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Medical Gases and Equipment Market Overview
The global medical gases and equipment market size is projected to reach $21.6 billion by 2022, growing at a CAGR of 8.0% during the forecast period. The market is driven by factors, such as increasing healthcare expenditure, growing geriatric population, increasing prevalence of chronic and lifestyle associated diseases. In addition, rapid urbanization, increasing prevalence of respiratory diseases, increasing demand for home healthcare and increasing prevalence of tobacco use are also driving the market growth.
Based on type, the medical gases and equipment market has been segmented into medical gas and medical gas equipment. The medical gas equipment segment accounted for the major share in the global market in the historical period and by 2022, it is projected to hold a market share of 61%. The medical gas segment is expected to witness the fastest growth during the forecast period.
Based on end user, the medical gases and equipment market has been segmented into hospitals, home healthcare, emergency service, pharmaceutical industry and academic & research institute. The hospital segment accounted for the major share in the global market in the historical period and by 2022, it is projected to hold a market share of over 60%. The home healthcare segment is expected to witness the fastest growth during the forecast period.
Geographically, the European medical gases and equipment market is the second largest in the world and by 2022, it is expected to account for 26% of the global market share. The European market is witnessing growth mainly due to increasing prevalence of chronic diseases and lifestyle associated disease, increasing demand for home healthcare and increasing prevalence of respiratory diseases. In addition, the aging population and increasing healthcare expenditure are also bolstering the market growth. Among the European nations, Germany is the largest contributor to the medical gases and equipment industry and is projected to grow at a CAGR of 8.2% during the forecast period.
Medical Gases and Equipment Market Dynamics
During the past few years, the medical gases and equipment market witnessed an increase in the number of acquisition that are based on various strategic business reasons. These acquisitions are primarily aimed for product expansions and improving its geographic presence. The increasing number of acquisitions is a major trend witnessed in the medical gases and equipment industry.
The demand of home healthcare is increasing due to growing geriatric population, as it is the integral part of the primary healthcare service. Home healthcare provides older patients a better quality of life in their homes, limits the length of hospitalization, and provide more efficient treatment and continuous monitoring for greater efficacy.
The advancement in home automation, remote medical assistance and pharmacology facilitates the development of technologies, such as respiratory assistance solutions; infusion system and external insulin pump systems, which assists the home delivery treatment for chronic disease patients. Therefore, it would lead to increase in demand of medical gases and equipment market in the home care setting.
The healthcare industry in emerging economies has witnessed significant growth over the past few years. The healthcare market size in the emerging economies is still a fraction of that in developed countries such as the U.S. and Western European countries. However, the difference illustrates the strong growth potential of emerging economies especially in Asia-Pacific and Latin America.
The fragmented healthcare industry and high operating margins in emerging economies make them attractive to investors when compared to developed economies. The countries such as China and India have large population base and the healthcare infrastructure in these countries is improving, thus illustrating immense healthcare market potential. With the increasing income level and rapid growing urbanization, the demand for medical gases and equipment is expected to increase in these countries, thus creating ample growth opportunities for the medical gases and equipment market.
Medical Gases and Equipment Market Competitive Landscape
Some of the key companies operating in the global medical gases and equipment market include Air Products and Chemicals Inc., Linde Group, Air Liquide, Medical Gas Solutions, BeaconMedaes, Matheson Tri-Gas Inc., Taiyo Nippon Sanso Corporation, and Praxair Technology Inc.