ALBANY, New York, March 27, 2019 /PRNewswire/ -- The competitive landscape of the global medical gas analyzer market has shifted from a consolidated one to a fairly fragmented one. This is solely because of the entry of several new market players, who are making their way into the market, says Transparency Market Research (TMR) in a recently published report. TSI Incorporated, Servomex Group Ltd., WITT-GASETECHNIK, Fluke Inc., and Maxtec LLC are top companies working in the global medical gas analyzer market.
A key strategic alliance adopted by players in the global medical gas analyzer market to outshine their rivals include constant improving the quality along with increasing the readability of their products. Moreover, these players have attained a level of expertise with execution of several business strategies to impel their growth meter in the global medical gas analyzer market. The competition is further getting intensified with the entry of several new and amateur players who are acquiring salient features such as mergers and acquisitions. Medium-sized vendors in the market are looking out for opportunities to collaborate with larger players for improving their revenue index.
According to experts from TMR, the global medical gas analyzer market is expected to accumulate revenue worth US$179.24 mn by the end of 2024. The market stood at US$136.91 mn in 2015. Experts project this growth to occur at a promising CAGR of 3.1% during the forecast period from 2016 to 2024.
Among the various end-users in the market, the hospitals end-use segment accounts for the dominant share in the market. This segment is also expected to boost the global medical gas analyzer market during the forecast period, due to the rising number of hospitals across developing economies. Region wise, North America is expected to hold lion's share in the global medical gas analyzer market in the coming years. This is attributed to the implementation of standard safety policies in healthcare sectors and high healthcare expenditure in this region.
Increasing Number of Medical Gas Therapy Worldwide to Propel Demand in Market
Medical gas analyzer is a device which is mainly used for measuring, determining quantitative and qualitative configuration of pure medical gases. The most extensively used medical gases in healthcare industry include nitrogen, oxygen, nitrous oxide, and carbon dioxide. Medical gas analyzer includes various equipment such as monitoring systems, valves and pumps, vacuum systems, and regulators. These instruments help in examining the concentration of medical gases along with their purities and impurities. Such USPs are driving the global medical gas analyzer market. Rising prevalence of chronic diseases such as cancer and respiratory diseases, and increasing number of patients admitted in ICUs are also majorly fueling growth in the global medical gas analyzer market.
Furthermore, the analysis of medical gases in healthcare facilities is crucial factor for staff and patient's safety. Apart from healthcare facilities, medical gas analyzers are also widely used in pharma and food packaging industries. Growing number of hospitals worldwide is also propelling expansion in the global medical gas analyzer market. Apart from this, rapid technological advancements in healthcare sectors and the development of infrared sensor technology and electrochemical is further boosting the global medical gas analyzer market.
A major challenge hindering the growth of the global medical gas analyzer market include high costs of deployment of medical gas analyzer in healthcare industry. Nonetheless, the sluggish growth rate of the market is compensated by persistent demand for safety in hospitals and ambulatory surgical centers. Such factors are believed to help overcome this challenge in the near future.
The review is based on a market research report by TMR, 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".
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