Sellbyville, DE -- (SBWIRE) -- 05/22/2019 -- The Medical Gas Equipment Market is set to exceed USD 7.2 billion by 2024; according to a new research report by Global Market Insights. Favorable government policies will spur demand for medical gas equipment in upcoming years. For instance, implementation of regulations such as the U.S. FDA Safety and Innovation Act will drive medical gas equipment market. Also, support from government associations such as Compressed Gas Association and Gases and Welding Distributors Association will significantly impact market growth. Increasing government initiatives for supplying essential medical air safely and efficiently across different healthcare settings will drive business growth during the forecast period.

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Growing geriatric population base is one of the major factors responsible for the growth of medical gas equipment market growth. Increasing average life expectancy, growing healthcare infrastructure and decreasing fertility are few of the major reasons responsible for the growth of geriatric population. As per the estimates of United Nations (UN), the geriatric population is expected to reach 2.1 billion by the year 2050. This product meets specific needs of the patient and is more user friendly. As number of in-patients will increase, the demand for medical gases such as oxygen supply will increase, thereby driving the market growth.

Rising prevalence of pulmonary diseases will boost market growth during the foreseeable future. Adoption of sedentary lifestyle along with unhealthy diet and smoking are the major causes of growing incidences of chronic obstructive pulmonary disease. Increasing prevalence of respiratory diseases coupled with growing public awareness levels for early diagnosis and prevention will drive demand of the market. This will increase the demand for respiratory devices in point of care diagnostics and home healthcare, that will positively drive the market worth.

Vacuum systems market was valued at USD 1,337.3 million in 2017 owing to increasing need of medical air in healthcare settings. High growth rate is attributable to various technological advancements for developing cutting-edge vacuum systems. Decreased noise level system and efficient cleaning system offers low maintenance, thereby enabling installation of vacuum systems at point of use and saving cost. Various ongoing introduction of novel vacuum system designs and continuous technological improvements will augment the business growth in the upcoming future.

Manifolds market will expand at 7.7% CAGR during the forecast timeframe owing to various technological advances and growing demand for medical air. With wide array of applications in different healthcare settings such as hospitals and ambulatory surgical centers, manifold systems will witness significant growth in the future. Moreover, various technological advancements aimed for optimizing medical gas supply in hospitals will significantly increase demand for manifold systems in the future. Such factors will favour segmental growth in recent years.

Hospitals segment is expected to expand at CAGR of 7.5% during the projected timeframe. Increasing number of patient visit and growing number of respiratory procedures in hospitals should increase demand for medical gas equipment over the forecast period. Advanced treatment procedures offered in hospitals along with growing burden of asthma will propel hospital segment. Favorable reimbursement policies coupled with increasing patient preference and affordability will favor segmental growth over forecast timeframe.

U.S. market contributed to largest revenue of USD 1,472.6 million in North America in 2017. High disposable income and various government policies such as implementation of U.S. FDA Safety and Innovation Act will foster business growth. Growing burden of chronic obstructive pulmonary disease and emergency asthma cases will aid in growth of medical gas equipment business. Moreover, various insurance and reimbursement policies by Center for Medicare and Medicaid Services will foster regional growth in foreseeable years.

Germany medical gas equipment market will grow at 6.7%, owing to high pervasiveness of pulmonary artery disease. According to Institute for Health Metrics and Evaluation, COPD ranks 5th in terms of disease causing most deaths. Adoption of unhealth habits such as smoking are major cause of high prevalence rate. High prevalence rate and increasing healthcare expenditure will further lead to business growth in the future.

Japan medical gas equipment market contributed to revenue size of USD 291.2 million in 2017 owing to increasing geriatric population coupled with rising burden of respiratory disease. According to Japan's Ministry of Health Labor and Welfare (MHLW), currently, about 20% of the Japanese population aged above 60 years. Favorable insurance policies in Japan will increase adoption rate of medical gas equipment, thereby propelling industry growth.

Few industry players are Matheson Tri-Gas, Praxair, Air Gas, Medical Gas Solutions, Ohio Medical, Amico Corp, Air Liquide, Air Products Chemicals, Linde Gas, BeaconMedaes, Allied Health Care, Powerex and Gentec Corp.

Merger and acquisition, product innovations and increasing investment in R&D are key strategies followed by industry players for consolidating their market position. Presence of numerous local manufacturers along with new entrants entering the market with large revenues intensifies medical gas equipment industry rivalry.

Medical Gas Equipment Market, by Product

1 Manifolds
2 Outlets
3 Hose Assemblies and Valves
4 Alarm Systems
5 Cylinders
6 Flowmeters
7 Regulators

Medical Gas Equipment Market, by End-User

1 Hospitals
2 Clinics
3 Ambulatory surgical centers

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Chapter 1. Methodology

1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
1.4.1. Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2. Primary

Chapter 2. Executive Summary

2.1. Medical gas equipment market industry 360o synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. End-user trends
2.1.4. Regional trends

Chapter 3. Medical Gas equipment Industry Insights

3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces

3.3.1. Growth drivers
3.3.1.1. Increasing geriatric population
3.3.1.2. Growing demand for home healthcare and point of care diagnostics
3.3.1.3. Favorable initiatives undertaken by government organizations
3.3.1.4. Presence of untapped opportunities in emerging economies

Chapter 5. Medical Gas Equipment Market, By End-user

5.1. Medical gas equipment market share by procedure, 2017 & 2024

5.2. Hospitals
5.2.1. Market size, by region, 2013 – 2024 (USD Million)

5.3. Clinics
5.3.1. Market size, by region, 2013 – 2024 (USD Million)

5.4. Ambulatory surgical centers
5.4.1. Market size, by region, 2013 – 2024 (USD Million)

5.5. Others
5.5.1. Market size, by region, 2013 – 2024 (USD Million)

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Data Tables

TABLE 1. Medical gas equipment industry 3600 synopsis, 2013 – 2024
TABLE 2. Global Medical gas equipment market, 2013 – 2017 (USD Million)
TABLE 3. Global Medical gas equipment market, 2018 – 2024 (USD Million)
TABLE 4. Global Medical gas equipment market, by product, 2013 - 2017 (USD Million)
TABLE 5. Global Medical gas equipment market, by product, 2018 - 2024 (USD Million)
TABLE 6. Global Medical gas equipment market, by end-user, 2013 - 2017 (USD Million)
TABLE 7. Global Medical gas equipment market, by end-user, 2018 - 2024 (USD Million)
TABLE 8. Global Medical gas equipment market, by region, 2013 – 2017 (USD Million)
TABLE 9. Global Medical gas equipment market, by region, 2018 – 2024 (USD Million)
TABLE 10. Industry impact forces