Market Trends of Global Medical Gases and Equipment Industry
This section covers the major market trends shaping the Medical Gases & Equipment Market according to our research experts:
The Pure Medical Gases Sub-segment is Expected to Show Good Growth over the Forecast Period
The pure medical gas sub-segment is expected to be the fastest-growing segment, owing to the large usage of oxygen gas, as the oxygen gas provides a base for all modern anesthetic techniques and life support for artificially ventilated patients. The rising incidence of chronic diseases and road accidents across the world are major factors boosting the growth of the market. The patients admitted to intensive care units and ambulatory care for various types of surgeries require oxygen gas for life support. The oxygen supply sources are divided into two categories, namely bulk oxygen systems and cylinder-manifold-supply systems.
During the year 2021, the second wave of COVID-19 arose during which, demand for oxygen hiked drastically. For instance, as stated in the article by World Bank 2022, more than 3,500 Pressure swing adsorption (PSA) oxygen generating plants are being installed in India among which over 1,200 are from the PM Care Fund, an initiative of the Prime Minister of India to cope with healthcare challenges. Such initiatives are expected to propel the growth of the segment.
As stated by Compliant Healthcare Technologies, LLC, some of the widely used pure medical gases include Medical air, Oxygen, Nitrogen, Carbon dioxide, and Nitrous Oxide, among others. Owing to the rising understanding of medical gases and their importance in healthcare, the market studied is growing rapidly across the globe.
North America is Expected to Account for the Largest Market Share
North America held a major share in the medical gases and equipment market, and it is expected to show a similar trend over the forecast period, without significant fluctuations. This steady growth rate is majorly attributed to the increasing use of medical gases and equipment in the management of various respiratory diseases, such as COPD and asthma.
As stated by the Center for Disease Control and Prevention (CDC), as of the year 2021, there are around 34 million US people who suffer from COPD. The growing incidences of COPD, asthma, and other medical conditions, such as cardiovascular and lifestyle-related diseases, are expected to drive the demand for medical gases and equipment in the United States, during the forecast period.
The presence of state-of-the-art healthcare facilities, especially intensive care units, a well-established medical gas market, a high prevalence of patients with respiratory disorders, and the growing geriatric population have contributed to the largest share of the United States market. In the United States, the medical gas sector is in the middle of a shift in standards, analysis, and delivery procedures, which results from the current increase in the use of home oxygen therapy to the modernization of medical gas standards and the means of supply.
Therefore, with the above-mentioned factors, the market for medical gases is expected to witness high growth over the forecast period.
