Albany, New york (PRWEB) March 27, 2013
The implementation of the U.S. Food and Drug Administration Safety and Innovation Act in July 2012, which includes the elimination of drug user fees for manufacturers and grants them the right to file for intellectual property rights for new products, is the most important driver for the market. Furthermore, aging global population and the rapidly growing ancillary home healthcare market are some of the other drivers for the global medical gases and equipment market.
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Medical equipment segment held majority of the market share in 2011 and are expected to maintain their market position in terms of market share till 2018. In the global medical pure gas market, the medical grade oxygen market held the highest share in 2011 and is expected to increase its market share by 2018, owing to the presence of a large patient pool suffering from respiratory diseases and the rising number of patients admitted for emergency medical care.
Nitrous oxide followed oxygen in terms of market share in 2011; however, its market share is expected to plummet by 2018 due to the availability of anesthetic drugs with high profit margins and the growing use of medical air as an alternative anesthetic gas.
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Furthermore, in 2011, the vacuum systems market held majority of the market share in the global medical equipment market followed by the manifolds market. The global medical masks market is the fastest growing segment and is expected to grow at a CAGR of 11.5% from 2012 to 2018, because of high usage rate.
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The North American medical gases and equipment market held the largest market share in 2011 on account of developed economies such as the U.S. and Canada and the presence of high disposable incomes coupled with the presence of sophisticated medical infrastructure in these economies. The Asian medical gases and equipment market is expected to exhibit the fastest CAGR during the forecast period due to the economic development in emerging economies such as India and China and the rapidly aging population of Japan.
Air Liquide was the market leader in 2011 due to its extensive product portfolio and its revenue generation from the emerging Asian and Eastern European economies. Some of the other key market players include Praxair Inc., Air Products and Chemicals Inc., Matheson tri-Gas Inc., Air Gas Inc., and others.
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