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 to 2023
“The global medical gases and equipment market is projected to grow at a CAGR of 6.2%.”
The medical gases and equipment market is expected to reach USD 20.0 billion by 2023 from an estimated USD 14.0 billion in 2018, at a CAGR of 6.2%. The major factors driving the growth of this market include rising ageing population and sub sequent increase in chronic diseases like COPD and asthma, growing home healthcare market, and growing smoking prevalence. However, factors such as declining federal reimbursements for respiratory therapies and global helium shortage are limiting the market growth.
“Therapeutic application segment to witness the highest growth during the forecast period.”
On the basis of application, the medical gases and equipment market is segmented into therapeutic, diagnostic, pharmaceutical manufacturing and research, and other applications. The therapeutic segment is expected to register the highest CAGR during the forecast period. The rising incidences of cardiovascular and respiratory diseases and growing smoking prevalence are the major factors driving the growth of this market segment.
“Home Healthcare end-user segment is expected to grow at the highest CAGR during the forecast period.”
On the basis of end user, medical gases and equipment market is segmented into hospitals, home healthcare, emergency service centers, pharmaceutical & biopharmaceutical companies, academic institutes and research institutes, and other end users. The home healthcare segment is expected to witness the highest CAGR owing to the rising healthcare costs, the rapid growth in aging population globally and the subsequent rise of chronic diseases. The development of novel and technologically advanced products, coupled with the increasing awareness and acceptance of home care devices among patients, is expected to propel the growth of the home healthcare segment during the forecast period.
“APAC is projected to witness the highest growth during the forecast period.”
North America is expected to account for the largest share of the global medical gases and equipment market in 2018. With the number of patients on the rise, governments in this region are now beginning to focus on curtailing healthcare costs by promoting long-term care treatment in homecare settings as opposed to hospital-based care. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period, owing to the growing ageing population, increasing incidence of chronic diseases, improving healthcare infrastructure, and growing healthcare awareness in APAC countries. Being a high-growth market, many of the manufacturers are also extending their global manufacturing bases to the APAC region.
A breakdown of the primary participants referred to for this report is provided below:
Research Coverage:
The report analyzes the market for various medical gases and equipment products and their adoption pattern. It aims at estimating the market size and future growth potential of the global medical gases and equipment market and different segments such as products, applications, end users, and regions. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, and recent developments.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
The medical gases and equipment market is expected to reach USD 20.0 billion by 2023 from an estimated USD 14.0 billion in 2018, at a CAGR of 6.2%. The major factors driving the growth of this market include rising ageing population and sub sequent increase in chronic diseases like COPD and asthma, growing home healthcare market, and growing smoking prevalence. However, factors such as declining federal reimbursements for respiratory therapies and global helium shortage are limiting the market growth.
“Therapeutic application segment to witness the highest growth during the forecast period.”
On the basis of application, the medical gases and equipment market is segmented into therapeutic, diagnostic, pharmaceutical manufacturing and research, and other applications. The therapeutic segment is expected to register the highest CAGR during the forecast period. The rising incidences of cardiovascular and respiratory diseases and growing smoking prevalence are the major factors driving the growth of this market segment.
“Home Healthcare end-user segment is expected to grow at the highest CAGR during the forecast period.”
On the basis of end user, medical gases and equipment market is segmented into hospitals, home healthcare, emergency service centers, pharmaceutical & biopharmaceutical companies, academic institutes and research institutes, and other end users. The home healthcare segment is expected to witness the highest CAGR owing to the rising healthcare costs, the rapid growth in aging population globally and the subsequent rise of chronic diseases. The development of novel and technologically advanced products, coupled with the increasing awareness and acceptance of home care devices among patients, is expected to propel the growth of the home healthcare segment during the forecast period.
“APAC is projected to witness the highest growth during the forecast period.”
North America is expected to account for the largest share of the global medical gases and equipment market in 2018. With the number of patients on the rise, governments in this region are now beginning to focus on curtailing healthcare costs by promoting long-term care treatment in homecare settings as opposed to hospital-based care. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period, owing to the growing ageing population, increasing incidence of chronic diseases, improving healthcare infrastructure, and growing healthcare awareness in APAC countries. Being a high-growth market, many of the manufacturers are also extending their global manufacturing bases to the APAC region.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1–46%, Tier 2–33%, and Tier 3–21%
- By Designation: C-level–43%, Director Level–35%, and Others–22%
- By Region: North America–34%, Europe–26%, Asia Pacific–19%, Latin America–11%, and the Middle East & Africa–10%
Research Coverage:
The report analyzes the market for various medical gases and equipment products and their adoption pattern. It aims at estimating the market size and future growth potential of the global medical gases and equipment market and different segments such as products, applications, end users, and regions. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, and recent developments.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global medical gases and equipment market
- Product Development/Innovation: Detailed insights on the upcoming trends, driving factors, and product launches in the global medical gases and equipment market
- Market Development: Comprehensive information on the lucrative emerging regions by product, application, end user, and region
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global medical gases and equipment market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products of leading players in the global medical gases and equipment market
