Rising geriatric population and
prevalence of respiratory diseases owing to increasing air pollution and
unhealthy dilatory habits are some of the key factors driving the demand for
medical gases and equipment. On the other hand, the global scarcity of helium
is impeding the growth of the market.
Implementation of favorable
regulations by governments worldwide is augmenting the growth of the market.
The Food and Drug Administration Safety and Innovation Act (FDASIA) is one of
the examples of such regulatory guidelines supporting the market growth. FDASIA
enables withdrawal of drug user fees, approval of medical gasses for clinical
usage, and also offer favorable intellectual protection right for innovative
products.
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Oxygen gas dominated the global
medical gases market with a share of more than 44% in 2013. Rising number of
patients suffering from respiratory diseases has been primarily boosting the
growth of the oxygen gas among other segments.
Nitrous oxide accounted for
around 25% of global market in 2013. The market share of the segment is
expected to shrink during the forecast period since Increasing replacement of
the gas by anesthetic drugs is expected to result in slow growth of nitrous
oxide over the forecast period.
Medical pure gas dominated the
market with a revenue of USD 1.7 billion in 2013. Rising prevalence of various
respiratory disorders in geriatric population was the key driving factor for
the growth of medical pure gases market.
Medical gases mixtures are
anticipated to grow at a CAGR of 11.1% from 2014 to 2020. Increasing
demand for the product in various medical administrations such as bypass
surgery, renal dialysis, sterilization and other particular conditions are some
of the factors responsible for the growth of the segment.
Vacuum systems dominated the
overall equipment segment market share of more than 30% in 2013. Extensive
research and development followed by constant innovation in the products are
anticipated to widen its application in the respiratory disease treatment
during the forecast period.
Medical masks are fastest
growing medical equipment and is expected to show CAGR of around 9% from 2014
to 2020. Largest revenue share of the segment was majorly attributed to low
production costs coupled with very high usage rates. Manifolds, regulators, and
outlet are some of the segments that are also expected to witness significant
gains in near future.
North America contributed to
more than 40% of the overall revenue share and was worth USD 2.48 billion in
2013. The presence of anadvanced healthcare infrastructure, the high adoption
rate for advanced technologies and reimbursement coverage are some of the
factors resulting in the dominance of the region. Europe was the second largest
regional market after North America with a market share of around 19% in 2013.
Asia Pacific is anticipated to
be the fastest growing market with CAGR of 9.9% during the forecast period.
High air pollution index resulting in a large pool of target population is
expected to propel growth in the region over the projected period. Moreover,
the booming medical tourism industry is projected to attract global patients to
this region. As a result, demand for medical gases and equipment is anticipated
to increase significantly in Asia Pacific.
Growing M&A, investment in
R&D, and product innovations are some of the strategies implemented by
market players to sustain the competition and maintain their market share. For
instance, in May 2014, Medical Gas Solution introduced the Medi Quick and
Medi-1st kits to its product portfolio.
Major players in the global
market include Air Liquide, Linde Gas, Air Products and Chemicals Inc.,
Matheson Tri-Gas Inc., and Praxair Inc. In 2013, the market was dominated by
Air Liquide. Efficient distribution channel coupled with broad product
portfolio enabled Linde Gas to capture market share of approximately 18%.
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