Growing demand for emergency medical care is expected to drive market growth during the forecast period
San Francisco, California (PRWEB) October 13, 2014
Global medical gas equipment market is expected to reach USD 5,313.9 million by 2020, according to a new study by Grand View Research, Inc. Growing prevalence of chronic respiratory diseases such as pulmonary disorders, cystic fibrosis and emphysema coupled with increasing geriatric population base is expected to drive medical gas equipment market demand. Introduction of technologically advanced product such as new integrated multifunctional and convenient medical gas cylinders is also expected to drive market demand by catering to the changing requirements of healthcare practitioners.
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Further key findings from the study suggest:
- Global medical gas masks market is expected to grow at the highest CAGR of 9.7% during the forecast period, owing to increasing usage rate by patients for medical gas administration. Cylinders are also expected to grow at a CAGR of over 8.0% during the forecast period due to increasing demand for portable and lightweight cylinders with audible and visible alert mechanisms.
- North America was the largest regional medical gas equipment market, in terms of revenue in 2013, owing to the presence of industry friendly organizations such as Compressed Gas Association (CGA) and the Gases and Welding Distributors Association (GAWDA) and sophisticated healthcare infrastructure. Rising prevalence of lifestyle habits such as growing number of global smokers, rising incidences of obesity and dietary irregularities are responsible for the growth of respiratory disease in this region.
- Asia Pacific is expected to be the most attractive regional market over the forecast period, growing at an estimated CAGR of over 9% from 2014 to 2020. Growing demand for home healthcare and point of care based treatments especially for respiratory disorders and improving healthcare infrastructure in the emerging markets of India and China are some factors attributing to its rapid growth rate. Increasing prevalence of chronic respiratory disorders such as COPD (chronic obstructive pulmonary disorder) and asthma in this region is also expected to drive market growth during the forecast period.
- Some key players of medical gas equipment market include Air Products and Chemicals Inc, Air Liquide, Praxair Inc., Air Gas Inc., Ohio Medical, BeaconMedaes LLC, Allied Health Care, Medical Gas Solutions, Matheson Tri-Gas inc., Linde Gas and Amico Corp.
- Major sustainability strategies adopted by these players include introduction of new technologies such as the latest CNC technology and new product development such as LIV IQ for oxygen therapy. Entering into strategic partnerships to offer excellent customer service and expand distribution networks is also one of the key strategies adopted; with Praxair announcing the complete acquisition of PDMA or Praxair Distribution Mid-Atlantic, LLC, in February, 2014.
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For the purpose of this study, Grand View Research has segmented the global medical gas equipment market on the basis of product and region:
- Global Medical Gas Equipment Product Outlook (Revenue, USD Million, 2012 – 2020)
• Hose Assemblies and Valves
• Alarm Systems
• Medical Air Compressors
• Vacuum Systems
- Global Medical Gas Equipment Regional Outlook (Revenue, USD Million, 2012 – 2020)
• North America
• Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy. For more information, visit http://www.grandviewresearch.com/
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