Medical Gas Analyzers Market Projected to Cross $325 Million by 2025
The Medical Gas Analyzer Market is expected to touch $ 325 million by 2025 and grow at a CAGR of 4.1% from 2018 to 2025.
Medical gas analyzers are used to measure the concentration and purity of medical gases such as oxygen, carbon dioxide, nitrogen, and nitrous oxide. These gases are widely used in hospitals, outpatient surgery centers, pharmaceutical companies, and biotechnology companies for gas therapy, sterilization, and insulation. The medical gas analyzer market is expected to grow significantly during the forecast period due to the rapid adoption of medical gas analyzers, strict regulations on medical gas systems, and increased demand for advanced medical gas analyzers.
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Depending on the product, the market is divided into a single gas analyzer and multiple gas analyzers. Today, single gas analyzers are a major source of revenue due to their low cost, convenience, and accuracy. However, due to technological advances in multiple gas analysis systems, the demand for multiple gas analyzers is expected to be greatest during the forecast period.
According to the modality, the market is categorized as handheld, portable and benchtop. The portable analyzer segment is currently generating the highest revenue and is expected to show an advantage during the forecast period due to its ease of handling, cost effectiveness and testing convenience.
However, handheld analyzers are expected to show the highest growth rate due to the technological advancement and rapid increase in adoption of handheld analyzers.
By end user, the market is classified into hospitals, ambulatory surgery centers, pharmaceutical industry, and others. The hospitals segment occupied the largest share in 2017, and is anticipated to continue its dominance during the forecast period, due to rise in need for medical gas piping and surge in usage of medical gas therapies among the hospitals.
However, the ambulatory surgery centers segment is anticipated to show fastest growth, owing to increase in number of surgery centers and rise in awareness of these centers among the developing countries.
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North America held the largest market share in 2017, and is expected to remain dominant throughout the forecast period. This is attributed to higher demand for medical gas analyzers, stringent regulation for medical gas systems, developed healthcare infrastructure, and higher number of hospitals & healthcare systems.
However, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to upsurge in number of medical gas therapies and rise in number of surgeries & emergency room patient population.
Key Findings of the Medical Gas Analyzers Market:
o Based on product, the multiple gas analyzers segment is expected grow at a CAGR of 4.5% from 2018 to 2025.
o Depending on modality type, the portable analyzers held more than half of global market share in 2017, and is expected to remain dominant throughout the forecast period.
o By end user, the ambulatory surgery centers exhibited fastest growth, registering a CAGR of 5.6%.
o Region wise, Asia-Pacific is expected to experience growth at the highest CAGR of 5.4% during the forecast period.
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