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Medical Gas Equipment Market to earn significant revenue over 2018-2024

Author : Rahul Sankrityayan | Published Date : 2019-04-03 

Global Medical Gas Equipment Market is set to exceed USD 7.2 billion by 2024; according to a new research report by Global Market Insights. Increasing prevalence of infectious diseases coupled with growing public awareness levels for early diagnosis and prevention will drive demand for point of care diagnostics. Technological advancements in DNA sequencing and analysis will enable faster and accurate detection of causative agents, thereby propelling market growth. Growing influence of home healthcare facilities that provide improved convenience for various respiratory diseases will drive market.

Favorable government policies will spur demand for medical gas equipment in upcoming years. For instance, implementation of regulations such as the U.S. FDA Safety and Innovation Act will drive medical gas equipment market. Also, support from government associations such as Compressed Gas Association and Gases and Welding Distributors Association will significantly impact market growth. Increasing government initiatives for supplying essential medical air safely and efficiently across different healthcare settings will drive business growth during the forecast period.

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Renowned organizations such as the U.S. Food & Drug Administration (FDA), Gases and Welding Distributors Association (GAWDA), and Compressed Gas Association (CGA) have enforced favorable norms that will help augment medical gas equipment market size over the next few years. The U.S. Congress introduced the Food and Drug Safety and Innovation Act in July, 2012 to enable the termination of Drug User Fees for medical equipment manufacturers. These fees normally range between USD 98,000 to USD 1,840,000 for conventional drug companies, which is why their elimination is likely to further fuel medical gas equipment industry.
Medical masks are slated to be one of most lucrative product segments of medical gas equipment market, with a CAGR projection of 9.2% over 2016-2024. Reduced manufacturing costs coupled with surging demand for these products will stimulate medical gas equipment industry size. Gas outlets and medical regulators are also expected to observe a fairly healthy growth rate over the next few years.
Subject to the numerous supportive initiatives enforced by the European Medical Gas Association and the European Industrial Gases Association, Europe medical gas equipment market is anticipated to cross USD 1.9 billion by 2024, having held a valuation of USD 1 billion in 2015. Germany, Russia, Poland, and UK are slated to be the chief revenue contributors. While UK medical gas equipment industry will grow at a rate of 6.9% over 2016-2024, Germany market is forecast to cross a revenue of USD 533 million by 2024, having held a valuation of USD 296 million in 2015.
Vacuum systems held 31% of medical gas equipment industry share in 2015, and is slated to cross a revenue of USD 2.2 billion by the year 2024, with a target market size forecast to surpass USD 2.2 billion by 2024. On the other hand, manifolds were valued at USD 1.1 billion in 2015 and are expected to surpass a value of USD 2.2 billion by 2024, with a CAGR estimation of 7.8% over 2016-2024.

The U.S. has been witnessing a rapid surge in the healthcare infrastructure and other medical facilities. Having held more than 81% of the regional medical gas equipment industry share in 2015, it is forecast to expand rapidly over 2016-2024. The huge demand for invasive medical procedures, favorable government norms, and the improved healthcare facilities will impel U.S. medical gas equipment market size, which is slated to cross USD 2.4 billion by 2024.

China medical gas equipment industry will observe a CAGR of 10% over 2016-2024, subject to the presence of a huge elderly population base and the rising number of chronic and pulmonary disorders. In addition, the developing healthcare infrastructural growth across the region will lead China medical gas equipment market size to cross USD 472 million by 2024.

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Some of the prominent players involved in market are Air Liquide, Allied Healthcare Products Inc., Amico Corp., BeaconMedæs, Gentec Corp., Linde Gas, Matheson Tri-Gas Inc., Ohio Medical, Powerex and Praxair Inc. These firms adopt strategic initiatives including mergers and acquisitions, new product launch and geographical expansion.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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