Number of pages: 120 | Report Format: PDF | Published date: 28 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global medical gases and equipment market was pegged at US$ 16.51 billion in 2020 and is expected to witness a CAGR of 6% during the forecast period.
A medical gas is defined as gas that is manufactured, packaged, and intended for administration to a patient for therapeutic and diagnostic applications. Medical gases are considered prescription drugs because their use as drugs is unsafe without the supervision of a licensed practitioner or by properly instructed emergency personnel. Medical gas equipment are the supply systems used to provide/create/distribute medical gases in the piping system. Medical gas equipment are vital for safe anesthetic practice.
The global medical gases and equipment market is mainly driven by rising prevalence of chronic diseases, growing geriatric population, and rising demand for home healthcare. Furthermore, increasing number of collaborations and partnerships among prominent players is likely to play a pivotal role in contributing to the market growth. However, shortage of helium gas is likely to restrain the market growth to a certain extent.
The global medical gases and equipment market has been analyzed from four perspectives: Type, Application, End User, and Region.
Medical Gases and Equipment Market by Type
Based on type, the medical gases and equipment market has been segmented into medical gas and equipment. The medical gas segment is further categorized into medical pure gas and medical gas mixture. The equipment segment is further categorized into air compressors, vacuum systems, manifolds, outlets, valves & hose assemblies, monitoring systems, and others (flow meters, regulators, etc.). The medical gas segment dominated the market with the largest share. Gases like oxygen and nitrogen are very crucial for anesthetic techniques and life support systems. Therefore, hospitalization of patients and rising number of surgical procedures is expected to boost the growth of the medical gases market.
Medical Gases and Equipment Market by Application
Based on application, the medical gases and equipment market has been segmented into therapeutic application, diagnostics application, and other applications (pharmaceutical & biotechnology research application, etc.). The therapeutic application segment dominated the market with the largest share in 2020 owing to a wide range of applications of medical gases in the treatment and management of various disease conditions.
Medical Gases and Equipment Market by End User
Based on end user, the medical gases and equipment market has been segmented into hospitals, diagnostic laboratories, academic & research institutes, and others (pharmaceutical & biotechnology companies, home care settings, etc.). Hospital segment dominated the market with the largest share owing to admission of large number of patients in hospital for complex health conditions coupled with rising surgeries in hospitals.
Medical Gases and Equipment Market by Region
Based on region, the global medical gases and equipment market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the medical gases and equipment market, followed by Asia Pacific. The large share of North America in the global market can be attributed to high healthcare expenditure and high prevalence of various acute and chronic diseases where medical gases and equipment are used for their management.
Some of the prominent players operating in the medical gases and equipment market includes:-