Business Services News

Business Services News

Breaking News on Business Services

Home > Business Services Search Engine                                 

Business Services News -- Video Feeds
  • Advertising
  • Careers
  • Corporate news
  • Economy
  • Markets
  • Small Business
  • Personal Finance
  • Regulatory and Compliance
  • Business News

    Medical Gas Market Size Estimated to Reach $9.3 Billion by 2027
    (I-BusinessNews.Com, April 13, 2022 ) The Medical Gas Market size is estimated to reach $9.3 billion by 2027. Furthermore, it is poised to grow at a CAGR of 7.5% over the forecast period of 2022-2027. Medical gases are the quintessential portion and provide structural integrity to the overall healthcare sector. Medical gasses are provided in numerous ways, such as via the help of portable compressed air systems or with stand-alone oxygen cylinders. The medical gasses need to be monitored, if not, the overall health can deteriorate, hence, oxygen flow meter or valve controls or vacuum insulated evaporator are placed and regularly monitored. Moreover, medical-grade compressed air is used in just about every area of a hospital and is administered to patients who need inhaled medications and anesthesia, while patients are under anesthesia agents, for treatment of respiratory conditions, and to power ventilators. Medical air, oxygen, carbon dioxide, nitrogen, and nitrous oxides are some of the common medical gases being used in industry. The rising incidences of chronic diseases supplemented by the senior population have been the key factor driving the Medical Gas Industry for the projected period of 2022-2027.



    Medical Gas Market Segmentation Analysis- By Gas Type



    The medical gas market based on type can be further segmented into Pure Gasses and Gas Mixtures. Pure-Gasses held a dominant market share in the year 2021. It is owing to the robust demand being seen, owing to the pandemic and as the world is suffering through a rough- bout of COVID waves. As per the official numbers by the UK government, the demand for medical oxygen soared up to 10x during the second wave of COVID. Moreover, Pure Gasses is estimated to be the fastest-growing, with a CAGR of 8.4% over the forecast period of 2022-2027. It is owing to the rise in pulmonary diseases, and other respiratory malignancies, which pre-existed before the pandemic, whose numbers would continue to soar as per the rising population levels, and other instigators. Oxygen therapy is the first line of action for acute asthma cases, as for now, 25 million Americans or one in every thirteen is afflicted by asthma. The numbers around the globe are expected to be stood up, which would become a promising factor within the homecare setting.



    Request for Sample Report @ https://www.industryarc.com/reports/request-quote?id=15642

    Report Price: $ 4500 (Single User License)



    Medical Gas Market Segmentation Analysis- By End-Users



    The medical gas market based on end-users can be further segmented into Hospitals, Ambulatory Surgical Centers, Private Clinics, Homecare, and Others. Hospitals held a dominant market share in the year 2021. It is owing to the demand created owing to the substantial presence of chronic diseases and ailments, along with the pandemic. Moreover, patients were advised to take admission to a hospital if they felt the overall oxygen saturation was dipping down. However, the Homecare segment is estimated to be the fastest-growing, with a CAGR of 8.3% over the forecast period of 2022-2027. It is owing to the rising geriatric population and the development of telehealth services that allow gaining treatment insights at the comfort of one’s home. 16.5% of the U.S. population of 328 million people, or 54 million, are over the age of 65, the latest census reveal. By 2030, that number will rise to 74 million. The number of people over the age of 85, who generally need the most care, is growing even faster.



    Medical Gas Market Segmentation Analysis- By Geography



    The medical gas market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the dominant share of 33% as compared to the other regions in 2021. It is owing to the tertiary demand being seen in the ambulatory surgical centers, along with an overloaded demand for medical air/oxygen, primarily because of COVID. The number of deaths, due to COVID in the US surpassed 800,000, most of them during the year 2021, or late oxygen intervention. The following figure shows the absolute demand seen, which trembled the healthcare beyond repair. However, Asia-Pacific is expected to offer lucrative growth opportunities to marketers in the projected period of 2022-2027. It is owing to the growing attention of the government to set up new medical colleges, by additionally setting up plants for medical gasses.



    Medical Gas Market Drivers



    The pandemic, COVID-19, acted as a ready driver for the market and would continue to do so during the projected period.



    Sars-Coronavirus-19 affected human lives in matters more than one. Further, the novel virus attacks one’s lungs, thereby, the infected lung becomes ineffective in allowing oxygen to pass from the environment to the bloodstream. To increase the amount of oxygen in the lungs and blood, supplemental oxygen therapy is continued which will be sufficient treatment before recovery in most cases. The virus when it multiplies reaches through the mucous membranes to the trachea to the tiny little air sacks known as alveoli. Alveoli is where the virus affects the most, as it makes the linings inflamed, making it difficult to rely on natural oxygen. Moreover, within India, the need for medical oxygen was close to 3,095 Metric tons, which tripled to 9,000 metric tons in the period April-May. Moreover, governments have assured populations that around 18,000 metric tons of supplemental oxygen are being kept active. Further, the pandemic hasn’t halted, and even after thorough vaccination drives, France and other European countries are needing oxygen therapy.



    The growing geriatric population supplemented by chronic illnesses would aid the market in long run.



    The global population is growing older, with each passing day. Further, the growth is unprecedented and is actively overcoming the younger lot of the population. As per OECD statistics, the fertility rates are now standing at 2.1, below which the world population would start to deplete. Moreover, life expectancy in the low-middle income countries has increased by 6 years within the last two decades, while it has increased by 4 years in upper- and middle-income countries. With growing age, medical complications such as cancer-diabetes-or high blood pressure can lead to catastrophic effects, which would need medical/hospital intervention-thereby needing oxygen therapy in most cases. Lastly, medical oxygen and other gases demand is now being fueled up, and policies are in place to substantially meet the demand-supply gap.



    Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=15642



    Medical Gas Market Challenges



    The safety regulations and high-hazardous risks along with high-set up and maintenance costs are the key market hinderer.



    Medical gasses are strictly regulated, as the humans would be using it during the time of medical need-which foresees it to be checked thoroughly. For example, within the UK, medical gasses are classified as medicines and thereby should be controlled and managed by a qualified healthcare professional. For manufacturing and distribution, cum sales-related activities-one needs to obtain a Manufacturer’s Authorization issued by the MHRA for the manufacture of medical gases. Any organization that wishes to supply and/or distribute medical gases must have a Wholesale Dealer’s Authorization issued by the MHRA. The organization is required to comply with the basic principles and practices of Good Distribution Practice (GDP). Owing to such challenges, the overall market growth is hampered.



    Medical Gas Industry Outlook



    Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Medical Gas Market. Medical Gas top 10 companies include:



    Air Liquide,



    Praxair,



    Atlas Copco,



    The Linde Group,



    Airgas, Inc.,



    Messer Group GmbH,



    Sol-Spa,



    GCE Holding AB,



    Air Products and Chemicals,



    Medical Gas Solutions Ltd



    Recent Developments



    In August 2021, Zimbabwe’s new ASU plant would support medical oxygen demand. The selected refinery is Feruka Oil Refinery, which has now been reaped to contain the glowing high demand for medical oxygen. The plant was launched (23rd August 2021) by President Emmerson Mnangagwa, will be able to produce 20 tonnes of gaseous oxygen, 16.5 tonnes of liquid oxygen, and 2.5 tonnes of nitrogen per day.



    In April 2021, the Indian Institute of Technology, Bombay college came up with a creative technique for converting the nitrogen plant to oxygen generators, by performing simple fine-tuning. The oxygen generated by this plant at the IIT-B lab was tested and found to be 93-96% pure and at 3.5 atmospheric pressure. Nitrogen plants work on pressure swing adsorption (PSA) technology, where air from the atmosphere is sucked in, filtered of impurities, and nitrogen is extracted.



    In April 2021, UPL has agreed to convert 4 nitrogen plants into oxygen production. The plants are situated in Gujarat and would be responsible to produce oxygen for four hospitals in Gujarat and Madhya Pradesh. These plants will then be skid-mounted and delivered directly to the hospital sites. This will help cater to 200-250 beds at each of these hospitals, including ICU patients. The decision was taken to meet the nationwide (India) shortage caused by the surge in Covid-19 cases, the company said in a statement.



    Key Takeaways



    Geographically, North America’s medical gas market held a dominant market share in the year 2021. It is owing to the robust demand being observed in the region owing to the tremendous demand catered via the surge of COVID-19. The predominant hospitalizations needed medical oxygen, thereby fulfilling the region’s space. However, Asia-Pacific is expected to offer lucrative growth opportunities to the marketers in the projected period of 2022-2027 owing to the growing older population and the associated need for medical gases.



    The rising incidences of chronic diseases supplemented by the senior population have been the key driver for the Medical Gas Market. However, the high stratification of medical gases and regulatory stringency impedes the overall market growth.



    A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Medical Gas Market Report.



    Relevant Titles



    A. Oxygen Concentrators Market

    https://www.industryarc.com/Report/16189/oxygen-concentrator-market.html



    B. Oxygenator Market

    https://www.industryarc.com/Research/Oxygenator-Market-Research-501882



    For more Lifesciences and Healthcare Market reports, please click here



    About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

    IndustryARC

    Venkat Reddy

    (+1) 970-236-3677

    venkat@industryarc.com

    Source: EmailWire.Com

    Source: EmailWire.com

    Business News Feeds
  • Business News - Top Stories
  • Company Earnings
  • Economy
  • Personal Finance
  • Real Estate
  • Stock Markets
  • Business Services Sponsors

    Business Services Ads

    Business Resource Center
    We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including:

    CIO Insight
    Managed Healthcare Executive
    Mortgage Technology

    No credit cards, coupons, or promo codes required. Try it today!

    Press release service

    :: Home: :: Submit Press Release :: Subscribe to News :: Contact Us :: Help

    For unlimited press release distribution for $59 per month, call (281) 645-4086 or start posting your press releases online at EmailWire.com.

    Copyright 2008 GroupWeb Media LLC
    GroupWeb Media Network

    Aviation-NewsWire | ArtNewsWire | Auction NewsWire | CRM NewsWire | ePhotoNewsWire | Energy Industry | EstateNewsWire | Entertainment-NewsWire.com | Food Beverage News | Glamour NewsWire | Health NewsWire | Hosting NewsWire | i-Auto NewsWire | i-Business News | i-Homeland Security.Com | iMac-NewsWire.Com | i-Press-Release-Service | i-SoftwareNews.com | iT-NewsWire.Com
    | i-TravelNewsWire.Com | MoneyNewsWire.Net | Movie-Stars-News.Com | MSNewsWire.Net | PharmaNewsWire.Com | Publishing-NewsWire.Com | RSSNewsWire.Net | Telecom-NewsWire.Net | Transportation-News.Com | USGovernment-News.Com | WebPosters.Net | Wireless-NewsWire.Com | VoIPNewsWire.Net | XSportsWorld.Net
    I-BusinessNews.Com is a business news service of GroupWeb Media LLC