Selbyville, Delaware, June 02, 2021 (GLOBE NEWSWIRE) --
According to latest report “Medical Gas Market by Gas Type (Pure Gases, Gas Mixtures), End-use (Hospitals, Ambulatory Surgical Units, Specialized Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of medical gases will cross $22 billion by 2027. Increasing number of surgeries alongside the rising demand for better healthcare facilities is expected to spur the market growth.
The demand for a better healthcare infrastructure has been observed for the past years. However, this has intensified in the recent years and largely from middle- to low-income countries. Further, significant efforts have been observed in the middle eastern countries to ramp up the existing healthcare facilities. As the region undergoes significant changes amidst its strategic development as a tourist attraction, providing optimum healthcare facilities has been one of the prime concerns and has witnessed significant traction in the recent years. Hence, with such efforts towards developing better facilities and increasing the existing capacity, the demand for medical gases is poised to gain momentum in the coming years.
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Pure medical gas market is estimated to reach USD 12.6 billion by 2027. Medical gases such as carbon dioxide are used to inflate colon and abdominal cavity for colonoscopy and laparoscopy procedures. Further, it is also increasingly used for cryotherapy to treat cataract as well as vascular diseases. It is predicted that, in U.S., over 20 million people over the age of 40 are affected by cataract. Hence, the demand for carbon dioxide is slated to remain constant over the forecast period.
The ambulatory surgical segment in the medical gas market is projected to observe 6.3% growth rate through 2027. The ambulatory surgical units are increasingly gaining prominence owing to its advantages such as same day delivery and low costs coupled with better recovery time. These factors have propelled the growth in outpatient facilities and the segment is anticipated to contribute significantly to the market expansion. Although the adoption of ambulatory surgical units is largely observed in developed countries of North America and Europe, ambulatory surgical units can be observed to gain traction in developing regional market such as APAC and Latin America as well.
Japan is one of the key markets in Asia Pacific contributing nearly USD 500 million to the regional medical gas market. According to WHO, over 28% of Japan’s population is over 65 years of age and a high prevalence of age-related illnesses is observed in the country. Further, Japan registers one of the highest per capita healthcare expenditures in Asia Pacific, establishing a relatively better healthcare infrastructure. Such factors significantly contribute to the country’s and the regional growth.
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Few notable players operating in the market include Linde Group plc, Air Liquide S.A., Air Products and Chemicals, Inc. and Gulf Cryo among others. Industry leaders are adopting numerous strategies to strengthen market position.
Table of Contents (ToC) of the report:
Chapter 3 Medical Gas Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By gas type
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter's analysis
3.8 Competitive landscape, 2020
3.8.1 Company matrix analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.