Global Medical Gases and Equipment Market - Segmented by Product, End-user, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Medical gases and Equipment Market is expected to register a CAGR of about 8.1%, during the forecast period, 2018 to 2023. Medical gases are specialized gases, which are used for medical purposes, drug processing and research in biotechnology. The medical gas can be a single pure gas or a mixture of different gases. The common types of gases used are oxygen, ammonia, hydrogen, nitrous oxide, nitrogen, and carbon dioxide. The gas equipment, such as cylinder and masks are used to store and deliver gas.
Rise in the Ageing Population
Population aging is beyond compare. It is without equivalent in the human history – the 21st century is witnessing swifter aging than the previous century. Life expectancy in Europe continues to rise: in 2010, it was around 75 years for men and 85 years for women. Most of the European population is aged 67 or over, which is a large population. This trend can be partly attributed to the falling mortality risks for both heart attacks and strokes. Since Europe is home to one of the largest elderly populations in the world and this results in higher number of lung diseases, healthcare provision remains a high government priority. Thus, the rapid increase in the aging population is a major factor driving the medical gases and equipment market. Other factors, like rise in lung disease due to increasing pollution will also boost market growth.
Regulatory Framework Concerns
Medical gases are considered prescription drugs because their use as drugs is unsafe without the supervision of a licensed practitioner or by properly instructed emergency personnel. Regulations regarding the purity of these substances are established by the United States Pharmacopeia/National Formulary (USP/NF). Specifically, medical gases are under the scrutiny of the United States Pharmacopeia and National Formulary, whose recommendations are legally enforced by the Food and Drug Administration. These strict regulations make it difficult for manufacturers to abide by them. This acts as a deterrent for the manufacturer to invest in the medical gases market. This acts as a restraint for the market growth. Other factors, like helium gas shortage will lead to the slowdown of the market growth.
North America to Witness Considerable Growth in the Forecast Period
North America accounted for the largest share of the medical gases and equipment market in 2017, followed by Europe. High usage of medical gases and equipment in the pharmaceutical sector, growing funding for environmental testing in the US, growing food safety concerns in the US, and government initiatives to improve lab infrastructure and propel fundamental scientific research in Canada will drive market growth during the forecast period.
Key Developments in the Market