INCREASE IN THE OCCURRENCE OF CHRONIC DISEASES
According to World Health Organization, the occurrence rate of chronic diseases is rapidly growing all over the world, causing more number of deaths. The occurrence rate of chronic diseases is increasing day by day in the worldwide population. Medical oxygen is given to the patients suffering from Chronic Obstructive Pulmonary Disease (COPD), Asthma and Chronic bronchitis.
With the increase in the prevalence rate the treatment and diagnosis needs are also increasing, thus becoming a major driver for the global medical gas market.
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RAPIDLY GROWING GERIATRIC POPULATION
The global population of older people continues to grow at an unmatched rate. With the growing geriatric across the world is leading to the increase of age related problems. With the increasing age the functionality of the lungs are getting weaker and the diaphragm gets weaker which leads to difficulty in opening the airway thus making the air sacs baggy and the defence mechanisms of lungs stops because of which older people becomes more susceptible to pneumonia.
With the rising geriatric population, prevalence of diseases and their treatment needs are also increasing which has led to the rise become a major driver of the medical gas market
INCREASING INCIDENCE OF PRETERM CHILD BIRTHS
A pregnancy usually lasts nearly around 40weeks. If the babies are born alive before the completion of 37 weeks then it is called as Preterm birth. Babies born in less than 37 week gestation suffer with pulmonary surfactant deficiency in the lungs. Symptoms and signs of pulmonary surfactant deficiency of babies include use of accessory muscles, grunting respirations, and nasal flaring.
With the growing incidence of preterm birth the demand for their supportive care is also increasing at a higher rate. This increasing demand has provided an opportunity for the companies to focus on the production of medical gas at a large quantity and hence it has contributed to the demand for medical gas market.
RISING INCIDENCES OF RESPIRATORY DISEASES
According to a report of WHO, day by day the respiratory disease burden is increasing due to tobacco smoke exposure and inhalation of polluted outdoor air. Respiratory diseases are causing an increase in the worldwide health burden and severe illness & death. Five most common respiratory diseases are chronic obstructive pulmonary disease (COPD), asthma, tuberculosis (TB), acute lower respiratory tract infections and lung cancer.
With the growing incidence of respiratory diseases the demand for the medical gas is also increasing. Due to increasing demand for the medical gases the companies will focus on its production at a large quantity, thus leading to the growth of the market globally.
UNIVERSAL HELIUM SHORTAGE
Helium/oxygen mixtures make it easier for the patient to breathe and also help to prevent them from respiratory failure like upper airway obstruction, asthma, chronic obstructive pulmonary disease (COPD) and bronchiolitis.
With this we can say that helium is one of a leading medical gas and shortage of it will restrain the growth of the market globally.
INCREASE IN THE PRICE OF MEDICAL GAS
According to a press release Praxair made these adjustments in response to the “rising costs” and it will support the capital investment which is required for the continued supply of Praxair’s operations.
Thus this price hike of the medical gases will act as a major market retrain for the market.
MARKET GROWTH IN EMERGING NATIONS
The rapid growth of healthcare sectors across India and China is anticipated to provide significant opportunities for market players operating in the medical gas market.
The companies are investing in the research and development activities for the innovation and invention of new products. Thus, with this we can see that various companies are adopting or implementing several new technological developments to enhance their products.
LACK OF ADOPTION MEDICAL GAS STANDARDIZATIONS AND FLUCTUATIONS IN MEDICAL GAS STANDARDIZATION CRITERIA
Standardization has been accepted as an important element for safety of the patients by APSF (Anesthesia Patient Safety Foundation) and many others. The ISO (International Organization for Standardization) was established on February 1947 in Geneva, Switzerland initially for helping the standardization of industrial development. Later the scope of ISO was expanded to cover many other matters, even anesthesia apparatus. Therefore, people have to adopt these standards in order to avoid such dangerous situations. Thus, the lack of adoption and fluctuations in the medical gas standardization criteria can act as a challenging factor for the growth of the market.
On the basis of product, the market is segmented into medical gases and medical gas equipment. Medical gases segment is sub-segmented into Pure Medical Gases and Medical Gas Mixtures. Pure Medical Gases segment is further segmented into type and form of delivery. The type segment is further sub-segmented into oxygen, carbon dioxide, nitrous oxide, nitrogen, helium and medical air. The form of delivery segment is further sub-segmented into high pressure cylinders, liquid cylinders and bulk delivery. Medical Gas Mixtures segment is further segmented into blood-gas mixtures, lung diffusion mixtures, carbon dioxide–oxygen mixtures, nitrous oxide–oxygen mixtures, laser-gas mixtures, aerobic gas mixtures, anaerobic gas mixtures, ethylene oxide and helium-oxygen mixtures. Medical gas equipment segment is sub-segmented into equipment accessories, oxygen concentrators, Cryogenic Products (Freezers) and gas delivery systems. The Equipment Accessories segment is further sub-segmented into hoses optical, manifolds, regulators, flowmeters, suction regulators, vacuum systems, outlets, medical air compressors, monitoring systems (Alarms & Monitors) and valves with integrated pressure regulators (VIPRS). The medical gases segment is growing at the highest CAGR and expected to reach USD 14,286.54 million in the forecast period of 2019 to 2026.
On the basis of application, the market is segmented into pharmaceutical manufacturing & research, diagnostic applications, therapeutic applications and others. Pharmaceutical Manufacturing & Research segment is sub-segmented into drug discovery, pharmaceutical manufacturing, process development and quality control. Diagnostic Applications segment is sub-segmented into medical imaging and general laboratory use. Therapeutic Applications segment is sub-segmented into respiratory diseases, cardiovascular diseases, anesthesia, cryosurgery and other therapeutic applications. In 2019, therapeutic application segment is growing at the highest CAGR in the forecast period of 2019 to 2026.
Some of the major players operating in this market are Air Products and Chemicals, Inc., Taiyo Nippon Sanso Corporation, The Linde Group, SOL-SpA, Praxair Technology, Inc., Air Liquide, Atlas Copco, GCE Holding AB, Messer Group, The Southern Gas Limited, Aims Industries Ltd., Amico Group, GCE Group, Crumpton Welding Supplies & Equipment, Zaburitz Pearl Co., Ltd., Ellenbarrie Industrial Gases, Uttam, SCI Analytical, Rotarex, Allied Healthcare Products Inc. and many others.
Global Medical Gas Market – Industry Trends and Forecast to 2026
Asia Pacific Medical Gas Market – Industry Trends and Forecast to 2026
Middle East and Africa Medical Gas Market – Industry Trends and Forecast to 2026
North America Medical Gas Market – Industry Trends and Forecast to 2026
Europe Medical Gas Market – Industry Trends and Forecast to 2026