The global medical gases and equipment market size is expected to reach USD 10.52 billion in 2020, according to a new report by Grand View Research, Inc. The increasing level of patients requiring emergency care, surgical interventions and respiratory disorders are expected to boost the medical gases market over the forecast period.
Old age heightens the need for healthcare by making individuals more susceptible to diseases especially pertaining to the respiratory system and triggers patient hospitalization rates. Statistics estimated by the WHO suggest that 55% – 60% of patients admitted in hospitals are administered with gases.
The presence of favorable initiatives such as the U.S. Food and Drug Administration Safety and Innovation Act are expected to high rendering driver for growth of medical gases market. The act provides manufacturer with elimination of drug user fee, enhancement of profit margins, and power to fill intellectual property right for development of new product.
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The pure medical gases segment was the largest, representing a revenue share of over 60.0% in 2013. Extensive use of oxygen as the first line of treatment during emergencies such as heart attack and suffocation, for providing life support to artificially vented patients, and in events such as COPD, major trauma and severe hemorrhage is expected to witness huge demand for oxygen over the forecast.
Medical gas mixtures are also gaining demand owing to their use in sterilization of heat and moisture sensitive instruments and disposable medical devices, during cancer radiation therapy, pain management procedures, and measurement of oxygen and carbon dioxide levels in blood stream. The mixtures are estimated to witness growth at rate of over 11.0%.
Vacuum systems owing to their use in providing safe and sufficient flows at desired pressure levels to the medical gas outlets or vacuum inlet terminals held the largest share in 2013. Its market size is expected to reach over USD 1.6 billion by 2020. Masks are identified as the fastest growing equipment registering a CAGR of over 9.0% during the forecast period.
The market for North America in 2013 was valued at USD 2.4 billion, owing to factors such as the presence of favorable government initiatives pertaining to new product development, sophisticated healthcare infrastructure and increasing patient awareness levels coupled with relatively higher healthcare expenditures in the region.
On the other hand, the Asia Pacific medical gas industry is expected to witness rapid rise in demand and is expected to exceed a value of USD 2.2 billion by 2020. Presence of large population bases and high prevalence of pulmonary diseases and emergency conditions in countries such as India and China are some factors accounting for such rapid growth.
Prominent players operating in this market includes Air Liquide, Praxair Inc, Air Gas Inc, Linde Gas, Air Products and Chemicals Inc.
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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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