The medical gas equipment size is poised to exceed $7.2 billion by 2024; according to a new research report by Global Market Insights. According to the report, favorable government policies such as FDA's Safety and Innovation Act will spur demand for medical gas equipment. It also notes that support from associations such as the Compressed Gas Association and Gases and Welding Distributors Association will significantly impact market growth and that increasing government initiatives for supplying essential medical air safely and efficiently across different healthcare settings will drive business growth during the forecast period.
An 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 also help drive medical gas equipment market.
Vacuum systems accounted for largest revenue of $1,353.4 million in 2017. Advanced designs enable efficient working of medical gas delivery systems, and novel designs with minimal complications coupled maximum efficiency and easy maintenance will spur segmental growth in the future. With various technological advances such as reduced noise level and easy cleaning systems, the vacuum systems segment will witness tremendous growth.
According to the report, the hospitals segment is expected to expand at CAGR of 7.5 percent during the projected timeframe. An increasing number of patient visits and a growing number of respiratory procedures in hospitals should increase demand for medical gas equipment over the forecast period. Advanced treatment procedures offered in hospitals along with growing burden of asthma will propel this segment. Favorable reimbursement policies along with increasing patient preference and affordability will favor segmental growth over forecast timeframe.
The market in Germany will grow at 6.7 percent, owing to high pervasiveness of pulmonary artery disease. According to Institute for Health Metrics and Evaluation, COPD ranks 5th in terms of disease causing most deaths. Adoption of unhealthy habits such as smoking are a major cause of the high prevalence, which will further lead to business growth in the future.
The Japanese market contributed to a revenue size of $291.2 million in 2017 owing to an increasing geriatric population and a rising burden of respiratory disease. According to Japan's Ministry of Health Labor and Welfare (MHLW), currently about 20 percent of the Japanese population is more than 60 years old. Favorable insurance policies in Japan will increase the adoption rate of medical gas equipment, thereby propelling industry growth.
Prominent players in the medical gas equipment market include 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 launches, and geographical expansion.
The market research report includes in-depth coverage of the industry with estimates and forecasts from 2013 to 2024.