Pune, April 14, 2023 (GLOBE NEWSWIRE) -- According to a recent market study by Quince Market Insights, the Global Medical Gas Instrument Market size is expected to value at USD 30.67 billion in 2032 and is projected to exhibit a CAGR of 8.45% during the forecast period.
The rising frequency of chronic diseases such as respiratory and cardiovascular diseases, and cancer is one of the primary drivers of the medical gas equipment market. Medical gases such as oxygen, nitrous oxide, and carbon dioxide are required for the treatment of these disorders. This, in turn, drives the demand for medical gas equipment. Another significant driver is the increasing need for home healthcare services, which has increased the demand for portable and lightweight medical gas equipment. Portable oxygen concentrators, for example, have grown in demand among those suffering from a chronic obstructive pulmonary disease (COPD) and other respiratory ailments. The growing usage of telemedicine and remote patient monitoring is also raising the demand for medical gas equipment in home healthcare settings.
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There are numerous prospects for expansion in the medical gas equipment industry. The demand for medical gas equipment in markets such as India, China, and Brazil provide considerable potential prospects for market participants. The growing emphasis on patient safety, as well as the expanding usage of digital healthcare solutions, are likely to fuel market expansion. Furthermore, market players are likely to benefit from the development of new technologies such as smart medical gas equipment, and the usage of sophisticated materials such as nanomaterials and 3D printing. Smart medical gas technology provides for real-time monitoring of patient circumstances and assures a safe and efficient medical gas supply.
Find Out Further Industry Insights: Medical Gas Instrument Market
Some Significant Market Developments Considered in the Report:
- May 2022, Chart Industries completed the acquisition of the cryogenic equipment manufacturer, VRV. This acquisition allowed Chart Industries to expand its presence in the medical gas equipment market.
- February 2022, Medtronic launched its portable oxygen concentrator, the Puritan Bennett 5 Portable Oxygen Concentrator. This device provides oxygen therapy to patients with respiratory diseases.
- January 2022, Air Liquide signed an agreement with Solidia Technologies to develop low-carbon dioxide technologies for the production of cement and concrete. This collaboration will enable Air Liquide to expand its offerings in the medical gas equipment market.
- December 2021, Air Products signed an agreement with ThyssenKrupp to supply its state-of-the-art oxy-fuel technology to a steel mill in Germany. This collaboration will expand Air Products' presence in the medical gas equipment market.
COVID-19 Impact on the Global Medical Gas Instrument Market
AS per the QMI team, the demand for medical gas instruments was high during the COVID-19 pandemic. It is anticipated to grow sharply during the analysis period.
Many countries across the globe have enforced strict lockdown norms to control the spread of the pandemic, and this hampered all kinds of business activities. The COVID-19 has had a significant impact on the lives of entrepreneurs and their businesses. The pandemic struck without warning, wreaking havoc on the small business in the middle of nowhere.
The COVID-19 pandemic has had a significant impact on the medical gas equipment market. One of the key factors contributing to this impact is the increased demand for medical oxygen and other medical gases, which are critical for treating patients with COVID-19. As the number of COVID-19 cases has surged worldwide, there has been a corresponding increase in demand for medical oxygen and other medical gases that are used to support patients with respiratory distress caused by the virus. This has led to shortages of medical oxygen in some regions, and has also driven the demand for related medical gas equipment, such as oxygen concentrators and ventilators.
Additionally, the pandemic has led to changes in the way that medical care is delivered, with a greater emphasis on remote patient monitoring and telemedicine. This has increased the demand for portable medical gas equipment, such as portable oxygen concentrators, which can be used by patients at home or in remote locations.
Global Medical Gas Instrument Market Analysis by Region
Based on the region, the medical gas instrument market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
North America is one of the largest markets for medical gas equipment, driven by high healthcare spending, well-established healthcare infrastructure, and a large aging population. The US is the largest market in the region, followed by Canada. Europe is also a significant market for medical gas equipment, with a large and aging population and strong healthcare infrastructure. The UK, Germany, France, and Italy are the largest markets in the region.
Asia Pacific is the fastest-growing market for medical gas equipment, driven by the rapidly expanding healthcare sector in countries such as China, India, and Japan. The region also has a large and growing population, increasing healthcare expenditure, and rising awareness of healthcare. The South American market for medical gas equipment is growing steadily, driven by increase in healthcare spending, an expansion of patient population, and a rising number of government initiatives to improve healthcare infrastructure. The market for medical gas equipment in the Middle East & Africa is also growing, driven by an increase in healthcare spending and government initiatives to improve healthcare infrastructure in the region.
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Some Major Findings of the Medical Gas Instrument Market Report Include:
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth analysis of the medical gas instrument market by the segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global medical gas instrument market include Air Liquide (France), Atlas Copco (Sweden), Praxair, Inc. (US), The Linde Group (Germany), Air Products and Chemicals, Inc. (US), Matheson Tri-Gas
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global medical gas instrument market
- Impact of COVID-19 on the global medical gas instrument market
Leading Companies & Their Analysis
The market is highly competitive due to the presence of several small and large players. Companies are focusing on strategic collaborations, mergers, and acquisitions to increase their market share and expand their geographical reach. The increasing focus on providing customized solutions to meet the specific needs of customers is also driving the growth of the medical gas equipment market. Some prominent players in the global medical gas equipment market include:
- Air Liquide (France)
- Atlas Copco (Sweden)
- Praxair, Inc. (US)
- The Linde Group (Germany)
- Air Products and Chemicals, Inc. (US)
- Matheson Tri-Gas, Inc. (US)
- Taiyo Nippon Sanso Corporation (Japan)
- SOL-SpA (Italy)
- Amico Corporation (Canada)
- BeaconMedaes LLC (US)
- Gentec Corporation (Canada)
- Allied Healthcare Products, Inc. (US)
- GCE Group (Sweden)
- Cryofab, Inc. (US)
- Megasan Medical Gas Systems (Turkey)
- Medical Gas Solutions Ltd. (UK)
- Precision Medical, Inc. (US)
- Ohio Medical Corporation (US)
- Rotarex SA (Luxembourg)
- Ramedico Pvt. Ltd. (India)
Market Segmentation
- Type Outlook (Revenue, USD Billion, 2019-2023)
- Regulators
- Vacuum Systems
- Manifolds
- Flowmeters
- Hoses
- Others
- Application Outlook (Revenue, USD Billion, 2019-2023)
- Cardiovascular Therapies
- Cryosurgery
- Respiratory Therapies
- Drug Discovery
- Others
- End User Outlook (Revenue, USD Billion, 2019-2023)
- Pharmaceutical & Biotechnology Companies
- Hospitals
- Academic & Research Institutions
- Home Healthcare
- Others
- Regional Outlook (Revenue, USD Billion, 2019-2023)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- South Korea
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- South Africa
- North America
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