- Medical gases are either used as coolants or sterilants in medical procedures. They are directly administered to patients and produce certain gases. A recent study by Grand View Research, Inc. notes that the worldwide medical gases and equipment market was worth around USD 5.80 billion in 2013. It will grow to about USD 10 billion in 2020. The increasing elderly population around the globe is furthering the market.
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This populace has less immunity, and is more susceptible to respiratory problems. Both these factors are generating demand for pure gases and mixtures in healthcare facilities. Rising need for packaged grade products in point-of-care devices is also a favorable market factor. The regulations governing medical gas standards are subject to frequent changes. This results in higher production costs and would inhibit the medical gases and equipment market.
Medical gases are split into two segments – medical gas mixtures and medical pure gases. Medical gas mixtures will grow at a CAGR of 11% from 2014 to 2020. This can be attributed to their use in pain management, renal dialysis, cardio pulmonary bypass surgery, etc.
Medical pure gases were the dominant segment in the medical gases and equipment market in 2013. They stood at more than USD 1.6 billion that year. Oxygen is extensively used during emergencies like hemorrhages, heart attacks, major traumas, etc. It acts as a life support for critically-ill patients relying on artificial ventilation.
As far as geographical regions are concerned, North America accounted for more than 39% of the total revenues in 2013. It was the leading medical gases and equipment market that year. Europe stood second with eastern countries like Poland and Russia generating most of the demand.
Asia Pacific accounted for more than 18.5% of the total revenues in 2013. The region will be worth more than USD 2.1 billion in 2020. Burgeoning population, and rising pulmonary disorders, especially in India and China, are the key regional growth contributors.
The key players in the medical gases and equipment market are Praxair Inc., Air Liquide S.A., Air Products and Chemicals Inc., Air Gas Inc., and Linde Gas. Promotional strategies adopted by these players include collaborations, new product introductions, and extensive research projects.
Information Source: Grand View Research
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