ALBANY, New York, June 8, 2017 /PRNewswire/ --
The global market for medical gas analyzer features a largely consolidated vendor landscape that is marked by a low level of competition, high product prices, and dominance of few large manufacturers across most principle regional market, observes Transparency Market Research in a recent report. The market also has vast untapped growth opportunities in developing and less developed economies and a moderate to high threat of new entrants. Low-cost products from new vendors in emerging economies could pose a threat to the dominance of leading vendors.
For strengthening their hold on the market, companies are focusing on upping their investment towards R&D activities, innovation, and mergers and acquisitions. Servomex, one of the leading companies in the global medical gas analyzer market, developed a new generation multi-gas analyzer SERVOPRO MULTIEXACT 5400 with features such as paramagnetic, zirconia, and thermal conductivity in 2016. In the same year, Teledyne technologies acquired Frontline Test Equipments Inc. and Quantum Data Inc. These acquisitions facilitated the Teledyne to incorporate data communication features in its current products.
According to Transparency Market Research, global medical gas analyzer market valued at US$136.91 mn in 2015 and is projected to expand at a CAGR of 3.1% from 2016 to 2024, reaching a valuation of US$179.24 mn by 2024. In terms of volume, the medical gas analyzer market stood at 190,438 number of units.
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Single Gas Analyzer Product Type to Continue to Account for Lion's Share in Overall Market
In terms of product type, the segment of single gas analyzer dominated the global medical gas analyzer in 2015, accounting for a revenue share of nearly 84% and a volume share of over 97% in the global market, and is expected retain its top spot by the end of 2024. The overall global demand for single gas analyzer is expected to expand at a CAGR of 3.2% during the forecast period, chiefly driven by the low cost and easy availability of these devices.
In terms of geography, North America accounted for the dominant share in the global medical gas analyzer market whereas Middle East and Africa constituted the smallest share in 2015. Factors such as high expenditure on healthcare infrastructure and stringent regulatory compliances to avoid medical gas accidents are anticipated to be the driving factors of the North America market over the report's forecast period.
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Stringent Safety Regulations to Remain Key Driver
The global market for medical gas analyzer is chiefly driven by the ease of use of new varieties of equipment, inclusion of several safety features in them, rapid pace of technological developments, and the rising numbers of hospitals and other healthcare facilities across the globe. The global market features a large number variety of gas sensing technologies such as paramagnetic, zirconia, and infrared, which facilitate safer and quicker measurement of medical gases. Data communication and interface facilities in these devices such as touch screens, alarm systems, data recording and storage, and barcode reader, are making their handling easier, thus pushing demand.
The continuous rise in stringent safety compliances and standards for healthcare providers and the consecutive need to adhere to these regulations is also expected to drive the increased demand for gas analyzer in the next few years globally. Vast untapped growth opportunities due to the rising numbers of hospitals, diagnostics centers, and pharmaceutical companies, especially across emerging economies such as India, China, and Brazil, are also expected to drive the market.
High Costs to Hinder Adoption but Open Up Opportunities in Rental Business
However, high cost of new technologies restricts the early adoption by end-users, which acts as a significant restraint for the market. Nevertheless, high costs of medical gas analyzers are encouraging some end-users, especially in regional market where cost is a major concern, to source them on rental basis. This trend has opened up vast growth opportunities for vendors in the rental business segment.
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This review of the market is based on a recent report by Transparency Market Research, titled "Medical Gas Analyzer Market (Analyzer Type - Single Gas Analyzer, Multiple Gas Analyzer; Technology - Electrochemical, Optical, and Infrared; End user - Hospitals, Ambulatory Surgery Centers, Pharma, Food, Diagnostics Centers, Research Institutes, and Laboratories) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
For the study, the market has been segmented as follows:
Global Medical Gas Analyzer Market, by Type of Analyzer
- Single Gas Analyzer
- Multiple Gas Analyzer
Global Medical Gas Analyzer Market, by End-user
- Ambulatory Surgery Centers
- Pharma and Food
Global Medical Gas Analyzer Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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