global medical gas analyzer market is segmented based on:
Type
- Single Gas Analyzer
- Technology
- Electrochemical
- Optical
- Infrared
- Multiple Gas Analyzer
End User
- Hospitals
- Ambulatory Surgery Centers
- Pharma and Food
- Others
Global Medical Gas Analyzer Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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