LONDON, Oct. 25, 2016 /PRNewswire/ -- The medical gases market is expected to reach USD 15.1 billion by 2024, according to a new report by Grand View Research, Inc. The medical gases market is anticipated to witness a positive growth during the study period from 2016 to 2024. This growth is attributed to a majority of factors, such as the high prevalence of chronic diseases including heart diseases, stroke, asthma, cancer, diabetes, and obesity. Increasing adoption of sedentary lifestyles and unhealthy diets coupled with the significantly large aging population is resulting in the high incidence of chronic diseases in the developed regions. However, the worldwide shortage of helium, largely concerning the manufacturers of medical equipment, and the stringent government rules and regulations are expected to hamper the market growth.
The pure gases segment is expected to witness a significant growth rate in the developing countries due to its high demand and increasing usage in the healthcare industry. The increasing demand for advanced medical gas equipment, such as vacuum systems and manifolds, is propelling the growth of this segment.
Based on applications, the vertical has been further classified into therapeutics, diagnostics, drug discovery and development, clinical research, and quality control. The therapeutics segment is expected to witness a significant growth rate during the forecast period due to their high demand as medicinal products and the related equipment in hospitals & other healthcare centers.
The Asia Pacific region is anticipated to be the fastest growing region during the forecast period, while North America is estimated to dominate the global market in 2015.
Further key findings from the study suggest:
North America is estimated to reign the global medical gases market in the year 2015. The increasing awareness about chronic diseases, its causative and risk factors, enhanced uptake and acceptance of technologically advanced therapeutic & diagnostic products is expected to contribute to the market growth.
The Asia Pacific region is projected to be the fastest growing region during the forecast period. The reason being the considerably large burden of chronic diseases in certain developing regions, such as India, where 142.1 in every one lakh individuals, die due to lung disease. As a result of the high incidence of respiratory diseases, the urgent requirement to undertake awareness measures and integrate advanced diagnostics and therapeutics is expected to fuel the sector growth.
The medical gas equipment is the largest grossing segment, and is hence expected to capture the largest share in 2015, especially in the developed countries including the U.S. and Germany. Advances in the medical equipment and its increasing demand in the developing economies will be a crucial factor contributing to the growth in this sector.
The industry involves several global as well as local players. Some of the major players in this sector include Air Liquide, The Linde Group, Praxair, Inc., Airgas, Inc., Air Products and Chemicals, Inc., BeaconMedaes, Medical Gas Solutions Ltd., and Matheson Tri-Gas.
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