Global Medical Gas Equipment Market: Snapshot
The globala medical gas equipment market is prognosticated to be significantly advantaged by the augmenting prevalence of respiratory ailments strengthening the rise of point-of-care diagnostics (POCD). Along with the market for home healthcare, POCD could be crucial for the demand for medical gas equipment. Faster than other methodologies, POCD is one of the popular forms of diagnosing diseases at patient’s bedside. POCD is expected to experience a positive influence with the increasing occurrence of respiratory diseases for the reason that the risk of disease transmission could aggravate when a patient visits a healthcare center.
The home healthcare market, on the other hand, is anticipated to bolster the demand for medical gas equipment while riding on the elevating number of diseases that cause immobilization. Chronic obstructive pulmonary disorder (COPD) and asthma are some of the primary immobilization diseases which could be treated with home healthcare facilities providing enhanced convenience.
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The advent of new products, customizable as per the needs of customers, in the global medical gas equipment market could prove to be significant for the growth of industry players. Customers are becoming increasingly aware of the advantage of incorporating pressure regulator and cylindrical valve into a single device that offers all the required control functions. This could also help for ensuring a quicker delivery of gases. Furthermore, vendors are predicted to improve their current offerings by patenting such innovations. In the next few years, the global medical gas equipment market could gain traction on the back of the enriching trend of product innovation.
Medical Gas Equipment Market: Overview
Specialized gases, which are used for research in biotechnology, medical purposes, and drug processing are commonly known as medical gases. Medical gas can be a mixture of different gases or a single pure gas. Oxygen, hydrogen, nitrous oxide, ammonia, nitrogen and carbon dioxide are the most common types of gases used in the medical industry.
Medical gasses need to be free of any impurities, as recovery of the patient depends on them. Plus, there is always a risk associated with medical gasses, as infection can be acquired through them. Due to these factors, medical gases need to be manufactured according to specified standards.
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Medical Gas Equipment Market: Key Trends
Due to the growing pool of geriatric population and development in the pharmaceutical industry, the demand for medical gases and equipment is multiplying. As per the WHO, the population aged above 65 years is slated to increase from 7% in 2000 to 16% by 2050, thereby fuelling the demand for medical gas equipment. In addition, the rising incidence of respiratory diseases, implementation of the U.S. Food and Drug Administration (FDA) Safety and Innovation Act, increasing home healthcare market, rapid urbanization, and high occurrence of tobacco smoking are supplementing the market’s growth.
Key players operating in the medical gas equipment market will stand to benefit from technological advancements and market expansion in emerging countries. On the contrary, low federal reimbursements for respiratory therapies, frequent changes in medical gas calibration standards, and global shortage of helium are bound to act as restrains, limiting the demand for medical gases and equipment.
Medical Gas Equipment Market: Market Potential
Air Liquide established in 1902 has its headquarters in Paris, and is a Fortune 500 company. This company considers innovation as the most important driving force for its business. The company alone invested US$335.2 mn in 2011 and US$313.2mn in research and development of medical gasses.
They have partnered with several international research centers of excellence such as Institut du Cerveau et de la Moelle épinière, Pasteur Institute, or Leuven University, and Massachusetts General Hospital, to explore therapeutic gases potential. With over 175 patented inventions currently active, they are stepping up their innovation efforts in the fields of emulsifiers, polymers, and active ingredients.
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They contribute to therapeutic practices evaluation by performing medico-economic and observational studies on long-term oxygen therapy, ventilation therapy, insulin and apomorphin pumps, CPAP therapy, and other perfusion therapy. Their cost-effective solutions contribute to the sustainability of healthcare systems and improving the patient care pathways.
Recently, Air Liquide has commissioned the ever largest hydrogen (H2) underground storage facility in Beaumont, Texas. The storage cavern is proficient enough of holding H2 to up back up a large-scale steam methane reformer (SMR) unit for a month, and is 1,500 metres deep and around 70 metres in diameter. This development will aid in increasing the market value of the company further, making it the undisputed leader of the global medical gas equipment market.
Medical Gas Equipment Market: Regional Outlook
The U.S. medical gas equipment market has contributed largely to the markets share, and is expected to lead in the forecast period. Owing to encouraging industry initiatives such as implementation of U.S. FDA Safety and Innovation Act, easier access to healthcare infrastructure, and the growing demand for minimal invasive medical mediations.
The Europe medical gas equipment market is projected to beat its own market share and register a remarkable CAGR during the said period. The market players are receiving assistance by Medical Gas Association, European Industrial Gases Association and attractive growth opportunities in emerging regions of Russia and Poland are driving the market growth. However, unpredictable regulatory framework pertaining to medical gas equipment might act as a hindrance to the regional market growth.
Medical Gas Equipment Market: Competitive Analysis
Some of the prominent players operating in the global medical gas equipment market are Atlas Copco, Air Products and Chemicals, Inc., Air Liquide, Praxair, Inc., Taiyo Nippon Sanso Corp., The Linde Group, SOL-SpA , Airgas, Inc., Messer Group, and GCE Holding AB.
In 2015, the global medical gas equipment market share was dominated by Linde Gas and Air Liquide. Through implementation of strong growth strategies, extensive product portfolio, and swift sales growth achieved through investments in emerging Asian, and Latin American economies, Air Liquide is known to have a strong hold over the market.
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