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Title Medical Gases and Equipment Market is expected to reach USD 20.04 billion by 2023 with CAGR of 6.2%
Category Fitness Health --> Pharmacy
Meta Keywords Medical Gases and Equipment Market
Owner neha
Description

The Medical Gases and Equipment 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. The medical gas and equipment market has evolved significantly owing to various technological advancements. Factors such as increasing prevalence of chronic diseases, increasing incidence of respiratory diseases as a result of the high prevalence of tobacco use and rising pollution levels, rapid growth in the geriatric population, rising incidence of preterm births, and growing demand for home healthcare are expected to drive market growth in the coming years. Market expansion in emerging countries across APAC and technological advancements are also expected to present a wide range of opportunities for players in the market.

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Key Market Players:

Air Products and Chemicals, Inc. (US), Linde Group (Germany), Air Liquide (France), Praxair, Inc. (US), Taiyo Nippon Sanso Corp. (Japan), SOL SpA (Italy), Atlas Copco (Sweden), Messer Group GmbH (Germany), and GCE Holding AB (Sweden)

Market Dynamics

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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Opportunity: Technological advancements

Technological advancements have provided a growing range of functionality options for various medical gas handling equipment used in hospital care and home care. As opposed to earlier equipment, the latest technologically advanced equipment provides a complementary system of monitoring and therapy delivery, coupled with educational content and communication flow between patients and healthcare providers. In addition, currently, various associated medical gas equipment are gradually being improved to offer a better quality of care. The development of lightweight and portable medical gas handling equipment has emerged as a boon to the growing home healthcare market. Currently, several companies offering medical gas equipment are focusing on developing smaller and portable gas delivery systems that can be carried by patients. The nature of the medical gas equipment market for home care, in particular, is continuously changing owing to the availability of smaller and less-expensive equipment in the market. Considering the growth opportunities in this market space, several players are focusing on launching advanced products. In 2017, Atlas Copco opened a manufacturing plant in the US to manufacture portable compressors and generators for the construction market as well as medical gas products for hospitals. Similarly, in 2016, GCE Healthcare launched the GCE Healthcare range of respiratory care products, including GCE Portable Oxygen Concentrators, Oxygen Conserving Devices, Oxygen Regulators, and High Purity Gas Control products, in the US and Canada. This development helped the company to expand its offerings for the home care therapy market in the US and Canada. In a competitive environment, technological innovation in terms of the development of lighter and more portable equipment for the homecare market and the integration of various types of gas handling equipment are expected to provide significant growth opportunities to market players.

Recent Developments

·         In 2018, Air Liquide acquired EOVE (France) to increase its presence in the home healthcare market. EOVE is a startup company specialized in the manufacturing of ventilators for home-based patients suffering from chronic respiratory failure.

·         In 2018, GCE introduced MediVitop, a new One-Knob Cylinder Valve with Integrated Pressure Regulator.

·         In 2018, Ceodeux Meditec launched ALPIFLOW, a next-generation flow meter with over ten years lifetime without additional maintenance. The product is attached directly to the Ceodeux Meditec ALPICONNECT or ALPINOX and MINIOX to regulate oxygen-flow from the hospital pipeline system and from portable oxygen cylinders.

·         In 2018, Atlas Copco opened an expanded innovation center in Bretten, Germany to meet growing customer demand for testing and developing innovative joining technologies.

·         In 2018, Linde entered into an agreement with Messer Group and CVC Capital Partners Fund VII to sell the majority of Linde’s gases business in North America and certain business activities in South America.

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