The global market for medical gases and equipment is expected to reach USD 10.52 billion by 2020, according to a new study by Grand View Research, Inc. The implementation of industry friendly regulations such as the FDA Safety and Innovation Act in the U.S. and growing patient awareness levels are expected to drive market growth over the next six years. Growing global geriatric population base coupled with increasing prevalence of target diseases such as chronic obstructive pulmonary diseases (COPD) is also expected to enhance market demand over the forecast period.
Oxygen dominated the global medical pure gases market in 2013, accounting for over 44% of total revenue. Rising prevalence of patients admitted in emergency care and prevalence of patients suffering from respiratory diseases requiring the administration of oxygen are some of the factors accounting for its large market share. Nitrous oxide followed oxygen in terms of market share, accounting for over 25%. However, its market share is expected to decline by 2020, owing to the rising demand for anesthetic drugs. In addition, the medical gas mixtures market was dominated by oxygen-carbon dioxide medical gas mixtures in 2013, accounting for over 30% of revenue.
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Further key findings from the study suggest:
- North America dominated the overall market in 2013 with revenue estimated at USD 2.48 billion. However, Asia Pacific is expected to be the fastest growing regional market, on account of rapidly developing economies of China and India, at an estimated CAGR of 9.9% during the forecast period.
- Vacuum systems dominated the overall equipment market in 2013, accounting for over 30% of total revenue, primarily due to the high prices associated with these products.
- Ethylene oxide segment is expected to be the fastest growing medical gas, at an estimated CAGR of 19.2% from 2014 to 2020. Ethylene oxide is expected to serve as an internal substitute to oxyfume 2000 and cater to the market of the latter post its phasing out by January, 2015.
- Key industry participants include Linde Gas, Matheson Tri-Gas Inc., Air Products and Chemicals Inc., Air Liquide and Praxair Inc.
For the purpose of this study, Grand View Research has segmented the global medical gases and equipment market on the basis of product and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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