(MENAFN- GlobeNewsWire - Nasdaq) New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Medical & Pharmaceutical Gases and Equipment Market Analysis & Trends - Industry Forecast to 2028" -
Based on our analysis the market is expected to grow at a CAGR of 8.5% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include increasing demand for advanced services, rising investment of government funds in healthcare, and market expansion in emerging countries across APAC.
Global Medical & Pharmaceutical Gases and Equipment Market: Market Dynamics
Medical & pharmaceutical gases and equipment being an integral part of the hospitals' industry are witnessing a considerable surge in demand with the increase in the number of hospitals across the globe. The purity of the gases plays an important role in the recovery of the patient and there is also a risk of acquiring contagion through medical gases. Due to this reason, the medical gases need to be manufactured according to certain specified standards. The increasing incidence of preterm births, technological advancement in pharmaceutical gases, and growing demand for home healthcare and point-of-care diagnostics are fueling the growth of the medical & pharmaceutical gases and equipment market across the globe. The favorable initiatives undertaken by government organizations are one of the key factors contributing to the growth of the market.
For instance, according to the National Heart, Lung and Blood Institute Atherosclerotic Risk in Communities (ARIC) Study and Cardiovascular Health Study (CHS), there are 1,260,000 new and recurrent coronary attacks per year- about 37% of people experience a coronary attack in a given year die from it.
On the other hand, stringent government rules and regulations are likely to obstruct the profit boundaries. In addition, market expansion in emerging countries across APAC will further boost the medical & pharmaceutical gases and equipment market.
Impact of COVID-19 on Medical & Pharmaceutical Gases and Equipment
The outbreak of COVID-19 has moderately affected the market and it is overcoming the fetters fast and creating opportunities for market players. The demand for medical & pharmaceutical gases and equipment supplies has risen significantly as a result of the COVID-19 pandemic. Companies at the forefront of gas supplies to hospital facilities, as well as pharmacies serving a large number of patients at home, find that thousands of cylinders are being used and emptied daily. Medical gas is a critical element for human life existence, and because of its natural availability through the air, it is sometimes forgotten to be a life-saving essential medicine. Its importance once grew more during the COVID-19 epidemic because of its close association with the respiratory system. High-flow nasal oxygen is found to be a safe and efficient treatment for COVID-19 patients who are not in an ICU. The WHO says that 15 percent of COVID-19 patients require medical oxygen because of breathing difficulties. Till a pharmacological treatment is available for COVID-19, ventilators will remain a vital preference for patients requiring critical care. The market is thus posed with the urgent need for accelerating manufacturing.
By Type
Pure Gases Segment Dominate the Market in 2019
The pure gases segment is estimated to have a significant market share during the forecast period, as it is extensively used in the treatment of chronic obstructive pulmonary disease. Oxygen is generally supplied in gas cylinders from which the administration to the patients is done by using a facial mask that can clasp about 60% of oxygen or through a tight-fitting anesthetic type mask that can hold up to 100% oxygen. In addition, according to the Pharma Review, 20-40% oxygen is generally used in the treatment of C.O.P.D. and 40%-60% is used in case of bronchial asthma and 100% oxygen is used in the treatment of stern hypoxia and noxious gas poising which is ultimately driving this segment growth. Furthermore, Ethonox is a ready-to-use medical gas mixture consisting of 50% nitrous oxide and 50% oxygen for use in all situation where analgesia and sedation with rapid onset and offset is sought.
By Geography
North America Region is Leading in the Global Market Place
North America region is likely to have huge demand during the forecast period, due to the increasing geriatric population along with the increase in the number of people suffering from chronic illness, rising health concerns among people, and a better healthcare structure. According to the Centers for Disease Control and Prevention, about 647,000 Americans die from heart disease each year-that is 1 in every-4 deaths. Moreover, the presence of major players including Praxair and Airgas is further contributing to its market growth in North America. In the United States, the medical gas sector is in the middle of a shift in standards, analysis, and delivery procedures, which results from the current increase in the use of home oxygen therapy to the modernization of medical gas standards and the means of supply.
List of the Key Players Profiled in the Market Include:
• Boc India Limited
• Leland Limited
• BPR Medical Ltd
• Air Products and Chemicals, Inc.
• Gulf Cyro
• Praxair Inc.
• Air Liquide
• Air Gas Inc.
• Linde Group
• BOD India Ltd
• BeaconMedaes LLC
• INOX Air Products Private Limited
List of the Regions/Countries Profiled in the Market Include:
North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others
Read the full report:
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