According to the new market research report "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", published by MarketsandMarkets™, the Medical Gas Market is expected to reach USD 20.04 billion by 2023 from an estimated USD 14.0 billion in 2018, at a CAGR of 6.2%.
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By pure gases type, the oxygen segment is expected to grow at the highest growth rate during the forecast period;
Among the type of pure gases used in the medical gas and equipment market, the oxygen segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment can mainly be attributed to the presence of a large patient base suffering from respiratory diseases and the increasing number of patients undergoing emergency medical care.
By form of delivery, the pure gases in high-pressure cylinders segment to record the highest CAGR during the forecast period;
The pure gases in high-pressure cylinders is expected to dominate the market in the coming years. This is mainly due to the widespread use of these devices in home healthcare setups and hospitals. Many of the major players in the medical gases and equipment market also offer products in high-pressure cylinders.
By medical gas mixtures type, the therapeutic applications segment to accounted for the largest share of the market;
On the basis of type, the lung diffusion mixtures segment accounted for the largest share of the medical gas mixtures market in 2017. This can primarily be attributed to the increase in the number of chronic diseases, the high proportion of untreated patients, and the growing aging population.
By application, the lung diffusion mixtures segment to accounted for the largest share of the market;
Based on applications, the therapeutic applications segment accounted for the highest share of the medical gases and equipment market in 2017. This is mainly due to the high prevalence of respiratory and cardiovascular diseases, which has resulted in increased consumption of medical gases and equipment.
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North America to account for the largest market size during the forecast period;
North America is expected to hold the largest market size in the medical gases and equipment market during the forecast period, followed by the European region. On the other hand, the Asia Pacific market is expected to witness the highest growth during the forecast period. The rapid growth in the developing healthcare industry across China and India is expected to offer significant growth opportunities for players operating in this market during the forecast period. In addition, factors such as increasing incidence of respiratory diseases as well as growth in the healthcare infrastructure and the per capita income in this region are also expected to drive the growth of the medical gases and equipment market in this region.
Key Market Players;
The Linde Group (Germany), Air Liquide (France), Air Products and Chemicals, Inc. (US), Praxair, Inc. (US).
The Linde Group (Germany) dominated the global medical gases and equipment market in 2017. The company has a diversified product portfolio, which includes a wide range of medical gases and equipment such as medical oxygen, nitrous oxide, medical nitrous oxide/oxygen mixtures, hospital equipment for hospitals, and home care and emergency care services. Linde Group has a strong presence in more than 100 countries through its strong manufacturing and distribution facilities, which enables it to cater to a large customer base across the globe. Furthermore, in order to gain a competitive edge over other players in this market, the company focuses on acquisitions of similar players and in strengthening and streamlining its product portfolio for the healthcare industry. For instance, in 2017, Linde and Praxair, Inc. entered into a definitive business combination agreement (BCA) to increase presence in all key geographies and end-markets, which would result in a more diverse and balanced global portfolio as well as increased exposure to long-term macroeconomic growth trends.
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