Global Medical Gases Market Analysis, Historic Data and Forecast 2020-2026
REPORT
HIGHLIGHT
The medical gases market is estimated to
represent a global market of USD 7.7 billion by 2019 with growth rate of 7.1%.
Medical gases are pharmaceutical molecules, specifically used for the medical,
biotechnology and pharmaceutical industries. These are widely used for the
treatment of patients in hospitals, clinics as well as in emergency services.
Additionally, these are used to synthesize, insulate or sterilize medical
products. Increasing prevalence of lifestyle and chronic diseases stimulate the
market for medical gas during the future period. According to the WHO, the
chronic diseases (chronic respiratory diseases, heart disorder, stroke, cancer,
and diabetes) are responsible for 38 million deaths (around 68% of all deaths
worldwide) in 2012. Each year, 16 million people die from NCDs before the age
of 70. Additionally, constant aging population, growing demand for home care,
and technological advancements will support the market growth to great extent.
However, medical gases and its associated equipment are highly regulated by the
Center for Drug Evaluation and Research and the U.S. Food and Drug
Administration. A violation of the act leads to court-enforced trials including
seizure of the finished product, ingredients, and the equipment; a permanent or
temporary ban on the manufacturing or filling of compressed medical gases; and
criminal prosecution. Such facts will hamper the market growth.
Product Takeaway
Pure gases, Medical Gas Mixtures, and
Medical Gas Equipment are the product segments of the market. Among which,
medical gas equipment accounted for the largest share of the market, more than
52% share in 2019. The pure gas segment is divided into Oxygen, Medical Air,
Helium, Carbon Dioxide, Nitrogen, and others. These gases are used in variety
of medical applications. For example, oxygen is a medical gas, used in all
healthcare setting. It is also used for inhalation and resuscitation therapy.
Oxygen is used for the treatment of conditions such as cyanosis, COPD, carbon
monoxide poisoning, shock, hemorrhage, trauma, respiratory arrest, and
cardiovascular disorders.
COVID-19
Impact and Recovery Analysis
The novel COVID-19 has put the world on a
standstill, affecting major operations, leading to an industrial catastrophe.
This report presented by AnalystView Market Insights contains a thorough
analysis of the pre and post COVID-19 market scenarios. The report includes all
the recent development and changes recorded during the COVID-19 outbreak and
comprehends the analysis of top performer segments and marginal growth segment
in blood culture test sector.
Application Takeaway
Application of medical gases in therapeutic
field captured the largest share of the global market. In 2019, the therapeutic
application recorded 47.23% share of the total market. Therapeutic medical
gases offer huge impact as a new and innovative therapeutic tool for unmet
medical requirements. There is a broad range of medical gases that are used in
treatment such as oxygen, carbon dioxide, nitrogen, oxygen-nitrous, oxide
mixtures, helium-oxygen mixtures and laser gas mixtures. For example, the
traditional medical gases such as oxygen and nitrous oxide play protective
roles in various disease conditions such as respiratory, cardiovascular and
blood vessel-related problems. Diagnostic purpose of medical gases is expected
to grow at highest growth rate owing to its wide application area. The increase
in demand for high-end diagnostics technology and the rising blood gas analysis
and lung function testing is further expected to drive the growth of this
particular segment.
Regional Takeaway
Regionally, North America and Europe
accounted for the largest share, captured more than 70% share of the global
market, collectively. Growth of these regions is majorly attributed to the
increasing demand for medical gases coupled with rising research and
development activities.
Key Vendor Takeaway
The market is competitive in nature.
Companies such as BeaconMedæs, Air Liquide, The Linde Group, the H.A.C. Group,
Matheson, and a few others present in this market. Companies are investing
rigorously to develop new or more efficient medical gas products. For example,
SCI Analytical manufacture and supplies a wide range of medical gases and
products that can be used by medical devices and pharma distributors as well as
manufacturers. The company employs professional engineers, specialized gas
scientists and research and development technicians to design new technology
integrated medical gas products.
The market size and forecast for each
segment has been provided for the period 2016 to 2027, considering 2019 as the
base year. The report also provides the compounded annual growth rate (% CAGR)
for the forecast period 2021 to 2027 for every reported segment.
The years considered for the study are:
Historical Year – 2016 to 2018
Base Year – 2019
Estimated Year – 2020
Projected Year – 2027
The proposed reports analyse and evaluates
the COVID-19 impact, and anticipated change on the future market scenario on
this industry, by taking into the account the economic, political, technological,
and social, parameters.
ALSO READ: http://www.marketwatch.com/story/school-stationery-supplies-market-2021-global-industry-key-players-size-trends-opportunities-growth--analysis-to-2026-2021-01-20
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