Forecast Report -Medical Gas Equipment Market Size and Forecast by 2020: Hexa Research
MEDICAL GAS EQUIPMENT PRODUCT SEGMENT INCLUDES MANIFOLDS, OUTLETS, CYLINDERS, REGULATORS, FLOW METERS, ALARM SYSTEMS, HOSE ASSEMBLIES & VALVES, MASKS, MEDICAL AIR COMPRESSORS AND VACUUM SYSTEM., CA, UNITED STATES - Dec 9, 2014 - Industry Insights
Implementation of the U.S. FDA (Food and Drug Administration) Safety and Innovation Act in July 2012 eliminates drug user fee for medical gases and equipment is the most important driver of medical gas equipment market. This act will maximize profit margins, help manufacturers to control the costs and register for IPR (intellectual property rights) for novel products. Increasing demand for this equipment is expected to boost market growth by helping manufacturers establish an ancillary market and expand patient bases. In addition, growing geriatric population base and the consequent rise in target diseases prevalence such as respiratory disorders are expected to drive medical gas equipment market in the coming six years. Furthermore, growing demand for home healthcare and point of care markets and the subsequent introduction of portable medical devices are expected to boost the demand for medical gas equipment by resulting a rise in demand for packaged medical grade gases (such as oxygen).
The world is currently being threatened by rapidly depleting Helium reserves. The contributions of Helium as an MRI coolant and in the field of Cryogenics are indispensable and a shortage in supply of this gas is expected to impede medical gas equipment market growth by causing a drop in demand for medical gases. Key market players include Matheson Tri-Gas Inc., Air Liquide, Air Products and Chemicals Inc., Praxair Inc., Air Gas Inc. and Linde Gas. Air Liquide held the largest share of the global medical gases and equipment market in 2013 at over 21.0%. The presence of an extensive product portfolio facilitating the company to provide to a larger customers and its wide presence in emerging markets such as China and India are some factors contributing to its large share.
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Product Insights
Medical gas vacuum systems emerged as a market leader in 2013 due to relatively higher prices associated with these products coupled with high market penetration rates are one of the major factors attributing to its large share However, Medical gas masks are mostly used by patients for medical gas administration and it is considered as the most lucrative segment of the medical gas equipment market. Manufacturing costs associated with these products is lesser coupled with high usage rates are the major driving factors attributing to its attractiveness. Medical gas outlets and regulators are also expected to show significant growth over the forecast period. Increasing number of initiatives regarding safety issues have encouraged manufacturers to frequently update their product portfolio and this is expected to drive segment growth during the forecast period.
Regional Insights
North America held the largest market share in terms of revenue at over 42% in 2013 on accounts of high per capita healthcare expenditure, sophisticated healthcare infrastructure and high volume of minimally invasive medical procedures in this region. Some other drivers of medical gas equipment market include the presence of industry friendly initiatives such as organizations such as CGA (Compressed Gas Association) and GAWDA (Gases and Welding Distributors Association) and the implementation of the U.S. FDA Safety and Innovation Act. On the other hand Asia Pacific market is expected to grow at the lucrative CAGR in the coming six years due to patient awareness, the presence of rapidly improving healthcare infrastructure and healthcare expenditure levels in the emerging markets of India and China. However, increasing geriatric population, rapid economic development and rising demand for home healthcare and point of care market in emerging countries such as China and India is expected to help the Asia-Pacific market to grow at the fastest CAGR in the coming six years.
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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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