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Medical gases market worth $19.96 billion by 2021

Medical gases market worth $19.96 billion by 2021

The global medical gases market is expected to reach USD 19.96 Billion by 2021 from USD 13.58 Billion in 2016, at a CAGR of 8.0% during the forecast period. Increasing prevalence of respiratory diseases, growing home healthcare market, rising aging population, implementation of the U.S.

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Food and Drug Administration (FDA) Safety and Innovation Act, rapid urbanization, high prevalence of tobacco smoking, and changing eating habits have contributed to the growth of this market. However, factors such as changes in medical gas calibration standards, global shortage of helium, and declining federal reimbursements for respiratory therapies may restrain the growth of this market during the forecast period.

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In this report, the medical gases market is segmented on the basis of product, application, end user, and region. The research report also discusses the key market drivers, restraints, challenges, and opportunities in the global market and its submarkets.

The market is further classified into medical gases and medical gas equipment. The medical gases segment is further segmented into pure gases and medical gas mixtures.

The pure gases market is further sub-segmented as by type and by form of delivery. The medical gas equipment market is primarily sub-segmented into equipment accessories, oxygen concentrators, gas delivery systems, and cryogenic products (freezers).

On the basis of application, the medical gases market is segmented into therapeutic, diagnostic, pharmaceutical manufacturing and research, and other applications. On the basis of end user, the market is segmented into hospitals, home healthcare, emergency services, pharmaceutical industry, and academic and research institutions.

The medical gases product segment accounted for largest share of the medical gases market in 2015. Population growth and aging population, coupled with the increasing prevalence of chronic diseases such as COPD and sleep apnea, are the growth drivers contributing to the growth of the medical gas and equipment market.

Moreover, increasing healthcare awareness and affordability, backed by rising healthcare spending in developing countries, is expected to contribute to the growth of this market during the forecast period.

Geographically, the global market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

In 2015, North America commanded the largest share of the market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Factors such as rapidly increasing aging population and the subsequent rise in the number of chronic respiratory diseases are driving the growth of this market.

In addition, the growth of the home healthcare market as well as the increased applications of medical gases in the pharmaceutical and biotechnology industries are responsible for the growth of the market. The APAC market is expected to witness favorable growth in the coming years, primarily due to factors such as increasing healthcare awareness, growth in the aging population, continuously rising healthcare expenditures in the region, and growth in per capita income.

Some of the major players operating in the market include Air Products and Chemicals, Inc. (U.S.), The Linde Group (Germany), Praxair, Inc.

(U.S.), Taiyo Nippon Sanso Corp. (Japan), Air Liquide (France), SOL-SpA (Italy), Airgas, Inc.

(U.S.), Atlas Copco (Sweden), Messer Group (Germany), and GCE Holding AB (Sweden). Acquisitions and new product launches were the key strategies adopted by players in this market.

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