NEW YORK, May 24, 2021 /PRNewswire/ — The medical gas equipment market is projected to grow by USD 3.79 billion during 2021-2025. However, the market growth momentum is expected to decelerate a CAGR of almost 11%. Technavio’s report on the medical gas equipment market covers the market outlook and growth prospects during the forecast period.
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Technavio’s research study provides comprehensive information on the factors affecting the growth of the medical gas equipment market across the following regions.
- North America
Medical Gas Equipment Market in North America:
«North America occupied about 43% of the total market share in 2020 and the region is offering significant growth opportunities for market vendors. The presence of a well-established medical device industry in the US and the availability of favorable reimbursement policies will present significant opportunities for market vendors,» says a senior analyst at Technavio.
The rising prevalence of respiratory disorders and the high concentration of key vendors will be crucial in driving the growth of the market in North America. The revenue contribution to the market in North America will be maximum from the US.
Medical Gas Equipment Market in Europe:
«Over the years, Europe has witnessed significant growth in the geriatric population. This coupled with the rising prevalence of respiratory diseases, high awareness about CPR techniques, high healthcare expenditures, and the increased adoption of advanced technologies in medical equipment are fostering the market growth in Europe,» says a senior analyst at Technavio.
The market is expected to register an 11.64% CAGR in Europe during 2021-2025. Factors such as the strong presence of established vendors and the rising need to supplement the oxygen and regulate airway loss in people infected with COVID-19 will be crucial in driving the medical gas equipment market growth in Europe. The revenue contribution to the market in Europe will be maximum from Germany, the UK, and Italy.
Medical Gas Equipment Market in APAC:
«Developing countries such as China and India are making significant investments and introducing various initiatives to improve the healthcare infrastructure. This is attracting several global companies to expand their operations in the region. Besides, the rising prevalence of asthma and expanding geriatric population will present significant opportunities for market vendors,» says a senior analyst at Technavio.
The market is expected to register a 12.41% CAGR in Europe during the forecast period. The rising healthcare spending in APAC, owing to the increasing number of state healthcare programs, and the improving healthcare infrastructure in fast-growing economies, such as India and China are fostering the growth of the medical gas equipment market in APAC. China is the major market for medical gas equipment in the region.
Know about the major factors impacting the growth of the market across other regions by downloading our free sample report:
The global medical gas equipment market is driven by the following factors:
- Growing POCD and home healthcare markets
- Growing need for medical gas cylinders during chronic disease treatment and surgeries
- Spread of coronavirus disease across the globe
Based on the end-user, the report segments the medical gas equipment market by hospitals and clinics, home healthcare, pharmaceutical and biotechnology companies, and academic and research institutions.
The hospitals and clinics segment registered maximum growth in the market in 2020. The segment is driven by the growing prevalence of respiratory diseases and an increase in the footfall of patients across the globe. Also, new product launches and the expansion of production facilities by vendors will contribute to the growth of the segment during the forecast period.
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Top vendors highlighted in the Medical Gas Equipment Market Report:
The report offers insights on key products offered and business strategies adopted by major vendors including,
- Air Products and Chemicals Inc.
- Allied Healthcare Products Inc.
- Amico Group of Companies
- Atlas Copco AB
- GCE Holding AB
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