San Francisco, California (PRWEB) June 30, 2014
The global market for medical gases and equipment is expected to reach USD 10.52 billion by 2020, according to a new study by Grand View Research, Inc. The implementation of industry friendly regulations such as the FDA Safety and Innovation Act in the U.S. and growing patient awareness levels are expected to drive market growth over the next six years. Growing global geriatric population base coupled with increasing prevalence of target diseases such as chronic obstructive pulmonary diseases (COPD) is also expected to enhance market demand over the forecast period.
Oxygen dominated the global medical pure gases market in 2013, accounting for over 44% of total revenue. Rising prevalence of patients admitted in emergency care and prevalence of patients suffering from respiratory diseases requiring the administration of oxygen are some of the factors accounting for its large market share. Nitrous oxide followed oxygen in terms of market share, accounting for over 25%. However, its market share is expected to decline by 2020, owing to the rising demand for anesthetic drugs. In addition, the medical gas mixtures market was dominated by oxygen-carbon dioxide medical gas mixtures in 2013, accounting for over 30% of revenue.
Further key findings from the study suggest:
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For the purpose of this study, Grand View Research has segmented the global medical gases and equipment market on the basis of product and region:
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/.
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Grand View Research, Inc