Implementation of Drug Safety and Waiver Acts to Bode Well for Medical Gases and Equipment Market, reports TMR
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The valuation of global medical gases and equipment market was US$7.19 bn in 2015is estimated to reach US$9.03 bn by 2018, expanding at a CAGR of 8% from 2012 to 2018. Geographically, North America was the leading segment in 2015 and is expected to reach US$3.81 bn in 2018. However, Asia Pacific will exhibit at a CAGR higher than other segments, between 2012 and 2018. The rapid growth in this region can be attributed to improving economic conditions in countries such as India and China and rising geriatric population in Japan. Based on product type, the medical equipment products was the leading segment in 2015 and is anticipated to retain leadership until 2018. However, medical gases product will show a faster CAGR of 8.6% from 2012 to 2018.
Growth in Home Healthcare to Increase Demand for Medical Gases and Equipment
In July 2012, the U.S. Congress had implemented the Food and Drug Safety and Innovation Act, which established a certification process for medical gas production and ensured protection for new products by providing medical gases and equipment manufacturers with intellectual property rights. In addition, it granted drug fees waiver and approved drug status to medical gases. Such implementations will help manufacturers to boost their sales, consequently increasing the valuation of the global medical gases and equipment market.
The growth in the home healthcare market is positively influencing the growth of the global medical gases and equipment market. The growth has resulted in increasing the sales of medical gases and equipment such as packaged oxygen, thereby acting as a driver. Other factors bolstering the growth of the global medical gases and equipment market are the rising medical gas safety-related awareness, increasing global geriatric population, and the establishment of industry-friendly associations such as the Gases and Welding Distributors Association (GAWDA) and Compressed Gas Association (CGA).
Helium Crisis to Pose Threat to Global Medical Gases and Equipment Market
The global medical gases and equipment market is challenged by a gap in the supply of helium. Helium gas is used as an MRI coolant and in the field of cryogenics and a shortage of this gas will act as a restraint for the global medical gases and equipment market. Also, it is estimated that the impact will elevate in the forthcoming years with the constant depletion of helium reserves. Another factor impeding the growth of the global medical gases and equipment market is the rising number of cases of medical gas and cylinder thefts. These thefts cause unnecessary expenses for healthcare organizations. However, manufacturers have started taking help from consulting firms that provide security solutions, thus curtailing the impact of the restraint.
The information presented in this review is based on a Transparency Market Research report, titled, “Medical Gases and Equipment Market - Global Industry Analysis, Size, Share, Growth and Forecast, 2012 – 2018.”
The global medical gases and equipment market is segmented into the following categories:
Medical Gases and Equipment Market by Products
• Medical gas
o Medical pure gases
o Medical gas mixtures
Carbon Dioxide – Oxygen Mixtures
Nitrous Oxide-Oxygen Mixtures
Helium Oxygen Mixtures
Blood Gas Mixtures
Laser Gas Mixtures
• Medical equipment
Hose Assemblies and Accessories
Cylinders and Accessories
Medical Air Compressors
Medical Gases and Equipment Market by Geography
• North America
• Rest of the world (RoW)
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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