Medical air, carbon dioxide, oxygen, nitrogen, nitrous oxide, and helium are some of the gases used in the healthcare sector during the treatment and management of various diseases. Medical air compressor are used to supply contamination- and particle-free air to patients all the time.
The global medical gases and equipment market is estimated to account for US$ 18,090.7 Mn in terms of value by the end of 2027.
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Increasing home healthcare expenditure is expected to propel growth of the global medical gases and equipment market over the forecast period. For instance, according to the Centers for Medicare & Medicaid Services, the U.S. is expected to spend US$ 108.8 billion in home health care in 2019.
Moreover, establishment of industry focused associations such as Compressed Gas Association, Medical Gas Association, and Gases and Welding Distributors Association is also expected to aid in growth of the market. Such associations help in laying out strategies that would ultimately help the market thrive and flourish.
North America held dominant position in the global medical gases and equipment market in 2019, accounting for 41.3% share in terms of value, followed by Europe and Asia Pacific, respectively
Increasing theft of medical gases and cylinders is expected to hider growth of the market. Medical gas thefts especially for nitrous oxide and ENTONOX (nitrous oxide-oxygen) cylinders cause unnecessary expenses for healthcare organizations. However, the impact of this restraint will remain low throughout the forecast period as organizations are becoming increasingly diligent and are also taking help from consultancy firms
Moreover, contamination of medical gases with harmful substances is also expected to limit growth of the market. Crossed-pipeline accidents also have adverse effects on growth of the market.
Global Medical Gases and Equipment Market: Opportunities
Regular inspection of medical gas supply line is expected to offer lucrative growth opportunities for players in the global medical gases and equipment market. These inspections should also be conducted by trained personnel. Medical gas and vacuum systems should be inspected during each step of construction and a third-party certification should be mandatory.
Moreover, increasing number of surgeries is also expected to aid in growth of the market. For instance, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, admissions for emergency surgery increased between 2016-2017 and 2017-2018 by 2.9% in public hospitals and by 5.1% in private hospitals in Australia.
The global medical gases and equipment market was valued at US$ 9,759.0 Mn in 2019 and is forecast to reach a value of US$ 18,090.7 Mn by 2027 at a CAGR of 8.0% between 2020 and 2027.
Major governments are focused on allowing industrial gases manufacturer to supply gas for medical use to meet huge demand due to the COVID-19 pandemic. For instance, in April 2020, The Government of India permitted industrial oxygen manufacturers to manufacture and sell gas for medical use.
In April 2020, the U.S. Department of Health and Human Services warned that over 300 hospitals in the U.S may suffer from supply shortages of medical gases.
Global Medical Gases and Equipment Market: Competitive Landscape
Major players operating in the global gases and equipment market include, Air Liquide S.A., Praxair, Inc. (The Linde Group), BeaconMedaes LLC, Air Products and Chemicals Inc., Medical Gas Solutions, Airgas Inc., and MATHESON Tri-Gas Inc.
Global Medical Gases and Equipment Market: Key Developments
Major players in the marker are focused on increasing production capacity to meet increasing demand for medical gases and equipment. For instance, in April 2020, Air Liquide S.A. announced that CryopAL, the company’s subsidiary that manufacturers Freelox line of liquid oxygen vessels for medical use, increased the production capacity for its Freelox vessels from 100 vessels a week to 300 vessels a week.
Major players in the market are also focused on launching new products to expand their product portfolio. For instance, in January 2020, BeaconMedaes LLC launched new dMED Medical Air Purification Module, a model that frees up to 65% of the floor space and is 35% lighter compared with the previous design, according to the company.
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