Medical Gas Equipment Market Size By Product (Manifolds, Outlets, Hose Assemblies and Valves, Alarm Systems, Cylinders, Flowmeters, Regulators, Medical Air Compressors, Vacuum Systems), By End-use (Hospitals, Clinics, Ambulatory Surgical Centers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast,2021 - 2027
The medical gas equipment market is expected to register notable growth by 2027 owing to soaring demand for medical oxygen among critical COVID-19 patients. Additionally, growing need for adequate medical oxygen storage and infrastructure globally is likely to further foster market expansion through the forecast period.
The lack of access to medical oxygen, coupled with inadequate resources for medical institutions during the ongoing COVID-19 pandemic, has threatened the healthcare systems across many countries. This has urged companies to boost their production capacities to accommodate the surging requirement for medical oxygen worldwide, which has augmented product uptake during the COVID-19 pandemic.
Notably, industry participants are actively employing lucrative strategies to tap into prevalent trends in the market, which has strengthened the overall competitive landscape. For instance, in June 2021, Rotarex Meditec, a medical business unit of Rotarex S.A., launched its novel pressure regulator for medical gases dubbed Alpinox.
The Alpinox device has been designed to enhance usability with the addition of a direct drive manometer that is more resistant to vibrations and shocks. The device is directly linked to a conventional gas cylinder valve, which decreases the pressure and regulates the flow of medical gases, allowing them to be administered safely to the patient.
In another instance, in July 2020, Air Liquide S.A., a leading industrial gas company, announced the acquisition of Sasol’s 16 Air Separation Units (ASU) located in South Africa, which is the biggest oxygen production site in the world. The deal was intended to reduce CO2 emissions of the site by 30-40% in the next ten years and improve its operational capacity by introducing digital capabilities and state-of-the-art technologies.
The medical gas equipment market has been categorized based on end user, product, and region. With respect to product, the market has further been classified into alarm systems, medical air compressors, manifolds, cylinders, vacuum systems, outlets, flowmeters, hose assemblies and valves, regulators, and others.
The outlets sub-segment is expected to reach a valuation of over USD 461.0 million by the end of 2027. Meanwhile, the alarm systems sub-segment is set to garner considerable gains, expanding at a CAGR of approximately 5.9% through the review period.
In terms of end user, the medical gas equipment market has been bifurcated into ambulatory surgical centers, hospitals, clinics, and others. The ambulatory surgical centers sub-segment held nearly 37.8% market share in 2020 and is slated to grow at a robust pace over 2021-2027.
From the regional point of view, the Latin America medical gas equipment market is speculated to attain a market share of more than 6.3% by the end of 2027. The Middle East & Africa medical gas equipment market is projected to exhibit sturdy growth at around 6.7% CAGR through the forecast timeframe.
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