According to the latest report published by Credence Research, Inc. “Global Medical Gases Market (Pure Medical Gases, Medical Gas Mixtures and Medical Gas Equipment) – Growth, Future Prospects and Competitive Assessment, 2016 – 2022,” the medical gases market was valued at USD 6,996.4 Mn in 2015, and is expected to reach USD 12,166.1 Mn by 2022, expanding at a CAGR of 8.3% from 2016 to 2022.
Browse the full report Global Medical Gases Market – Growth, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022 at https://www.credenceresearch.com/report/medical-gases-market
Technological advancements in the area of medical gases administration, expansion in emerging countries, high prevalence of chronic diseases that demand use of medical gases in disease management are the key trends currently witnessed in the medical gases market. Growing prevalence of geriatric population, that exhibit compromised immunity and higher susceptibility towards respiratory diseases is a key driver of medical gases market. Conversely restricted reimbursements to respiratory therapies may hold back the growth of medical gases market.
This report studies the medical devices market in terms of products, end-uses and geographic distribution. Pure medical gases, medical gas mixtures and medical gas equipment are the three major product categories in medical gases market. These sections are further sub-segmented into prime product category under each class. Hospitals and clinics, home healthcare, research and academia, and pharmaceuticals and biotechnology industry are the key end-users of medical gases.
Medical pure gases, particularly oxygen is the largest product segment in 2015, and it is anticipated that its dominance will prevail through the forecast period. The dominance of this segment is attributed to growing prevalence of respiratory conditions and wide use of oxygen in home care. Moreover, application of medical gases is perpetually growing in the emergency care, where admissions for respiratory emergency cases is on the rise. Wide use of pure gases and gas mixture in hospitals and clinical practice during treatment of various chronic diseases and surgical procedures is expected to support the demand for medical gas devices. Technological innovation in the field of medical devices will further add to the growth of medical gases devices in terms of replacement of obsolete equipment.
North America is observed to be the largest regional market for medical gases. Presence of developed healthcare infrastructure, favorable reimbursement systems and hoard for home healthcare for chronic respiratory disease management are the key drivers of North America market. Europe follows the lead of North America and the market growth of this region is attributed to untapped growth opportunities in Eastern Europe, growing focus of associations, regulatory bodies and welfare groups in increasing awareness about the benefits of home healthcare in long-term disease management. Rapid development of healthcare infrastructure, swift progress of medical tourism markets in emerging countries and growing awareness are the key growth facilitators in Asia-Pacific, Latin America, and Middle East and Africa medical gases market.
The overall medical gases market is witnessing growth in the number of collaborative strategies such as license agreements, joint ventures and M&A activities between the regional and international players. Air Liquide and Linde Gas are the largest players in this space.