Oxygen is a medical gas used life support and during the treatment of diseases such as respiratory illnesses, carbon monoxide poisoning, and cardiovascular diseases. Liquid nitrogen is used in the treatment of cancer. In cryosurgery, the cold gas is used to remove tumors and skin lesions.
The global medical gases and equipment market is estimated to account for US$ 18,090.7 Mn in terms of value by the end of 2027.
Global Medical Gases and Equipment Market: Drivers
Increasing prevalence of chronic disorders is expected to propel growth of the global medical gases and equipment market over the forecast period. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.
Global Medical Gases and Equipment Market: Opportunities
Increasing funding for public hospitals is expected to offer lucrative growth opportunities for players in the global medical gases and equipment market. For instance, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, funding for hospital services increased between 2016-2017 and 2017-2018 by 1.8% per year on average in public hospitals and by 2.9% per year on average in private hospitals in Australia.
Global Medical Gases and Equipment Market: Restraints
Shortage of helium gas is expected to limit growth of the market. The contributions of helium as an MRI coolant and in cryogenics are indispensable. However, shortage of helium is expected to limit growth of the global medical gases and equipment market.
The global medical gases and equipment market was valued at US$ 9,759.0 Mn in 2019 and is forecast to reach a value of US$ 18,090.7 Mn by 2027 at a CAGR of 8.0% between 2020 and 2027. Increasing home healthcare expenditure is expected to propel growth of the global medical gases and equipment market over the forecast period
Medical equipment segment held dominant position in the global medical gases and equipment market Medical gases in 2019, accounting for 50.7% share in terms of value, followed by segment 2 and segment 3, respectively. Increasing prevalence of chronic diseases is anticipated to propel the growth of the market during the forecast period.
The emergence of COVID-19 pandemic has led to increasing demand for medical gases and equipment. However, increasing number of cases has led to a huge gap in the supply and demand. For instance, according to the World Health Organization, there were 2,810,325 confirmed cases of COVID-19 worldwide as of April 26, 2020.
Regulatory bodies are focused on increasing the supply of medical gases and equipment. For instance, in April 2020, the U.S. Food and Drug Administration issued a temporary policy to help increase the number of portable cryogenic oxygen and nitrogen containers.
Global Medical Gases and Equipment Market: Competitive Landscape
Major players operating in the global gases and equipment market include, Air Liquide S.A., Praxair, Inc. (The Linde Group), BeaconMedaes LLC, Air Products and Chemicals Inc., Medical Gas Solutions, Airgas Inc., and MATHESON Tri-Gas Inc.
Global Medical Gases and Equipment Market: Key Developments
January 2020: Air Products and Chemicals Inc. announced increase in product pricing, monthly service charges, and surcharges for liquid and bulk hydrogen; liquid argon; liquid nitrogen and liquid oxygen; and liquid carbon dioxide
February 2019: Praxair, Inc., a wholly-owned subsidiary of Linde plc, announced to expand production capacity by two fold at its Neosho, Missouri air separation plant
Scope of the report