Medical Gases and Equipment Market by Type [Medical Gas and Equipment], Application [Therapeutic Application and Diagnostics Application], End User [Hospitals, Diagnostic Laboratories, and Academic & Research Institutes] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global medical gases and equipment market was pegged at ~US$ 16.51 billion in 2020. The market is expected to witness a CAGR of ~6% from 2021 to 2031.
Rising prevalence rate of chronic diseases, growing geriatric population coupled with the growing demand for home healthcare, and growing number of surgical procedures are some of the key factors propelling the growth of the medical gases and equipment market. However, shortage of helium gas is likely to restrain market growth to a certain extent.
Prevalence of the chronic diseases such as diabetes, cardiovascular diseases, and respiratory diseases is growing across the globe. According to the World Health Organization, chronic disease prevalence was expected to rise by 57% by 2020. Emerging markets are expected to be most affected, owing to the rising population. Rise in prevalence of chronic diseases will also lead to increase in the number of hospital admissions as well as surgical procedures which will drive the demand for medical gases and equipment.
Government bodies and numerous organizations across the globe are taking initiatives for easy availability and distribution of medical gases by providing necessary clearances and approvals. For instance, in April 2020, the government of India allowed manufacturers of industrial oxygen to produce the gas for medical use too, with an aim to ensure uninterrupted supply of materials required for treatment of people with severe symptoms of Covid-19. Smooth distribution leads to better adotion and in turn, drives the market growth.
In order to grow inorganically, the companies in the market are strategically focusing on acquisitions. For instance, in July 2020, Atlas Copco acquired Medgas-Technik GmbH. Medgas company is a manufacturer, distributor, installer, and service provider of medical air and medical vacuum systems, pipeline equipment, and medical supplies. The acquisition was made to strengthen presence of Atlas in the European medical gases and equipment market.
The Asia Pacific region is projected to be the fastest-growing medical gases and equipment market. The high growth of region can mainly be attributed to the developing healthcare infrastructure, increasing incidence of respiratory diseases, and high clinical unmet needs. Countries such as India, China, and Japan in the APAC region are projected to offer significant growth opportunities owing to the rising geriatric population coupled with increasing number of surgeries in the region.
Some of the prominent players operating in the medical gases and equipment market are Air Liquide, Praxair Technology, Inc., Taiyo Nippon Sanso Corporation, SOL Spa, Atlas Copco, Messer Group GmbH, GCE Group, Air Products Inc., and Linde, among others.