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(ARABNEWSWIRE.COM, June 16, 2020 ) [401 Pages Report] MarketsandMarkets forecasts the Medical Gas Market to grow from USD 14.83 billion in 2018 to USD 20.04 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period.
Driver: Increasing prevalence of chronic diseases;
With changes in lifestyle and eating habits, the number of people suffering from obesity and related disorders across the globe has increased significantly in the last few years. The global prevalence of obesity nearly tripled between 1975 and 2016 According to the WHO, in 2016, more than 1.9 billion adults (18 years and older) were reportedly overweight, globally. Of these, over 650 million were found to be obese. Additionally, in 2016, ~340 million children and adolescents aged 5–19 were found to be overweight/obese across the globe.
Obesity is regarded as one of the major factors responsible for the increasing prevalence of chronic disorders, including heart disorders and diabetes. The WHO has stated that in the last two decades, there has been a significant increase in the prevalence of diabetes, heart diseases, and other non-communicable diseases, globally. According to the American Hospital Association, in 2015, ~149 million individuals in the US suffered from at least one chronic illness, such as hypertension, heart disease, and respiratory diseases. By 2030, this number is expected to reach 171 million. Since medical gases form a critical component of various long-term care treatments for several chronic conditions, including cardiovascular diseases, chronic respiratory diseases, and cancer, the rising prevalence of lifestyle diseases is expected to play a pivotal role in the growth of the medical gas market in the coming years.
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Medical Gas and Equipment Market Segmentation in Depth:
On the basis of type, the lung diffusion mixtures segment accounted for the largest share of the medical gas mixtures market in 2017. This can primarily be attributed to the increase in the number of chronic diseases, the high proportion of untreated patients, and the growing aging population.
Based on applications, the therapeutic applications segment accounted for the highest share of the medical gases and equipment market in 2017. This is mainly due to the high prevalence of respiratory and cardiovascular diseases, which has resulted in increased consumption of medical gases and equipment.
Based on end users, the hospitals segment accounted for the largest share of the medical gases and equipment market in 2017. This is mainly due to the high utilization of medical gases and equipment by hospitals due to the large patient pool.
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North America is expected to hold the largest market size in the medical gases and equipment market during the forecast period, followed by the European region. On the other hand, the Asia Pacific market is expected to witness the highest growth during the forecast period. The rapid growth in the developing healthcare industry across China and India is expected to offer significant growth opportunities for players operating in this market during the forecast period.
The prominent key players in the medical gas market include Air Products and Chemicals, Inc. (U.S.), The Linde Group (Germany), Taiyo Nippon Sanso Corp. (Japan), SOL-SpA (Italy), Air Liquide (France), Praxair, Inc. (U.S.), Atlas Copco (Sweden), Messer Group (Germany), and GCE Holding AB (Sweden).
Mr. Aashish Mehra