Global medical gases and equipment market, By Product Type (Medical Gases (Pure Gases and Gas Mixtures) and Medical Equipment (Manifolds, Outlets, Hose Assemblies and Valves, Alarm Systems, Cylinders and Accessories, Flowmeters, Regulators, Medical Air Compressors, Vacuum Systems, and Masks), By End User (Hospital, Ambulatory Care, Other End Users), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 12.6 Bn in 2023 and is expected to exhibit a CAGR of 8.2% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting growth strategies, such as the launch of new products, which will drive the global medical gases and equipment market growth. For instance, in June 2021, GCE Healthcare, a manufacturer of portable oxygen concentrators, medical gas equipment, and associated accessories, introduced its MediTec high pressure regulator, a new innovative design, blending extensive manufacturing expertise with professional medical knowledge. The MediTec regulator can be used to treat cluster headaches and resuscitation because it can provide up to 25 lpm.
Global Medical Gases and Equipment Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. The virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of produtcs from one place to another.
COVID-19 had a positive impact on the global medical gases and equipment market. For instance, in August 2022, according to an article published in National Center for Biotechnology Information, the COVID-19 pandemic has resulted into lack of oxygen during the treatment of patients. Thus, the demand for the oxygen cylinders increased during the time of pandemic, driving the global medical gases and equipment market growth over the forecast period.
Global Medical Gases and Equipment Market: Key Developments
In July 2023, BeaconMedaes, a leading specialist in the design, education, supply, and installation of piped medical gas distribution systems, announced the launch of its next-generation automatic manifold changeover system, MAT-S. The medical gas supply system combines a proven design with innovative new features to deliver premium performance and reliability as well as lower operational and maintenance costs.
In March 2023, Atlas Copco, a industrial tools and equipment manufacturing company, announced that it has acquired the operating assets of FS Medical Technology Business (FS Medical), a company based in California, U.S. The business services, sells, verifies, and tests piped medical and laboratory gas equipment and systems.
Browse 26 Market Data Tables and 25 Figures spread through 180 Pages and in-depth TOC on “Global Medical Gases and Equipment Market”- Forecast to 2030, Global Medical Gases and Equipment Market, By Product Type (Medical Gases (Pure Gases and Gas Mixtures) and Medical Equipment (Manifolds, Outlets, Hose Assemblies and Valves, Alarm Systems, Cylinders and Accessories, Flowmeters, Regulators, Medical Air Compressors, Vacuum Systems, and Masks), By End User (Hospital, Ambulatory Care, Other End Users), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/medical-gases-and-equipment-market-3826
Key Takeaways of the Global Medical Gases and Equipment Market:
- The global medical gases and equipment market is expected to exhibit a CAGR of 7.9% during the forecast period. The merger with emerging economies offers lucrative growth opportunities like collaborations, agreements, etc. for players in the global medical gases and equipment market.
- Among product type, the pure gases segment is expected to hold a dominant position in the global medical gases and equipment market during the forecast period, and this is attributed to the increasing number of patient hospitalization, rising prevalence of chronic diseases, and road accidents worldwide. For instance, according to figures from the United Nations for 2021, 50 million injuries and 1.3 million deaths worldwide occur each year as a result of traffic accidents. The need for oxygen therapy in a variety of settings for long-term care is developing dramatically as a result of the increase in traffic accidents.
- Among region, North America is expected to be the dominant region in the global medical gases and equipment market, and this is attributed to the rising use of medical gases in the treatment of respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma. The rising prevalence of COPD, asthma, and other medical conditions, such as cardiovascular and lifestyle-related diseases, are expected to drive the demand for medical gases in this region in the near future. For instance, according to Centers for Disease Control and Prevention, the prevalence of COPD varied between states in 2020 and ranged from 3.2% in Hawaii to 11.9% in West Virginia.
- The major players operating in the global medical gases and equipment market are Air Liquide S.A., Praxair, Inc. (The Linde Group), BeaconMedaes LLC, Air Products and Chemicals Inc., Medical Gas Solutions, Airgas Inc., and MATHESON Tri-Gas Inc.
