About Medical Gas Equipment
Gas that is used in healthcare facilities and other allied fields is known as medical gas. Home healthcare has emerged as an attractive segment in the global medical gas equipment market. This is due to the use of medical gas to help patients with diseases such as asthma, COPD, and sleep apnea. Medical gas equipment is used for therapeutics, diagnosis, and other applications such as pharmaceutical manufacturing, research, process development, and quality control and drug discovery. The most common types of medical gases that are used in healthcare facilities include medical air, oxygen, carbon dioxide, nitrogen, and nitrous oxide.
Technavio’s analysts forecast the global medical gas equipment market to grow at a CAGR of 7.57% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global medical gas equipment market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of medical gas equipment.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Medical Gas Equipment Market 2017-2021
Technavio recognizes the following companies as the key players in the global medical gas equipment market: Air Liquide, Air Products and Chemicals, Praxair, and Linde Gas.
Other Prominent Vendors in the market are: Allied Healthcare Products, Amico, Gentec, Matheson Tri-Gas, Medical Gas Solutions, and Powerex.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing M&A. Companies in the global medical gas equipment are merging with or acquiring other companies to increase their reach. These M&A affect the market dynamics as vendors are looking to expand their product portfolio and customer base. To expand its market share in the US, Air Liquide, a leading company in Europe, acquired Airgas, which is based in the US, for approximately $10 billion.”
According to the report, one of the major drivers for this market is Increase in elderly population. Globally, there has been a gradual increase in the number of elderly people. In 2015, approximately 7%-8% of the global population were above the age of 65. The elderly population is expected to rise rapidly by 2030 The prevalence of respiratory conditions such as asthma and COPD among the elderly population is high. According to a nationwide study conducted by the CDC in 2015, in the US, nearly 15% or about one out of seven elderly people affected by lung disorders such as asthma or COPD.
Further, the report states that one of the major factors hindering the growth of this market is Declining reimbursements for respiratory therapies. Globally the prevalence of asthma, respiratory allergies, and COPD is increasing. However, reimbursements for treatments are reducing. Hence, patients are beginning to explore other options. The cost of respiratory therapy is high. However, the number of rebate programs for patients is low. For instance, in the US, in 2010, the total cost of COPD was approximately $45-$50 billion. Patients have a restricted number of times that they undergo pulmonary rehabilitation. There are not enough programs to cover the increasing number of patients who suffer from issues related to the lungs or the respiratory tract. Many programs struggle to stay in operation due to low reimbursement from the Centers for Medicare and Medicaid Service (CMS). Limited reimbursements also discourage the development of new therapies.
Air Liquide, Air Products and Chemicals, Praxair, and Linde Gas.Allied Healthcare Products, Amico, Gentec, Matheson Tri-Gas, Medical Gas Solutions, and Powerex.
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