Medical Gas Analyzer Market Growth, Trends and Forecast up to 2024
The Global Market For Medical Gas Analyzers is experiencing immense growth opportunities in developing and less developed economies. However, low-cost products from new market participants in emerging economies is expected to affect the market presence of dominant players. In this scenario, investments in research and development, innovation, and mergers and acquisitions are the key growth strategies that key market players have resorted to. For example, Servomex, a leading company for medical gas analyzer, introduced the next-gen multi-gas analyzer variant SERVOPRO MULTIEXACT 5400 in 2016, with features of paramagnetic, thermal conductivity, and zirconia. Another example is Teledyne Technologies that acquired Frontline Test Equipment Inc., and Quantum Data Inc. This enabled the former to incorporate data communication features into its products.
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As per estimates presented in a report by Transparency Market Research, the global medical gas analyzer market is projected to be worth US$179.24 mn by the end of 2024 from US$136.91 mn in 2015, expanding at a CAGR of 3.1% between 2016 and 2024.
The single gas analyzer product segment led the medical gas analyzer market with a share of nearly 84% vis-à-vis revenue and a share of over 97% in terms of volume in 2015. The segment is expected to rise at a CAGR of 3.2% between 2016 and 2024, mainly because of the low price factor and easy availability of the product segment.
Geography-wise, North America held the leading share of the medical gas analyzer market in 2015. The presence of an ultramodern healthcare infrastructure and stringent regulations in place to avoid medical gas accidents are accounted to be the leading drivers of the North America medical gas analyzer market.
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Stringent Regulations in Place to Remain Key Driver
Some of the key growth drivers of the global medical gas analyzer market include easy adoption of new variants of medical equipment, rapid pace of technological advancement, and the increasing number of hospitals and healthcare centers worldwide. The inclusion of gas sensing technologies such as paramagnetic, infrared, and zirconia that enable safer and speedier measurement of medical gases is also acting in favor of the medical gas analyzer market. Further, data communication and interactive features such as touch screen, alarm system, barcode reader, and data recording and storage that make the handling of medical devices easier is benefitting sales of medical gas analyzer.
The continuous emergence of stringent safety compliances and statutes for healthcare providers to adhere to them is also anticipated to display an increased demand for gas analyzers in the forthcoming years. Increasing number of hospitals, diagnostic centers, and healthcare centers, especially in emerging economies is expected to present growth opportunities to the medical gas analyzer market.
High Cost Challenges Growth but Rental Business Opens Opportunities
On the flip side, high cost of new technologies that make them uneconomical for many end-users is acting as a significant restraint for the market’s growth. Nevertheless, several end-users are procuring them on rental basis, especially in regional markets where cost is a concern.
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