Medical Gas and Equipment Market worth $20.04 billion - Increasing prevalence of chronic diseases

(IT-NEWSWIRE.COM, December 03, 2021 ) The Research Report on "Medical Gas and Equipment Market by Type (Oxygen, Nitrous Oxide, Carbon Dioxide, Gas Mixture, Vacuum System, Manifold, VIPR, Hose) Application (Respiratory, Anesthesia, Medical Imaging, Cryosurgery) End User (Hospital, Home Healthcare) - Forecast", the medical gases market to grow from USD 14.83 billion in 2018 to USD 20.04 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period.

Growth Driver: Increasing prevalence of chronic diseases;

With changes in lifestyle and eating habits, the number of people suffering from obesity and related disorders across the globe has increased significantly in the last few years. The global prevalence of obesity nearly tripled between 1975 and 2016 According to the WHO, in 2016, more than 1.9 billion adults (18 years and older) were reportedly overweight, globally. Of these, over 650 million were found to be obese. Additionally, in 2016, ~340 million children and adolescents aged 5–19 were found to be overweight/obese across the globe.

Obesity is regarded as one of the major factors responsible for the increasing prevalence of chronic disorders, including heart disorders and diabetes. The WHO has stated that in the last two decades, there has been a significant increase in the prevalence of diabetes, heart diseases, and other non-communicable diseases, globally. According to the American Hospital Association, in 2015, ~149 million individuals in the US suffered from at least one chronic illness, such as hypertension, heart disease, and respiratory diseases. By 2030, this number is expected to reach 171 million. Since medical gases form a critical component of various long-term care treatments for several chronic conditions, including cardiovascular diseases, chronic respiratory diseases, and cancer, the rising prevalence of lifestyle diseases is expected to play a pivotal role in the growth of the medical gases and equipment market in the coming years.

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Industry Segmentation In Detailed:

The medical gases segment is expected to account for the largest share of the medical gas and equipment market

Based on product, broadly divided into medical gases and medical gas equipment. Increasing use of medical gases for the diagnosis and treatment of various respiratory diseases such as COPD, asthma, and other medical conditions such as cardiovascular and lifestyle diseases are further expected to drive the demand of medical gases during the forecast period.

Therapeutic segment will witness the highest growth in the market, by application

Based on application, the medical gas and equipment market is segmented into therapeutics, diagnostics, pharmaceutical manufacturing and research, and others. The therapeutic segment is expected to account for the largest share of the global medical gases and equipment market during the forecast period of 2018 to 2023. The large share of this segment can be attributed to rising incidences of cardiovascular diseases and increasing prevalence of respiratory disorders due to lifestyle changes, rising pollution levels, and growing smoking prevalence.

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Leading Key Players and Analysis:

The prominent players in the medical gases market include Air Products and Chemicals, Inc. (U.S.), The Linde Group (Germany), Taiyo Nippon Sanso Corp. (Japan), SOL-SpA (Italy), Air Liquide (France), Praxair, Inc. (U.S.), Atlas Copco (Sweden), Messer Group (Germany), and GCE Holding AB (Sweden).

Linde Group is the leading player in the medical gases and equipment market with a presence of more than 100 years in the gases and engineering industry. The company has a strong presence across the Americas, Asia-Pacific, and EMEA. The company focuses on improving its global presence through inorganic strategies such as acquisitions, agreements and partnerships with other small players and to strengthen its product portfolio in the market. The company has a well-balanced portfolio for both the hospital care and home healthcare markets. The company thus has a good growth opportunity, especially due to the rise in patient in home care settings rather than in hospitals.

Geographical Analysis in Detailed:

North America is expected to account for the largest share of the medical gas and equipment market in 2018, followed by Europe and the Asia Pacific. The increasing adoption of technologically advanced medical gases and equipment products, growing ageing population, the high healthcare expenditure, presence of advanced healthcare infrastructure, highly developed healthcare systems in the US and Canada, and the presence of a large number of leading medical gases and equipment manufacturers in the region, are responsible for the large share of the North American medical gases and equipment market.

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Medical Gas and Equipment Market worth $20.04 billion - Increasing prevalence of chronic diseases