May 07, 2020
According to the research report titled ‘Medical Gas Equipment Market Size By Product , By End-user, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, global medical gas equipment market is expected to cross USD 7.2 billion by the year 2024.
Increased pervasiveness of chronic diseases is a major factor driving the growth of medical gas equipment industry. Rising geriatric population who are highly vulnerable to chronic obstructive pulmonary disease is further aiding the market expansion.
As per product type, masks segment is expected to grow with a CAGR of 9.2% during 2018-2024. Rising adoption of inactive lifestyle, reduced physical activity and inclination towards unhealthy habits including smoking are fostering the demand for medical gas masks across the globe.
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Citing the end-use landscape, medical gas equipment market share from ambulatory surgical centers (ASC) was worth USD 1608.7 million in the year 2017 and is predicted to expand consistently during the forecast period. Growing patient pool with preference towards ASCs for treatment of respiratory diseases and availability of advanced equipment is these settings are fueling the segmental growth.
Considering the geographical landscape, UK medical gas equipment industry amassed USD 258 million in 2017 and is reckoned to witness lucrative growth in the ensuing years. High occurrence of chronic disorders and rising adoption of advanced medical gas equipment are promoting the business scenario in the UK.
Meanwhile, medical gas equipment market in India is set to record a 10.2% growth rate through 2024, on account of escalating cases of respiratory ailments.
The major contenders in medical gas equipment industry are Praxair Inc., Powerex, Ohio Medical, Matheson Tri-Gas Inc., Linde Gas, Gentec Corp., BeaconMedaes LLC, Amico Corp., Allied Healthcare Products and Air Liquide among others.