The global medical gases and equipment market was valued at $12,607.2 million in 2015 and growing at a CAGR of 8.0% during the forecast period. The home healthcare segment in the global medical gases and equipment market is expected to witness the fastest growth, a CAGR of 8.4% during the forecast period.
The global medical gases and equipment market is growing at a significant rate due to growing geriatric population, increasing prevalence of lifestyle associated diseases, and increasing demand of home healthcare. The technological advancement and increasing incidence of respiratory diseases is also driving the growth of the global medical gases and equipment market. However, the factors such as shortage of helium and changes in medical gas calibration standards are inhibiting the growth of the market globally.
Medical gases are the lifesaving system in hospitals that enables healthcare professionals to provide better and safer patient care. It is supplied with the help of medical gas system, which assembles supply piped nitrogen, oxygen, medical air, carbon dioxide and nitrous oxide. The medical gas systems are used in hospital areas, such as operating room, recovery room, and patient room.
Geographically, North America dominated the global market of medical gases and equipment in 2015. The market is expected to witness the fastest growth, a CAGR of 8.7%, in Asia-Pacific during the forecast period.
Some of the key companies operating in the global medical gases and equipment market include Air Products and Chemicals Inc., Linde Group, Air Liquide, Medical Gas Solutions, BeaconMedaes, Matheson Tri-Gas Inc., Taiyo Nippon Sanso Corporation, and Praxair Technology Inc.
News Courtesy: P&S Market Research