2014-04-30 09:12:03 - Medical Gases and Equipment Market by Gases: Global Forecast to 2018 - a new market research report on companiesandmarkets.com
The global medical gases and equipment market is estimated to be worth $14,953 million by 2018. The market is valued at $10,416 million in 2013 and is forecasted to grow at a healthy CAGR from 2013 to 2018.The overall market is mainly driven by the rising ageing population and growing incidences of chronic diseases, which adds to the global disease burden. Growth in adoption of treatment in home care settings in lieu of government initiatives to curtail healthcare costs in various countries is also expected to propel the growth of the medical gases market. The markets across APAC and the Latin American region are largely driven by growing healthcare infrastructure in the region, increased affordability of healthcare services, and increase
in the disposable. However, frequently changing regulatory policies and opposing reimbursement policies for respiratory therapies are expected to dampen the market growth to a certain extent.By 2018, oxygen will continue to drive and dominate the medical gases market. A major share of this growth can be attributed to the presence of a large patient base suffering from respiratory diseases such as COPD and sleep apnea syndrome and the increasing number of patients undergoing emergency medical care. Furthermore, cylinders are also expected to drive the growth of the medical gas equipment market. Driven by the growing home healthcare market, a majority of the players have begun manufacturing lightweight and portable cylinders with various visible and audible alert mechanisms. This will enhance patient safety in mobile oxygen therapy and address changing lifestyles. New, integrated cylinders are fast replacing the larger units due to their convenience of mobility and multi-functionality.The medical gases and equipment market has experienced extensive growth in the past few years, mainly attributable to the growing aging population and the resultant increase in the prevalence of chronic respiratory diseases, and the advancements in the pharmaceutical industry. However, the frequently changing regulatory concerns regarding medical gas standards that result in high costs as well as global helium shortage are some of the major challenges to the growth of the medical gases and equipment market.North America is the major market for the global medical gases & equipment market with around 40% to 45% share of global revenues, followed by Europe with 33% share. Aging population coupled with the increasing incidence of chronic respiratory diseases respiratory diseases like asthma and chronic obstructive pulmonary disorder (COPD), and increasing trend of shifting towards more patient care in home settings other than hospitals have led to the large market share for North American and European Medical Gases and Equipment Markets.North America dominated the medical gases and equipment market in 2013 and will continue to drive and dominate it by 2018. However, the market share of this region will decrease to 39.6%, primarily due to the increase in demand for medical gases and equipment in the APAC and Latin American countries. A majority of the growth in the APAC region will primarily be driven by the increasing demand for medical gases and equipment in China and India. The growth in the APAC and Latin American regions can be attributed to increasing government support to improve healthcare infrastructure and increased disposable income, leading to growth in the per capita healthcare expenditure in these regions. However, low awareness levels and lack of proper distribution channels in this region restrain the growth of this market to a certain extent. The North American market is expected to grow at a higher pace than Europe mainly due to the rapidly increasing aging population and the high adoption rate of home healthcare services in the North American region.The major players in the medical gases and equipment market include Air Products and Chemicals Inc (U.S.), Praxair Inc. (U.S.), Taiyo Nippon Sanso Corp. (Japan), SOL SpA (Italy), Airgas Inc (U.S.), Atlas Copco (Sweden), and Messer Group (Germany). Collectively, the top 10 players accounted for approximately 70% to 75% of the global medical gases and equipment market in 2012.
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