Global Medical Gases Market Analysis, Trends and Insights 2016 – 2027
Summary - A new market study, titled “Medical Gases Market, By Products (Pure gases, Medical Gas Mixtures, and Medical Gas Equipment), By Application (Therapeutic, Diagnostics, and Others) And Geography (North America, Europe, Asia Pacific, And Rest Of The World) – Analysis, Share, Trends, Size, & Forecast From 2016 – 2027- COVID- 19 Updated ” has been featured on WiseGuyReports.
REPORT HIGHLIGHT
The medical gases market is estimated to represent a global market of USD 7.7
billion by 2019 with growth rate of 7.1%. Medical gases are pharmaceutical
molecules, specifically used for the medical, biotechnology and pharmaceutical
industries. These are widely used for the treatment of patients in hospitals,
clinics as well as in emergency services. Additionally, these are used to
synthesize, insulate or sterilize medical products. Increasing prevalence of
lifestyle and chronic diseases stimulate the market for medical gas during the
future period. According to the WHO, the chronic diseases (chronic respiratory
diseases, heart disorder, stroke, cancer, and diabetes) are responsible for 38
million deaths (around 68% of all deaths worldwide) in 2012. Each year, 16
million people die from NCDs before the age of 70. Additionally, constant aging
population, growing demand for home care, and technological advancements will
support the market growth to great extent. However, medical gases and its
associated equipment are highly regulated by the Center for Drug Evaluation and
Research and the U.S. Food and Drug Administration. A violation of the act
leads to court-enforced trials including seizure of the finished product, ingredients,
and the equipment; a permanent or temporary ban on the manufacturing or filling
of compressed medical gases; and criminal prosecution. Such facts will hamper
the market growth.
Product Takeaway
Pure gases, Medical Gas Mixtures, and Medical
Gas Equipment are the product segments of the market. Among which, medical gas
equipment accounted for the largest share of the market, more than 52% share in
2019. The pure gas segment is divided into Oxygen, Medical Air, Helium, Carbon
Dioxide, Nitrogen, and others. These gases are used in variety of medical
applications. For example, oxygen is a medical gas, used in all healthcare
setting. It is also used for inhalation and resuscitation therapy. Oxygen is
used for the treatment of conditions such as cyanosis, COPD, carbon monoxide
poisoning, shock, hemorrhage, trauma, respiratory arrest, and cardiovascular
disorders.
COVID-19 Impact and Recovery Analysis
The novel COVID-19 has put the world on a standstill, affecting major
operations, leading to an industrial catastrophe. This report presented by
AnalystView Market Insights contains a thorough analysis of the pre and post
COVID-19 market scenarios. The report includes all the recent development and
changes recorded during the COVID-19 outbreak and comprehends the analysis of
top performer segments and marginal growth segment in blood culture test
sector.
Application Takeaway
Application of medical gases in therapeutic
field captured the largest share of the global market. In 2019, the therapeutic
application recorded 47.23% share of the total market. Therapeutic medical
gases offer huge impact as a new and innovative therapeutic tool for unmet
medical requirements. There is a broad range of medical gases that are used in
treatment such as oxygen, carbon dioxide, nitrogen, oxygen-nitrous, oxide
mixtures, helium-oxygen mixtures and laser gas mixtures. For example, the
traditional medical gases such as oxygen and nitrous oxide play protective
roles in various disease conditions such as respiratory, cardiovascular and
blood vessel-related problems. Diagnostic purpose of medical gases is expected
to grow at highest growth rate owing to its wide application area. The increase
in demand for high-end diagnostics technology and the rising blood gas analysis
and lung function testing is further expected to drive the growth of this
particular segment.
Regional Takeaway
Regionally, North America and Europe accounted
for the largest share, captured more than 70% share of the global market,
collectively. Growth of these regions is majorly attributed to the increasing
demand for medical gases coupled with rising research and development
activities.
Key Vendor Takeaway
The market is competitive in nature. Companies
such as BeaconMedæs, Air Liquide, The Linde Group, the H.A.C. Group, Matheson,
and a few others present in this market. Companies are investing rigorously to
develop new or more efficient medical gas products. For example, SCI Analytical
manufacture and supplies a wide range of medical gases and products that can be
used by medical devices and pharma distributors as well as manufacturers. The company
employs professional engineers, specialized gas scientists and research and
development technicians to design new technology integrated medical gas
products.
The market size and forecast for each segment
has been provided for the period 2016 to 2027, considering 2019 as the base
year. The report also provides the compounded annual growth rate (% CAGR) for
the forecast period 2021 to 2027 for every reported segment.
The years considered for the study are:
Historical Year – 2016 to 2018
Base Year – 2019
Estimated Year – 2020
Projected Year – 2027
The proposed reports analyse and evaluates the
COVID-19 impact, and anticipated change on the future market scenario on this
industry, by taking into the account the economic, political, technological,
and social, parameters
FOR MORE
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